Corporate Bitcoin Holdings Present Concentration Risks

Corporate Bitcoin holdings have grown substantially, with publicly-listed companies increasing from 44 in January 2024 to 190 by November 2025.

Total holdings nearly quadrupled from 265,709 BTC to 1,048,520 BTC, with total value increasing roughly ninefold from $11.7 billion to $90.7 billion.

Strategy (MSTR) dominates this landscape, accounting for 61% of publicly-listed firms’ Bitcoin holdings after growing its stack from 189,150 BTC to 650,000 BTC.

The company holds approximately $70 billion in assets against $8.2 billion in debt, having secured $13.9 billion through convertible bonds. The top 10 corporate holders control 84% of the supply, while the top 20 hold 91%.

Notably, CoinShares identifies two scenarios that could force Strategy to sell Bitcoin, as both Saylor and the CEO have confirmed they will sell.