"Bitcoin treasury companies have become one of the most important demand drivers in this cycle. Collectively, 86 publicly traded firms now hold more than 1 million BTC on their balance sheets. What began with MSTR (Strategy) in 2020 has since spread across the corporate landscape, with new entrants joining seemingly every week. But a closer look at their purchase history reveals a surprising insight that many of these companies could be holding considerably more Bitcoin today if they had followed a simple, rules-based strategy for accumulation."
"MSTR (Strategy) remains the clear leader among corporate Bitcoin holders, with almost 640,000 BTC. Across all Top Public Bitcoin Treasury Companies, over 1 million BTC is now effectively locked away, a dynamic that permanently reduces liquid supply and strengthens Bitcoin's monetary premium (assuming, of course, they never sell!) While this has been a huge net positive for Bitcoin's supply-demand economics, the data shows that a large share of these purchases occurred during overheated market conditions, particularly at local peaks."
Publicly traded treasury companies now own over one million BTC collectively, permanently reducing liquid supply and enhancing Bitcoin's monetary premium if holdings remain unsold. MicroStrategy (MSTR) leads with nearly 640,000 BTC, and corporate adoption expanded rapidly after MSTR began accumulating in 2020. Many firms concentrated purchases during late 2024 when Bitcoin topped $70,000 following ETF approvals, leading to heavy allocations at euphoric price points. Backtesting indicates that waiting for modest pullbacks before buying could have lowered average entry prices by roughly 10–30%. A simple, rules-based accumulation strategy would likely have resulted in materially more BTC on corporate balance sheets today.
Read at Bitcoin Magazine
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