Corporate Bitcoin Buying Slows Amid Record Holdings

Corporate purchases of Bitcoin slowed in October, despite total holdings reaching a record high, according to BitcoinTreasuries.net. Companies added 14,447 BTC during the month, the smallest monthly increase of 2025. This marks a significant decrease from the over 38,000 coins purchased in September.

Overall, tracked holdings reached 4.05 million BTC at the end of October, valued at approximately $444 billion. Public companies hold just over 1.05 million BTC, while governments hold 644,329 BTC, and ETFs and exchanges hold another 1.54 million BTC.

Corporate selling remained minimal, with firms offloading only 39 coins during the month. The slowdown reflects a shift toward consolidation and capital-efficiency tools, rather than large, new purchases.

Funding has become more challenging due to compressed share valuations and rising risk premiums. Firms are increasingly relying on preferred-share offerings or credit lines instead of equity issuance.

Several treasury firms are now prioritizing capital-efficiency tools like share buybacks to protect Bitcoin-per-share metrics and counter declining market-to-NAV valuations.

This accumulation in corporate holdings is contributing to Bitcoin’s structural tightness and rangebound price action, analysts previously noted.

Fidelity estimates that public companies now represent roughly 5% of Bitcoin’s illiquid supply, a category projected to reach about 42% of circulating Bitcoin by 2032.

The divergence between slower inflows and record holdings suggests the corporate Bitcoin sector is awaiting further indications of renewed investor demand.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.