Accumulation by Public Firms Rises 16% in Q1

Public companies have substantially increased their Bitcoin holdings in the first quarter of 2025. This Bitcoin news came from the latest Bitwise Corporate Bitcoin Adoption report.

The data indicate that listed companies now possess a combined value of 688,000 BTC, which represented 3.28% of the available supply of 21 million Bitcoins. This is an increase from the last quarter of corporate holdings by 16.11%.

Bitcoin News: Strategy Drives Corporate Haul with More than 531,644 BTC

Michael Saylor’s Strategy (formerly MicroStrategy) remains the biggest player in the corporate Bitcoin world. The company owns 531,644 BTC based on the Bitwise report. That is about 77% of all public firms’ Bitcoin holdings. The company’s strategy of buying aggressively has worked, and its Bitcoin holdings are worth about $45.21 billion.

During Q1 2025, Strategy acquired more Bitcoins, including a $7.7 billion acquisition that further cemented its position as the biggest corporate owner. The accumulation follows after the company rebranded itself from MicroStrategy to suit its Bitcoin-driven treasury strategy.

The information shows a series of recent purchases by Strategy. On April 14, 2025, the firm bought 8,459 BTC at an average price of $82,618 using $285.8 million. The last purchase has already realized a gain of $8.02 million, a 2.81% gain in a short time.

Not everything Strategy has purchased has been profitable immediately. March 31 purchase of 22,048 BTC for $86,969 has an unrealized loss of approximately $47.13 million as of the report date. Similarly, February purchases that were made at more than $97,000 are now facing more than 12% unrealized losses.

Even after facing such short-term volatility, the company’s overall investment in Bitcoin has done incredibly well. Strategy’s Bitcoin portfolio indicates an all-time increase of 25.82%, which translates to a profit of more than $9.27 billion on its overall investment.

Behind Strategy in the top spot among the largest corporate owners of Bitcoin are MARA Holdings (formerly Marathon Digital) with 47,531 BTC, Riot Platforms with 19,223 BTC, CleanSpark with 11,869 BTC, and Tesla with 11,509 BTC. Combined, the five firms account for the largest piece of corporate Bitcoin, reflective of the concentrated institutional onboarding.

Quarterly Growth Shows Acceleration in Corporate Bitcoin Adoption

The first quarter of 2025 marked one of the strongest periods of growth for corporate Bitcoin holdings since tracking began in 2020. According to the Bitwise report, public companies purchased 95,431 BTC during Q1 2025, which is the largest quarterly increase in the dataset.

This acceleration in corporate adoption is visible in the quarterly Bitcoin holdings chart, which shows a steep upward trajectory in Q1 2025 compared to previous quarters. The chart shows the consistent growth in corporate Bitcoin holdings since Q3 2020, with a particularly sharp increase in the most recent quarter.

The total Bitcoin holdings by public companies have grown from near-zero in 2020 to 688,000 BTC in Q1 2025. This represents more than a doubling of corporate holdings over the past year alone, with the growth curve steepening in recent quarters.

The 16.11% quarter-over-quarter increase outpaces the growth rates seen in most previous quarters. This acceleration comes as more companies recognize Bitcoin as a treasury asset that can serve as an inflation hedge and potential store of value on corporate balance sheets.

The report indicates that the value of corporate Bitcoin holdings increased by just 2.15% quarter-over-quarter, a much smaller percentage than the 16.11% increase in BTC quantity.

This discrepancy is due to Bitcoin’s price fluctuations during the quarter, with the price per Bitcoin listed at $82,445 at the time of the report – lower than some of the prices paid by companies during their Q1 acquisitions.

Key Developments Drive Institutional Adoption

Several notable developments in Q1 2025 have contributed to the increased corporate interest in Bitcoin. The Bitwise report highlights five key developments that have shaped the institutional Bitcoin landscape during the quarter.

First, the Financial Accounting Standards Board (FASB) rule has taken effect, allowing companies to hold Bitcoin at fair value on their balance sheets. This accounting change removes a major barrier that previously required companies to report unrealized losses on Bitcoin holdings while being unable to mark up unrealized gains until sale.

Second, the rebranding of MicroStrategy to Strategy, coupled with the company’s purchase of $7.7 billion more BTC, has reinforced the company’s position as a Bitcoin-focused entity.

Third, Metaplanet has announced plans to acquire 10,000 BTC by the end of 2025.This forward-looking acquisition plan shows growing confidence in Bitcoin’s long-term value proposition among corporate decision-makers.

Fourth, Semler Scientific has substantially increased its Bitcoin holdings and has boosted its position by more than 1,100 BTC during the quarter. This move by a healthcare technology company demonstrates that Bitcoin adoption is expanding beyond the technology and financial sectors.

Fifth, GameStop has raised $1.5 billion specifically to buy Bitcoin and has shown a direct approach to Bitcoin acquisition through capital raising. This development suggests that companies are now willing to raise funds explicitly for Bitcoin investment rather than simply allocating existing treasury assets.