Publicly traded corporations now hold over one million Bitcoin, signaling a growing trend of integrating the cryptocurrency as a strategic treasury asset.

Executive Summary

Public companies collectively hold over 1 million BTC, representing approximately 4.7% of the total supply, valued at around $110 billion. This milestone underscores increasing institutional confidence in Bitcoin as a treasury asset. MicroStrategy, now known as Strategy, remains the largest corporate holder with 638,460 BTC. The trend is expanding beyond tech, with companies like Altvest Capital rebranding as Africa Bitcoin Corporation to focus on Bitcoin reserves.

The Event in Detail

As of September 2025, publicly traded entities have surpassed the 1 million Bitcoin holding mark on their balance sheets. This figure, amounting to approximately 5% of Bitcoin's total supply, reflects a substantial shift in corporate financial strategy. Strategy (formerly MicroStrategy) maintains its leading position, holding 636,505 BTC, which accounts for 63% of all Bitcoin held by public firms. Other significant public holders include Marathon Digital (MARA) with over 50,000 BTC and XXI with 43,514 BTC. South African firm Altvest Capital announced plans to raise $210 million to establish Africa's first listed Bitcoin treasury, rebranding as Africa Bitcoin Corporation. This move aims to expand Bitcoin equity access globally, mirroring similar strategies seen in the U.S.

Financial Mechanics and Capital Deployment

The accumulation of Bitcoin by corporations often involves diversified capital raising strategies. Strategy's recent acquisition of 1,955 BTC for approximately $217.4 million at an average price of $111,196 per Bitcoin between September 2 and September 7, 2025, was funded through at-the-market sales of its Class A common stock and perpetual preferred stock offerings. This aligns with the firm's ambitious "42/42" plan, targeting an $84 billion capital raise for additional Bitcoin purchases through 2027. Similarly, Altvest Capital plans to raise R3.68 billion, equivalent to about $210 million, specifically for direct Bitcoin acquisition. This approach highlights a financial engineering model where companies issue debt or equity to acquire digital assets, aiming to amplify returns based on Bitcoin's price appreciation. Data indicates that stocks of firms announcing crypto treasury pivots have seen an average 150% jump within 24 hours of such announcements.

Business Strategy and Market Positioning

The strategic shift towards Bitcoin as a treasury asset is motivated by several factors, including its perceived role as a hedge against inflation and fiat devaluation, as well as a signaling mechanism for innovation. Altvest Capital's decision to replace traditional reserves like bonds and gold with Bitcoin on its balance sheet directly parallels the pioneering strategy of Michael Saylor's Strategy. This model positions Bitcoin as a "hardest asset known" for long-term reserves, contrasting with traditional financial instruments. Companies with stagnant growth or idle cash are increasingly adopting Bitcoin for resilience, foreign exchange hedging, and insulation against inflation. The increasing regulatory clarity and advancements in custody solutions have made Bitcoin exposure viable for a broader range of mainstream firms, moving it from a speculative "bet" to a strategic balance sheet component.

Broader Market Implications

The accelerating corporate adoption of Bitcoin is creating a notable supply shock in the market. Corporations and private entities are collectively purchasing Bitcoin four times faster than miners can produce it, with daily acquisitions reaching 1,755 BTC in 2025. This demand, further amplified by ETFs and government holdings, contributes to a tightening liquidity environment, with exchange reserves reaching multi-year lows. The total Bitcoin held by public and private companies combined now exceeds 1.3 million BTC. This institutional accumulation solidifies Bitcoin's transition from a purely speculative asset to a strategic corporate treasury reserve, akin to gold. The trend suggests a sustained increase in Bitcoin demand, potentially driving its price and further integrating digital assets into traditional financial frameworks. Institutional confidence is further underscored by Bitcoin's $110 billion in corporate holdings and Ethereum's $4 billion in similar allocations.