Corporate Bitcoin purchases far exceed mining supply, with a supply and demand ratio of 3:1

On January 14, news that corporate Bitcoin accumulation continues to increase is significantly changing the market supply and demand structure. According to the latest disclosure from on-chain data analysis firm Glassnode, over the past six months, corporate Bitcoin reserves have increased by approximately 260,000 BTC, while the new supply from Bitcoin mining during the same period was only about 82,000 BTC, with a purchase-to-mining supply ratio as high as 3:1.

Data shows that the Bitcoin holdings in corporate digital asset reserves have grown from about 854,000 BTC to 1.11 million BTC, an increase of nearly 30% over six months, with an average monthly increase of about 43,000 BTC. At current prices, this additional Bitcoin is worth approximately $25 billion. In comparison, Bitcoin miners produced an average of about 450 BTC daily during the same period, with new supply growth significantly lagging behind.

From a corporate structure perspective, Strategy remains the absolute dominant holder of corporate Bitcoin. The company currently holds a total of 687,410 BTC, accounting for about 60% of all corporate Bitcoin holdings, valued at approximately $65.5 billion at market prices. Notably, after a brief slowdown, Strategy resumed large-scale buying in January this year, adding 13,627 BTC between January 5 and January 11 alone, marking its largest accumulation since July 2025. MARA Holdings ranks second, holding 53,250 BTC, valued at about $5 billion.

ETF demand is also continuously increasing supply pressure. Throughout 2025, the cumulative net inflow into US spot Bitcoin ETFs approached $22 billion. Matt Hougan, Chief Investment Officer of Bitwise, pointed out that since the ETF’s launch in early 2024, the amount of Bitcoin purchased has exceeded the new supply during the same period by over 100%. As we entered early 2026, ETF capital flows showed divergence but still recorded a net inflow of about $500 million.

Hougan believes that some long-term holders are still selling at high levels, limiting the rapid rise of Bitcoin prices. However, once these potential selling pressures are gradually absorbed, combined with continuous corporate buying and ETF demand, the supply and demand imbalance for Bitcoin could become even more pronounced. Data also shows that the growth trend of corporate Bitcoin reserves has been accelerating over the past six months.