Corporate treasury has become the main buyer of BTC, with a six-month increase that is three times the amount produced by miners.

Companies Are Becoming the Main Buyers of Bitcoin

In the past 6 months, corporate digital asset treasuries (DAT) have accumulated approximately 260,000 bitcoins, worth about $25 billion. While this number seems large, a more compelling comparison is that during the same period, Bitcoin miners produced only about 82,000 coins, meaning corporate purchases are more than three times the miners’ output. This is not just a simple numbers game but reflects an important shift in market structure — corporate balance sheets are becoming the most significant buying force on the supply side of Bitcoin.

Corporate Holdings Distribution

According to the latest data, public and private corporate treasuries hold about 1.2 million bitcoins, accounting for approximately 5.7% of the total Bitcoin supply. The holdings are highly concentrated:

Strategy dominates, holding 60% of the total corporate holdings. This pattern reflects differing corporate perceptions of Bitcoin — some see it as a core component of long-term asset allocation, while others are still exploring.

Strategy’s Ongoing Accumulation

On the same day as the news (January 12), Strategy founder Michael Saylor announced a new round of accumulation. The company purchased 13,627 bitcoins at a price of $1.25 billion, with an average price of about $91,519 per bitcoin, bringing its total holdings to 687,410 coins.

Looking at the timeline, Strategy’s accumulation pace is very steady — nearly every month, there are large purchases. This continuous accumulation is not impulsive but part of a well-thought-out asset allocation strategy. Saylor recently stated that the top-performing assets over the past decade are digital intelligence (NVIDIA), digital credit (Strategy), and digital capital (Bitcoin), indicating his long-term confidence in Bitcoin has become a core part of the company’s strategy.

What Does This Trend Mean?

Structural Changes on the Supply Side

Corporate accumulation exceeds miner output, indicating a shift in power on the Bitcoin supply side. Historically, miners were the primary suppliers of Bitcoin. Now, the purchasing power of corporate treasuries has surpassed miners’ production capacity. This will exert ongoing upward pressure on prices.

Signal of Institutional Recognition

Large-scale corporate accumulation of Bitcoin is essentially institutional investors voting with real money. This is not marketing or hype but a long-term commitment written into their balance sheets. When companies hold Bitcoin as a treasury asset, they are essentially saying: we believe this asset will be more valuable in the future.

Potential Supply Shortage

If companies continue to accumulate at this rate while miner output remains unchanged, the available Bitcoin for trading in the market will become increasingly scarce. This scarcity could push prices higher, but more importantly, it will change the market structure of Bitcoin — from a highly liquid commodity to a scarce asset.

Future Possibilities

More Companies Enter the Market

The success of Strategy may attract more companies to follow suit. Once enough publicly listed companies add Bitcoin to their treasuries, a self-reinforcing cycle could develop: more companies buy in, supply tightens further, prices rise, and more companies are incentivized to accumulate.

Continued Price Pressure

In the context of corporate accumulation exceeding miner output, it will be difficult for Bitcoin’s price to experience sustained downward pressure. Even during short-term corrections, the ongoing buying power of corporate treasuries will provide support.

Summary

The core insight from the 26,000 Bitcoin increase in corporate treasuries over the past 6 months is a market structural shift — institutions and corporations are becoming the most important buyers on the supply side of Bitcoin. The continuous accumulation by leading companies like Strategy not only validates this trend but also reinforces corporate confidence in Bitcoin’s long-term value. When corporate buying power surpasses miner output, Bitcoin is gradually evolving from an emerging asset into a scarce asset. This process has only just begun.