Public companies now collectively hold more than one million BTC, reflecting a milestone in corporate adoption and fueling debate on the sustainability of Bitcoin treasury strategies.
Public companies globally now hold over 1,000,698 BTC, valued above $111 billion, according to BitcoinTreasuries.NET. Strategy leads with 636,505 BTC, followed by MARA Holdings with 52,477 BTC and XXI with 43,514 BTC. New entrants like the Bitcoin Standard Treasury Company and Metaplanet are expanding rapidly, with ambitious targets set for 2027. Corporate accumulation coincides with Bitcoin’s all-time high of $124,450, raising concerns about a potential supply shock. Outside the U.S., 120 public firms also hold Bitcoin, while governments, private firms, and protocols account for additional large reserves. Analysts such as Glassnode’s James Check and VanEck’s Matthew Sigel have cautioned that the easy gains from such treasury strategies may already be fading.