Corporations have emerged as the dominant force behind Bitcoin purchases this year, significantly outpacing exchange-traded funds (ETFs), governments, and individual investors, according to new data released by Bitcoin investment firm River.
River’s analysis reveals that companies, led mainly by Michael Saylor’s firm, Strategy, have collectively increased their Bitcoin holdings by 157,000 BTC in 2025 alone, translating to over $16 billion at current prices. Strategy alone accounted for a staggering 77% of that growth, underscoring its continued aggressive accumulation of digital assets.
While ETFs followed with a more modest net increase of 49,000 BTC (approximately $5 billion), retail investors have gone in the opposite direction, shedding roughly 247,000 BTC so far this year. Government holdings, by contrast, grew by 19,000 BTC.
Corporate interest in Bitcoin has surged by 154% since the beginning of 2024, according to River. They highlighted that businesses from various industries are now aligned with Bitcoin to change their future, not just companies. Financial and investment firms lead in corporate purchases, making up 35.7%, followed by tech firms (16.8%), professional services and consulting (16.5%), and various sectors, including real estate, healthcare, energy, agriculture, and transportation.
Recent high-profile acquisitions have contributed to the momentum. Strategy added 13,390 BTC in a single purchase worth $1.34 billion, while Japanese firm Metaplanet expanded its treasury by 1,241 BTC, pushing its holdings beyond those of nation-state Bitcoin holder El Salvador.
According to Bitwise, at least twelve publicly traded companies added Bitcoin to their balance sheets for the first time in Q1 2025, contributing to a 16% quarter-over-quarter rise in corporate Bitcoin holdings.
CryptoQuant CEO Ki Young Ju noted that Strategy’s current pace of accumulation is outstripping total miner output, effectively driving Bitcoin into a deflationary trend of -2.3% annually. Meanwhile, author Adam Livingston observed that Strategy’s aggressive purchasing is “synthetically halving” Bitcoin by intensifying demand beyond what miners can produce.
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