Data: Global companies have cumulatively purchased over 720,000 bitcoins this year
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Data: Global companies have cumulatively purchased over 720,000 bitcoins this year
Enterprises hold approximately 3.6% of the total Bitcoin supply.
Navigating Web3 tides with focused insightsSource: Cryptoslate
Translation: Blockchain Knight
According to a research report released by Keyrock on July 10, even though companies had added approximately 725,000 bitcoins to their balance sheets by 2025, corporate bitcoin reserves influenced the daily spot price of bitcoin by only 0.59% on average.
The study applied Kyle’s Lambda model to measure price impact across all BTC-USDT markets, finding that corporate buying activities rarely caused more than minor fluctuations in bitcoin's benchmark price.
Keyrock data shows that a group of firms led by Strategy Holdings collectively hold 725,000 bitcoins, with Strategy Holdings alone holding 597,000. The total amount of bitcoin held by corporations represents about 3.6% of bitcoin’s total supply.
However, daily corporate purchases seldom trigger significant price slippage, as many transactions are executed through structured orders, over-the-counter (OTC) swaps, or share-for-bitcoin exchanges, with volumes not publicly recorded.
For example, Twenty One Capital acquired its initial 42,000 bitcoins via a "shares-for-bitcoin" transaction involving Tether and Bitfinex—a path that did not generate activity in the spot market.
Keyrock noted that this year, only six trading days saw bitcoin intraday volatility exceed 3%, triggered by acquisition activities from established buyers like Strategy Holdings or Metaplanet. Additionally, a single transaction by Strategy Holdings at the end of last year caused a 9.05% price swing.
The report emphasized that such large movements are exceptions rather than the norm, as most corporate holders use staggered orders or derivatives hedging to manage slippage.
The report also revealed that the group of corporate reserve firms trades at a 73% premium to the net value of their held bitcoin—benefiting their access to low-cost capital, but amplifying refinancing risks should market sentiment turn negative.
Keyrock data indicates the group carries $9.48 billion in outstanding debt and $3.35 billion in preferred shares, with much of the debt maturing in concentrated waves during 2027 and 2028. The report notes that operationally cash-strapped firms are increasingly relying on "at-market equity issuance" to pay bond interest.
Debt-fueled bitcoin accumulation has accelerated since November 2024, when numerous firms emulated Strategy Holdings’ model, launching public stock offerings from Japan to Brazil. Since 2020, Strategy Holdings’ bitcoin holdings per share have increased elevenfold, setting a benchmark that new entrants are racing to match.
The report concludes that corporate buying currently exerts limited and intermittent influence on bitcoin prices—not serving as a sustained driver—primarily because structured trading keeps order flow opaque.
Researchers warned that if major holders shift strategies, concentration risk could amplify market volatility, as 82% of corporate-reserved bitcoins are held on a single balance sheet.
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