Public Companies Acquired More Bitcoin (BTC) Than Estimated New Supply in 2025

According to recent Bitwise data, public companies acquired more Bitcoin in 2025 than the estimated new supply. André Dragosch, European Head of Research at Bitwise

Public companies bought more Bitcoins than the estimated new supply in 2025, according to recent Bitwise data.

André Dragosch, European Head of Research at Bitwise, reported that public firms purchased 196,207 Bitcoins in 2025, over three times the year’s new supply of 60,044 Bitcoins. This aggressive buying trend exceeds the projected full-year Bitcoin issuance of 164,250.

“We estimate that in 2025, public companies bought more BTC than the estimated new supply,” Dragosch said.

ETFs also added over 59,000 Bitcoins in 2025, pushing their total to $6.15 billion.

Dragosch added that institutional and corporate buyers are accumulating more Bitcoin than miners can produce, setting the stage for a potential shortage.

Many players entered the market with major deals in May 2025. Strategy acquired over 15,000 Bitcoins, Twenty One Capital added 4,800+ Bitcoins, and Metaplanet purchased 1,241 Bitcoins.

This suggests that many firms are increasingly adding Bitcoin to their company reserves.

Major Holders and Institutional Impact on Bitcoin Supply

Strategy is consistently increasing its presence and holdings. From the start of 2025 until May 15, the company purchased over 120,000 Bitcoins, raising its total to 568,840 Bitcoins, valued at $58.3 billion.

Strategy now stands as the second-largest Bitcoin holder globally, closely trailing BlackRock’s iShares Bitcoin Trust ETF, which controls 625,054 Bitcoins worth $64.08 billion.

Data from Bitcointreasuries.net indicates that 197 entities, including public and private companies, ETFs, governments, smart contracts, and custodians, hold approximately 3.32 million Bitcoins, representing over 16% of Bitcoin’s total circulating supply.

ETFs and investment funds take the lead with 1.343 million Bitcoins, followed by public companies holding 786,857 Bitcoins.

Governments hold 527,737 Bitcoins, while private companies collectively own 286,297 Bitcoins.

DeFi and smart contracts control 221,056 Bitcoins, and exchanges and custodians hold 155,851 Bitcoins.

Growing Corporate Adoption and Long-Term Projections

Bitcoin is gaining traction, and more companies are adopting it. In 2024, the majority of Bitcoin was kept by a few firms, most notably Strategy and Metaplanet.

Currently, more than 70 public companies include Bitcoin on their balance sheets. Strategy CEO Phong Le anticipates that number to rise sharply, projecting that as many as 700 public companies could be holding Bitcoin by next year.

Michael Saylor, Executive Chairman of Strategy, noted at the recent Strategy World 2025 event that Bitcoin treasury companies are becoming “exponentially more powerful.”

He projects that annual growth in Bitcoin adoption among companies could reach 30–60% in the coming years, supporting a long-term trend of corporate accumulation.

The progress made by the U.S. government in digital asset frameworks and stablecoin bills has been viewed as supportive for institutions that invest in Bitcoin.

With Bitcoin gaining popularity among businesses, experts predict the influence of supply and demand will continue to rise throughout 2025.