The race for Bitcoin is shifting. Big companies are racing ahead of funds and everyday investors.

The race for Bitcoin is shifting. While funds and everyday investors have chipped away at the cryptocurrency, big companies are changing the game.

Corporate treasuries have grabbed 157,000 BTC so far this year. That’s roughly $16 billion at today’s prices. Meanwhile, exchange-traded funds have picked up 49,000 BTC—about $5 billion. Governments chipped in with 19,000 BTC. Individual holders, though, have sold off a net 247,000 BTC.

Firms: Biggest Buyers, One Stellar Figure

According to research from River, firms make up the biggest chunk of new Bitcoin demand. One name stands out: Michael Saylor’s Strategy firm. It alone is behind nearly 80% of corporate buying this year.

That many coins are hard to come by since miners only put out about 450 BTC a day. When one company snaps up more than that over weeks, supply gets tight fast.

ETFs, State Treasuries Follow

Next come funds and state treasuries. ETFs have added another 49,000 Bitcoin this year. That’s a big number, but still far below firms’ haul.

Governments have also moved, with around 19,000 BTC added to public reserves this year. It’s a sign that public bodies see Bitcoin as more than just a trend.

Which Business Sectors Are Buying Bitcoin Most?

The wave of corporate buying isn’t all finance giants. River says that finance and investment groups make up nearly 36% of business purchases. Tech firms come next at close to 17%, then consultants at over 16%.

Other buyers include real estate, non-profits, consumer and industrial groups, plus healthcare, energy, agriculture, and transport companies.

Newcomers in 2025 include video platform Rumble and Hong Kong builder Ming Shing.

Bitcoin: A Tale Of Supply, Demand, And Deflation

The company says the strong buying activity is putting serious pressure on Bitcoin supply.

CryptoQuant CEO Ki Young Ju says this strain is causing a –2.3% annual deflation rate for the cryptocurrency. He adds that corporate hoarding is outpacing miner output, in effect “halving” supply.

Author Adam Livingston also noted the idea of a synthetic cut in coin creation. He feels that if these trends hold, price floors could lift higher than before.

Some Recent Large Bitcoin Buys

Some recent moves have attracted attention. Strategy bought 13,390 BTC for $1.34 billion in one transaction.

Metaplanet has added 1,241 BTC to its treasury, pushing it past El Salvador’s stash as of May 12.

Bitwise reports that at least 12 public firms bought Bitcoin for the first time in Q1 2025, tacking on over 95,000 BTC to their holdings.

This surge in buying activity increased the total Bitcoin held by public companies by 16%.

What Comes Next For Bitcoin?

Corporate appetite has rewired the Bitcoin market this year. It’s no longer just hobbyists or traders who are chasing quick gains.

Big players are treating Bitcoin like cash on their balance sheets. This creates a tighter market. If they slow their buys, miners may flood supply back in.

For now, though, it’s clear: businesses are in the driver’s seat. Stay tuned for more updates.