The latest data on public company Bitcoin treasury holdings reveals a profound concentration of supply, with the top 100 publicly listed firms collectively holding 1,127,981 BTC. This represents a significant structural shift, moving a large portion of Bitcoin's total supply into long-term corporate custody and away from active market circulation.
MicroStrategy's position is overwhelmingly dominant, holding 709,715 BTC. This accounts for approximately 63% of the Bitcoin held by the entire top 100 group, an unprecedented level of concentration among public companies. The next largest holders, MARA Holdings with 53,250 BTC and Twenty One Capital with 43,514 BTC, are substantial but dwarfed by the leader. Holdings decline rapidly further down the list, with many companies possessing only a few thousand or even a few hundred BTC.
This concentration has major implications for Bitcoin's supply dynamics. Public company treasuries typically operate with long-term mandates, meaning this 1.12 million BTC is far less likely to be actively traded or liquidated during short-term market volatility. This effectively removes a significant chunk of supply from the liquid market, making liquidity increasingly dependent on marginal flows elsewhere. The structure can amplify the impact of both inflows and outflows in the broader ecosystem.
The data underscores MicroStrategy's disciplined, long-term accumulation strategy. The company, chaired by Michael Saylor, has grown its position to roughly 709,700 BTC valued at about $62.9 billion. It has completed close to one hundred separate purchases through multiple market cycles, with an average purchase price near $75,980, securing solid profits at current prices. Saylor's recent social media post, "Unstoppable Orange," signals the firm's unwavering commitment to treating Bitcoin as a long-term monetary asset and a hedge against currency debasement, rather than a short-term trade.
