Strategy, Metaplanet take bitcoin treasuries to new all-time high

Bitcoin is formally in the second phase of its adoption curve

article-image

Daranee Ganesh Daranee Ganesh
10:34 AM Mar 26
Strategy Executive Chairman Michael Saylor | DAS 2025 New York by Mike Lawrence for Blockworks, modified by Blockworks

share

This is a segment from the Supply Shock newsletter. To read full editions, subscribe.


Stacking sats?

Chances are you’d be buying alongside any one of the dozen or so companies that are actively accumulating right now.

An estimate of the number of bitcoins held by corporate treasuries, both private and publicly-listed, has today reached a new all-time high: 1,082,164 BTC ($110.8 billion), according to BitcoinTreasuries.

It’s equivalent to almost 5.5% of the current circulating supply. And if we don’t include Satoshi’s million or so coins, or the estimated 1.57 million BTC believed to be lost forever, corporate treasuries are actually holding 6.25%.

That’s four times more bitcoins on corporate balance sheets than three years ago, as Terra/Luna was driving a wrecking ball through crypto markets. 

Most of that growth is coming from public companies, led by Strategy of course, but Metaplanet, Semler Scientific and Tether are proving to be as ravenous as Saylor’s firm was in 2020. 

The Jack Mallers-led XXI is on track to do the same, starting off with 31,500 BTC ($3.2 billion) disclosed late last month.

This morning, Strategy disclosed buying another 7,390 coins, bringing its running total to 576,230 BTC ($59 billion). Purple bubbles point to Strategy’s bitcoin acquisition.

Tether now holds over 25% more bitcoin than it did last October: 100,521 BTC ($10.3 billion) as of its latest disclosure. 

Metaplanet holds 700% more coins across the same period, today reaching 7,800 BTC ($800 million). Semler has meanwhile tripled its stack to 3,808 BTC ($390.1 million).

Some of the data on BitcoinTreasuries may be a little screwy (does Block. one really still have 164,000 BTC, worth $16.8 billion?), but that’s besides the point.

The rate at which businesses are adopting bitcoin to reinforce treasuries (and copy the Strategy acquisition playbook) has, in turn, advanced Bitcoin to its intermediate phase.

Every bubble is more bitcoin added to corporate balance sheets. Not shown: Strategy’s buys.

And just like the internet, mobile phones and social media, businesses were significantly slower to adopt Bitcoin than the public. It was now a decade ago, in 2015, that individuals in Venezuela and Argentina adopted bitcoin to protect their wealth from hyperinflation.

A handful of governments have clearly developed a keen understanding of the technology adoption curve and acted accordingly. We all know what comes next.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Pipe Network is a decentralized content delivery network (dCDN) that replaces the sparse, capital intensive data center footprint of traditional CDNs with a permissionless mesh of independent node operators. By orchestrating under-utilized resources that already exist at the edge, rather than purchasing or leasing thousands of servers, Pipe slashes capital intensity while letting supply expand autonomously in the places where bandwidth is scarcest and most expensive.

article-image

Trump’s executive orders gave crypto holders optimism, but actionable progress could be slow

article-image

Some client teams want at least an extra 4 weeks on the rollout timeline

article-image

The firm reportedly planned to raise up to $1.5 billion

article-image

What happens when banks fear regulators and DAOs fear no one

article-image

Recently, pump.fun has made a bit of a comeback against Letsbonk

article-image

The labor market is screaming weakness, but inflation is set to head higher