Corporate Bitcoin Holdings Cross 1 Million BTC, 48 New Treasuries Created Over the Last Quarter

In the third quarter, 48 new Bitcoin treasuries were created as public companies accumulated BTC at one of the fastest rates of corporate adoption in the asset’s history. A recent report shows that 172 publicly traded firms now jointly hold 1.02 million BTC, representing roughly 4.87% of the total supply.

Corporate Bitcoin Adoption Sees Record Surge in Q3

Bitwise Asset Management announced in its Q3 Corporate Bitcoin Adoption report that more companies than ever have increased their exposure to Bitcoin. The report noted all-time high adoption rates among corporate firms in the third quarter, even with the crypto market in a turbulent phase.

According to the report, 48 new corporate companies created Bitcoin treasuries in the third quarter, an increase of 38.2% from the previous quarter. As of September 30, the number of public companies that hold BTC stands at 172.

According to Bitwise CEO Hunter Horsley, the data is “absolutely remarkable.” According to Horsley, it is remarkable that both individuals and corporations “want to own Bitcoin.”

Corporate Accumulation of Bitcoin in Q3 Inspired By Price Appreciation

In addition to a jump in the number of corporate BTC holders, there was a significant jump in Bitcoin purchases. According to Bitwise’s data, public companies purchased 176,762 BTC in the third quarter alone. To put this into perspective, in a single quarter, companies bought an equivalent of 17% of the entire corporate holdings. 

As of September 30, 172 public companies collectively held 1.02 million BTC in their treasuries: 4.8% of Bitcoin’s total supply. The combined value of these holdings has climbed to $117 billion, a 28% increase from the previous quarter. 

As of October 16, public companies’ holdings have increased to 1,045,732 BTC, per data from BitcoinTreasuries. The rise in this figure is in part due to the aggressive accumulation of Bitcoin by the likes of Strategy.

According to the report, the aggressive accumulation of Bitcoin was in part due to the price appreciation of BTC. Bitcoin opened the third quarter trading at $107,164 and closed at $114,065 – an increase of roughly 6.4%. 

Key Accumulations in Q3 

Some of the most notable purchases in Q3 include Strive’s acquisition of Semler Scientific in the first major Bitcoin treasury M&A deal and the launch of a $1.5 billion Bitcoin SPAC by Bitcoin Standard Treasury Company. 

In addition, Bullish, a popular crypto exchange backed by Block.one, went public, holding over 24,000 BTC. Strategy continued with its aggressive Bitcoin strategy, adding roughly 40,000+ BTC in Q3. Also, Metaplanet more than doubled its BTC position in the quarter.

Overall, Michael Saylor’s Strategy leads the Bitcoin accumulation charge, holding 640,031 BTC. MARA Holdings follows with 52,850 BTC, XXI holds 43,514 BTC, Metaplanet holds 30,823 BTC, and Bitcoin Standard Treasury Company has 30,021 BTC on its balance sheet.

Why Public Companies Are Buying Bitcoin At a Record Rate

Bitcoin purchases among public companies began as a trend to make profits. However, in recent times, BTC on corporate balance sheets has become more than an investment. 

Many companies are preparing for the future of the digital economy and using Bitcoin as a gateway into the broader digital-asset economy. They believe that digital assets are the future, and the best way to prepare for that future is to acquire the crypto king, Bitcoin.