Which companies bought BTC for $ 100 billion

The number of companies traded on the exchanges of more than 1 thousand BTC increased from 24 in the first quarter of 2025 to 30 in the second and up to 35 in the current third, calculated in the Fidelity Digital Assets based on their quarterly reporting. The total reserves of these companies reached almost 900 thousand BTC (more than $ 100 billion). He writes about this RBC Crypto.

In the second quarter of 2025, the companies acquired 134,456 BTC – 35% more than in the first (99,857 BTC). The graph shows that the first major purchases began in the third quarter of 2020. Then the activity decreased during the bear cycle of the crypto and resumed growth from the beginning of 2023, significantly accelerating by the end of 2024.

In August 2020, Microstrategy (now Strategy) Michael Seilor announced the purchase of 21,454 BTC for $ 250 million, calling Bitcoin the main reserve asset. This is probably the starting point for the wave of interest from public companies. Strategy shares (MSTR on NASDAQ) have grown by more than 2500%from that moment.

At the same time, purchases became more evenly distributed between participants, and not concentrated among several large holders, as the head of the Fidelity research department Chris Kuiper.

The diagram shows the total volume of bitcoin purchases by public quarters, where each cut presents a separate company. Data: Fidelity

These same companies own most of the corporate stocks of bitcoin in the world. According to Bitcointreasuries on July 25, almost 160 organizations own more than 918.3 thousand BTC, or more than $ 107 billion.

If you compare these data with Fidelity, the remaining approximately 120 companies account for about 18.3 thousand BTC, which is only 2% of all bitcoins held by companies.

Efficiency

Bitcoin reserves are the most common strategy among other cryptocurrencies. However, even these companies make up states of interest among the total number of companies in the stock market. According to Animoca Brands, organizations owning bitcoins make up 0.3% of the total number of public companies in the world (more than 53 thousand).

And it is likely that this may be due to the exaggerated effectiveness of creating a cryptocurrency reserve for most companies.

Talking about the strategy for accumulating cryptocurrencies by public companies, the founder of the Ethena blockchain project, Guy Young, noted the ephemeral of demand for attracting capital to buy crypto assets: “Seilor is the only exception, in my opinion. Why? He has access to the unique forms of Levreiga in the structure of capital, which you do not have and me. ”

Despite this, some experts still note a significant impact of institutional interest in cryptocurrencies. The head of the popular analytical platform Cryptoquant Kien Ju noted that “the institutional acceptance turned out to be wider than thought, and there were more long -term holders than traders.”

“The theory of cycles is dead,” Ju wrote in X. In March, relying on the established metrics, he predicted the beginning of the bear period in the market, but then publicly recognized the mistake, saying that he greatly underestimated the influence of corporate demand on cryptocurrency.

According to Ju, in previous market cycles, large holders recorded a profit, selling bitcoin at the peak of retail investors, and therefore these same cycles were predictable for analysts. But now they transfer assets to long -term and institutional players, and this changes the situation, the scenarios of the movement of capital have become less predictable.

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