Michael Saylor's Strategy company saw a decline in its dominance among corporate Bitcoin holders in October, due to a slowdown in purchasing and an increasing number of companies incorporating cryptocurrency into their treasuries.
According to a report from BitcoinTreasuries.NET, as of October 31, the company still leads with 640,808 BTC, making it the largest Bitcoin treasury holder, but its share of total corporate holdings has dropped from 75% to 60%.
The decline in Strategy's dominance comes as corporate accumulation continues, albeit at a slower pace. Public and private companies added 14,447 BTC to their treasuries in October, marking the smallest monthly increase in 2025.
Metaplanet led the purchasing volume in October with 5,268 BTC, holding a total of 30,823 BTC by the end of the month, ranking fourth among all tracked holders. Coinbase's increase ranked second, purchasing 2,772 BTC, bringing its total to 14,548 BTC by the end of the third quarter.
CEO Brian Armstrong confirmed these purchases, stating on the X platform: "Coinbase is bullish on Bitcoin. Our holdings increased by 2,772 BTC in the third quarter, and we are continuing to buy more."
As of October 31, 353 entities hold Bitcoin, including 276 public and private companies, more than double the number from January.
According to the report, geographically, the U.S. leads with 123 Bitcoin-holding entities, followed by Canada (43), the UK (22), and Japan (15).
Stock and share buybacks also became a trend in October, with at least five Bitcoin treasuries and four altcoin treasuries repurchasing shares. Metaplanet announced plans to use a $500 million credit line to buy back up to 150 million shares of common stock, while Sequans Communications initiated a buyback plan for 1.57 million ADS.
Most treasury companies are holding onto their Bitcoin, increasing the growing illiquid supply in the network. Fidelity Digital Assets reported:
Fidelity estimates that of the 19.8 million Bitcoin in circulation at the end of Q2 2025, about 42%, or over 8.3 million BTC, will become illiquid before 2032.
In addition to Bitcoin treasury companies, the report also highlights the rise of public companies focused on accumulating altcoins, particularly Solana (SOL) and Ethereum (ETH).
By the end of October, BTC accounted for about 82% of the total dollar value of cryptocurrency treasuries, down from 94% in April, while ETH rose from 2.5% to 15%, and SOL remained stable at 2-3%.
According to CoinGecko data, the largest ETH treasury company is Bitmine, holding 3,505,723 ETH, which is nearly 3% of the total Ethereum supply.
The second-largest ETH treasury, Sharplink Gaming, announced in October that it would deploy $200 million worth of ETH from its corporate treasury to Consensys's Linea network to generate higher on-chain yields.
One benefit of digital asset treasuries focused on proof-of-stake blockchains (like Solana and Ethereum) is that companies can generate passive income by acting as validators to secure the network, thus earning staking rewards while maintaining exposure to the underlying assets.
Related: Reports indicate that Coinbase and stablecoin startup BVNK have terminated a $2 billion acquisition deal.
Original article: “As Corporate Treasuries Expand, Strategy's Bitcoin (BTC) Dominance Falls to 60% in October”
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