Corporate Bitcoin holdings continue to rise, but treasury executives believe this trend is strengthening rather than weakening the overall decentralization of the network.
Despite growing concerns about the concentration of Bitcoin (BTC) ownership, several executives speaking at the 2025 Amsterdam Bitcoin Conference stated that emerging treasury companies and new institutional participants are promoting a broader distribution across the entire ecosystem.
"Ultimately, what we are doing is actually decentralizing Bitcoin. It may not seem like it, but through the demand we provide in the market, it truly is," said Alexander Laizet, a member of the Capital B Bitcoin Strategy Board.
Laizet noted that an increasing number of banks are offering Bitcoin custody options, providing new storage avenues for individuals and businesses, thereby reducing reliance on a few custodians.
Corporations and Bitcoin exchange-traded funds (ETFs) are quietly accumulating Bitcoin supply, increasingly concentrating the distribution of the world's first cryptocurrency.
According to treasury data provider bitbo.io, corporate participants have accumulated 6.7% of the total Bitcoin supply, with 4.73% held through publicly traded companies and 2.03% held through private companies.
Spot Bitcoin ETFs have also accumulated nearly 7.3% of the Bitcoin supply, becoming the largest holder group in less than two years since their debut in January 2024.
Nicolai Sondergaard, a research analyst at the crypto intelligence platform Nansen, told Cointelegraph that the growing centralized holdings are not a "direct threat" to Bitcoin, as its "economic ownership remains distributed among many underlying investors—rather than a single actor."
He added that while this does not constitute a "fatal flaw" for Bitcoin, it highlights that as large custodians continue to grow their BTC holdings, they may have a greater impact on "liquidity and market behavior."
Nevertheless, some industry observers are concerned about the increasing institutional adoption of Bitcoin, as corporate crypto treasuries surpassed $100 billion in digital asset holdings in August.
According to crypto analyst Willy Woo, the growing corporate concentration of Bitcoin could introduce new centralized vulnerabilities, leading BTC down a "nationalization path" similar to that of gold in 1971.
"If the dollar structurally weakens, and China is rising, the U.S. may make offers to all treasury companies and centralize it, potentially converting it into a digital form rather than creating a new gold standard, which is a reasonable perspective," Woo stated during a panel discussion at the 2025 Baltic Badger Conference, adding:
In 1971, U.S. President Richard Nixon ended the Bretton Woods system, suspending the dollar's convertibility into gold and abandoning the fixed rate of $35 per ounce, effectively ending the gold standard.
Related: Tom Lee: Ethereum (ETH) will enter the "same supercycle" as Bitcoin (BTC)
Original article: “Corporate Purchases Spark Long-Term Decentralization Debate for Bitcoin (BTC)”
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