Public Firms Now Control Over 1 Million BTC

Publicly traded companies have now collectively accumulated over 1,000,000 BTC, in a historic milestone in Bitcoin adoption. This stash represents nearly 5% of Bitcoin’s fixed 21 million supply, as institutional conviction around the asset continues to grow.

From corporate treasuries of prominent firms to Bitcoin mining firms and ETF issuers, the presence of publicly listed companies in the market has significantly expanded over the past few years.

Metaplanet, Mallers, and More

Leading the pack of corporate Bitcoin holders is Strategy, the company co-founded by Michael Saylor, which began stacking coins in August 2020. Today, Strategy controls 636,505 BTC, which makes it the clear frontrunner among corporate treasuries.

The gap to second place is massive as MARA Holdings owns 52,477 BTC, with just 705 BTC added in August. Despite this, new challengers are quickly building sizable positions. For instance, Jack Mallers’ XXI already commands 43,514 BTC, while the Bitcoin Standard Treasury Company holds 30,021 BTC.

Other heavyweight names include Bullish, which has secured 24,000 BTC, alongside Metaplanet at 20,000 BTC. Publicly traded players such as Riot Platforms, Trump Media & Technology Group, CleanSpark, and Coinbase also emerged as increasingly important participants in this rapidly growing corporate accumulation trend.

The Hidden Crisis

Bitcoin’s surging popularity on Wall Street is ironically squeezing the very backbone of its network – miners. While institutional inflows have propelled BTC prices higher, on-chain activity has not kept pace, which has left transaction fees at historic lows, according to CoinMetrics.

This imbalance is particularly damaging in a post-halving environment, where block rewards have already been slashed and fees now account for less than 1% of miner revenue.

With profitability increasingly tied to price appreciation alone, miners face mounting financial pressure and are often forced to liquidate holdings or shut down operations entirely. The risk extends beyond economics since reduced miner participation also threatens decentralization and could concentrate network security in the hands of dominant pools like Foundry and Antpool, which already control nearly half of total hashpower.

The 2028 halving will cut rewards to just 1.5625 BTC per block, which is expected to pose an even bigger challenge. Without new uses that boost demand for blockspace, Bitcoin’s security could weaken, and its “digital gold” narrative may drift away from the incentives that keep the network safe.