Public Companies’ Bitcoin Holdings Surge 40% in Q3

The third quarter witnessed a remarkable 40% surge in public companies holding Bitcoin, jumping to 172 firms according to data from asset manager Bitwise. These corporations now collectively hold over 1.02 million Bitcoin, with the total value increasing from $117 billion as of September 30 to $118.4 billion in recent weeks, based on Bitcoin Treasuries data. The scale of institutional adoption becomes even more striking when examining the quarter-over-quarter accumulation patterns, with public companies adding over 193,000 BTC to their balance sheets—representing a 20.68% increase that significantly outpaced other sectors.

This corporate buying frenzy far exceeded growth in private companies and exchange-traded funds, which saw modest increases of 2.21% and 6.7% respectively. Gracy Chen, CEO of Bitget, explained to Decrypt that “we’re seeing a growing wave of public and private companies increasing their Bitcoin holdings as part of a broader strategic shift. For many, it’s not just a hedge against inflation but a long-term bet on digital assets as a core treasury reserve.” The data reveals that institutional investors are approaching Bitcoin with a fundamentally different mindset than retail traders, focusing on long-horizon investment strategies rather than short-term trading opportunities.

MicroStrategy continues to dominate the corporate Bitcoin landscape with 640,031 BTC, maintaining its position as the most aggressive institutional accumulator. However, the third quarter saw significant participation from newer entrants like Metaplanet, which more than doubled its Bitcoin holdings during the period. This broadening participation across both established and emerging corporate holders indicates a maturation of institutional adoption beyond early pioneers.

The institutional momentum translated directly into market flows, with Bitcoin leading last week’s inflows at $2.67 billion according to CoinShares’ latest report. Digital asset investment products collectively saw $3.17 billion in inflows during the same period, pushing the year-to-date total to a record $48.7 billion. Peter Chung, Head of Research at Presto Research, provided insight into the accumulation mechanism, telling Decrypt that “their raison d’être is to acquire crypto assets… funded by security issuance in the public market. As long as there is appetite for their security issuance in the public market, they will continue this effort.”

Industry experts attribute the acceleration in corporate Bitcoin adoption to a supportive regulatory climate, particularly under the Trump administration. Chen specifically cited recent accounting reforms including the approval of U.S. Strategic Bitcoin Reserves and the SEC’s generic listing standards for commodity-based trust shares as key enablers of institutional participation. These regulatory developments have provided the clarity and framework necessary for public companies to confidently allocate treasury resources to digital assets.

Looking ahead to the fourth quarter, Chen expects continued ETF inflows and broader balance sheet adoption to potentially “push Bitcoin toward $160,000.” Despite recent market volatility driven by geopolitical tensions, analysts have characterized the sell-off as a “recalibration” rather than a failure of the underlying bullish thesis. The ongoing trade war between the U.S. and China is unlikely to impact decision-making for institutional investors with long-term horizons, suggesting that accumulation trends remain intact. The combination of regulatory support, sustained institutional demand, and the structural shift toward digital assets as treasury reserves creates a compelling foundation for continued price appreciation through year-end.