Public Companies' Bitcoin Holdings Surpass 2 Million — "

Why it matters: The total Bitcoin holdings of public companies and institutional investors are approaching 2 million BTC, a rapid increase from nearly zero in 2020 over five years. While the rapid accumulation phase has slowed, institutional capital is now embedded in the market in a qualitatively different way than in previous cycles. This signifies an irreversible shift of crypto assets from "speculative assets" to "institutional infrastructure," transforming the very mechanism of future price formation.

📝 Summary: The total Bitcoin holdings of public companies and institutional investors are approaching 2 million BTC, a rapid increase from nearly zero in 2020 over five years.

What Happened

• Total Holdings — Public companies and institutional investors' BTC holdings reached approximately 2 million BTC (about 9.5% of total supply). This was nearly zero in 2020.
• Dominance of Strategy (formerly MicroStrategy) — Strategy alone holds approximately 717,000 BTC, accounting for 3.4% of all Bitcoin. Its average acquisition price is about $66,000, with a total investment exceeding $33 billion.
• Change in Accumulation Pace — The rapid accumulation phase has slowed. In Q4 2025, several companies, including Metaplanet and Evernorth, halted further purchases for over two months. Meanwhile, Strategy alone added 41,002 BTC in January 2026.

Overall Picture

Historical Context

Institutional ownership of Bitcoin began with MicroStrategy (now Strategy)'s $250 million purchase in August 2020. At the time, the BTC price was about $11,000. CEO Michael Saylor publicly advocated for "Bitcoin as an inflation hedge," overturning conventional corporate treasury strategy. This move was initially met with skepticism even within the crypto community.

However, in 2021, Tesla invested $1.5 billion to purchase BTC, bringing corporate Bitcoin holdings into mainstream discussion. As BTC hit an all-time high of $69,000 in November of that year, tech companies like PayPal and Block (formerly Square) also successively entered the market.

The 2022 bear market served as a litmus test. BTC plummeted by 78% to the $15,000 range, and Tesla sold 75% of its holdings. However, Strategy continued to buy more, demonstrating the strength of its "institutional commitment."

The approval of spot BTC ETFs in January 2024 marked a decisive turning point. Led by BlackRock's IBIT, fund inflows into ETFs reached $35.2 billion in the first year alone. Institutional investors' barriers to entry dramatically lowered, and the number of companies holding BTC surged from 69 to over 191. In 2025, public companies' holdings increased by 82% year-over-year, reaching approximately 1.08 million BTC. Including ETFs, the total is approaching the 2 million BTC milestone.

In March 2025, President Trump signed an executive order establishing a strategic Bitcoin reserve. The U.S. government itself designated approximately 325,000 BTC as a permanent reserve asset. This officially established the recognition that "Bitcoin is a national strategic asset." Over these five years, Bitcoin has undergone an irreversible status change, from a personal speculative tool to a strategic reserve asset for nations and corporations.

Stakeholder Map

Structure Seen in Data

• 2 Million BTC — Total BTC held by institutions and public companies, accounting for approximately 9.5% of the total supply, reached from nearly zero in five years since 2020.
• 717,000 BTC — Strategy's sole holdings, an unprecedented concentration where one company holds 3.4% of all Bitcoin.
• Over 191 Companies — Number of public companies holding BTC, a surge of approximately 2.8 times from 69 companies at the start of 2024.
• $35.2 Billion — Annual net inflow into spot BTC ETFs in 2024, transforming institutional investment flows within one year of approval.
• $103 Billion — Assets Under Management (AUM) of the U.S. BTC ETF market, growing 45% in 2025.
• 325,000 BTC — U.S. government's strategic Bitcoin reserve, composed of confiscated assets, with a policy not to sell.
• 82% — Year-over-year increase rate of public companies' BTC holdings in 2025.
• 21x — Multiplier increase in private sector BTC holdings from January 2020 to the end of 2025.

Reading Between the Lines — What the News Isn't Saying

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Path Dependency × Winner Takes All

Institutional Bitcoin holdings have reached a critical mass, irreversibly transforming the market structure itself from a "retail-driven speculative market" to an "institution-led institutional market." While the rapid accumulation phase is ending, this signifies "entrenchment" rather than decline.

Path Dependency: No Turning Back — The Structure of BTC Becoming "Institutional Infrastructure"

The figure of 2 million BTC is not merely a record of holdings. It is proof that Bitcoin has been "irreversibly integrated" into the financial system.

When MicroStrategy (now Strategy) incorporated BTC into its corporate treasury in 2020, it was seen as a "maverick's gamble." However, five years later, over 191 public companies hold BTC on their balance sheets, BlackRock's IBIT ETF alone exceeds $70 billion in AUM, and the U.S. government holds 325,000 BTC as a strategic reserve.

The essence of this change lies not in "quantity" but in "quality." ETF approval opened a legitimate route for traditional institutional investors such as pension funds, insurance companies, and sovereign wealth funds to access Bitcoin. The expansion of exposure to BlackRock's IBIT by Abu Dhabi's Mubadala and Al Warda in Q4 2025 is evidence that Bitcoin is no longer perceived as an "experimental asset" but as an "allocation target."

Underpinning Path Dependency is a structural shift in the regulatory environment. Paul Atkins, a crypto-friendly figure, was appointed SEC Chairman, and a federal-level stablecoin regulatory framework was established through the GENIUS Act. President Trump's establishment of a strategic Bitcoin reserve officially endorsed BTC's status as "digital gold" at a national level.

What is crucial here is that institutionalization is a dynamic distinct from "frenzy." While individual investor enthusiasm fluctuates with cycles, ETF infrastructure, custody systems, accounting standards (FASB introduced fair value accounting for crypto assets in 2025), and regulatory frameworks, once established, are not dismantled. Even when Tesla sold 75% of its BTC in 2022, the ETF infrastructure did not disappear. Even when Strategy incurred $17.4 billion in unrealized losses, it did not change its holding strategy.

This "irreversibility" is the decisive difference from previous cycles. After the 2017 ICO bubble burst, institutional capital effectively returned to zero. However, after the 2022 crash, institutional commitment was maintained. Institutionalized infrastructure exhibits "stickiness" against business cycles. This is fundamentally changing the structure of the Bitcoin market.

Winner Takes All: From the "Era of Accumulation" to the "Era of Strategic Allocation"

The slowdown in the rapid accumulation phase is not a bearish signal. It reflects a structural shift in the market from an "exploration phase" to an "entrenchment phase."

The "slowdown in the accumulation phase" pointed out by CoinDesk might, at first glance, appear to be a retreat in institutional demand. Indeed, in Q4 2025, Metaplanet halted further purchases for over two months, and Evernorth also paused for six weeks. Outflows from ETFs were also observed.

However, a deeper reading of the data reveals a different picture. Strategy purchased BTC worth $21.48 billion throughout 2025, maintaining a pace nearly equivalent to $21.97 billion in 2024. It added 41,002 BTC in January 2026 alone. This means the "slowdown in accumulation" is not uniform; rather, a selection process of "who is buying and who is stopping" is underway.

This differentiation indicates a shift in the accumulation paradigm. In 2024, the "excitement of ETF approval" coincided with a "surge in BTC price," and FOMO (fear of missing out) accelerated corporate purchases. Every company entered, aiming to "follow MicroStrategy." However, in the latter half of 2025, as BTC entered a correction from its all-time high of $120,000, "followers without a strategy" began to drop out.

The remaining companies are adopting more sophisticated accumulation strategies. MARA (Marathon Digital) has shifted to a strategy of holding 52,850 BTC while lending out 7,377 BTC to generate yield. Block (formerly Square) is taking a "dollar-cost averaging" approach, continuously purchasing BTC with a portion of its revenue, and plans to introduce Lightning Network payments to Square's 4 million merchants by 2026. Riot sold some BTC to invest in AI/HPC (high-performance computing) infrastructure.

This movement structurally resembles the history of gold's institutionalization. After the 1971 Nixon Shock, central banks' gold holdings surged. However, at a certain point, the phase shifted from "accumulation" to "management," and infrastructure such as gold lending markets, futures markets, and ETFs was developed. Bitcoin is now at the same turning point.

The slowdown in accumulation pace signifies market maturity. While the explosive increase in new entrants has subsided, existing holders' BTC is not returning to the market. With 2 million BTC "locked in" on institutional balance sheets, the circulating supply is structurally decreasing. Combined with the next halving (scheduled for 2028), this supply-side compression will significantly impact medium- to long-term price formation.

Intersection of Dynamics

"Path Dependency" and "Winner Takes All" are two sides of the same coin. As institutionalization progresses, the quality of accumulation changes. Early institutionalization focused on "how much to buy," but mature institutionalization focuses on "how to efficiently hold and manage." The development of infrastructure such as ETFs, lending, and Lightning Network payments is transforming BTC from a "dormant asset" to an "active asset." At the intersection of these dynamics lies the "liquidity paradox." While 2 million BTC are fixed with institutions, ETF and derivatives markets generate liquidity. Holdings are fixed, trading is liquid — this dual structure is forming Bitcoin's new market mechanism. The previous cycle's pattern of "retail speculation → crash → exit" has been replaced by "institutional holding → adjustment → continued holding." This structural change is irreversible and is structurally raising the floor price of the Bitcoin market.

Pattern History

1971: Collapse of the Gold Standard and Central Bank Gold Accumulation

After the Nixon Shock in 1971 halted the convertibility of the dollar to gold, gold's status shifted from a "currency anchor" to a "reserve asset." Central banks initially accumulated gold rapidly. However, the pace of accumulation slowed in the 1990s, and some central banks began selling. After the 2008 Lehman Shock, accumulation accelerated again. This 50-year cycle depicted a pattern of "rapid accumulation → slowdown → re-accumulation during crises → institutional entrenchment." When gold ETFs (GLD) were listed in 2004, access for individuals and institutions dramatically expanded, completing gold's "institutionalization." Currently, central banks worldwide hold a total of approximately 36,000 tons of gold, which accounts for about 17% of the above-ground stock.

Structural Similarities with the Present: Bitcoin's institutional accumulation entering a "rapid expansion → slowdown" phase closely resembles gold's institutionalization pattern. The development of "access infrastructure" like ETFs, recognition as a reserve asset by nations, and differentiation in accumulation pace — all are paths that Bitcoin is rapidly replicating, following gold's footsteps. However, the critical difference is that Bitcoin is compressing the institutionalization that took gold 50 years into just 5 years.

2004: Listing of Gold ETF (GLD) and Transformation of Institutional Investment

In November 2004, SPDR Gold Shares (GLD) was listed on the New York Stock Exchange. This was the first major product as an ETF linked to physical gold, opening the way for institutional investors to "hold gold in brokerage accounts." It attracted $3 billion in its first year of listing, and its AUM surpassed $40 billion five years later. The advent of GLD fundamentally changed gold's price formation. Previously, gold prices were influenced by jewelry demand and central bank transactions, but with ETFs, demand for "gold as a financial asset" became the primary driver of its price. GLD's success created a structure where ETFs accounted for 10-15% of annual gold demand, becoming one of the main factors pushing gold prices from the $400 range in 2004 to $1,900 in 2011.

Structural Similarities with the Present: The approval of spot BTC ETFs in January 2024 has a structural impact extremely similar to that of gold ETFs in 2004. BlackRock's IBIT reached $70 billion in AUM in its first year, significantly surpassing GLD's growth rate. The dynamic of democratized access through ETFs accelerating institutional capital inflow is entirely common, marking a turning point where BTC's price formation structure as an "institutional asset" is being established.

Pattern Revealed by History

The history of gold's institutionalization shows a four-stage pattern: "rapid accumulation → slowdown → infrastructure development → entrenchment." Bitcoin is currently in a transitional period from the second stage (slowdown) to the third stage (infrastructure development). Bitcoin is compressing the institutionalization process that took gold 50 years into 5 years, thanks to its digital-native characteristics and ETF infrastructure. The historical pattern suggests that a slowdown in accumulation pace is not "the beginning of the end" but "the beginning of entrenchment."

Future Scenarios

Optimistic Scenario (Probability: 25%)

Annual inflows into BTC ETFs expand to $40-70 billion in 2026, with institutional holdings surpassing 2.5 million BTC. The U.S. strategic Bitcoin reserve gains congressional approval and begins additional purchases. BTC reaches $150,000-$200,000, and over 10% of S&P500 companies incorporate BTC into their balance sheets.

Implications for Investment/Action: Gradual allocation to physical BTC or ETFs is effective. However, avoid concentrated investment at high price levels; a dollar-cost averaging approach is recommended.

Base Scenario (Probability: 50%)

ETF inflows maintain a stable pace of $15-30 billion annually. Institutional holdings gradually increase to around 2.2 million BTC. Strategy remains the largest buyer, but the pace of new corporate entrants slows. BTC trades in the $80,000-$120,000 range, with volatility decreasing compared to previous cycles.

Implications for Investment/Action: Understanding the characteristics of an "institutionalized market," a traditional diversified investment approach allocating 5-10% of the portfolio to BTC-related assets is rational.

Pessimistic Scenario (Probability: 25%)

Due to worsening macroeconomic conditions (recession, liquidity tightening), institutional investors compress risk assets across the board. Large-scale outflows occur from ETFs, and BTC corrects to $50,000-$70,000. Strategy's unrealized losses expand, raising questions about its fundraising capabilities. However, due to "Path Dependency," a 2017-style complete collapse is avoided.

Implications for Investment/Action: Increase cash reserves to secure additional investment capacity during a crash. A contrarian strategy of waiting for an institutional selling climax may become effective.

Key Triggers to Watch

• FRB Interest Rate Cut / Hike Decision: March-June 2026
• Congressional Developments Regarding Additional Purchases for U.S. Strategic Bitcoin Reserve: H1 2026
• Strategy's Quarterly Earnings and BTC Additional Purchase Announcement: April 2026 (Q1 Earnings)
• Mining Companies' Strategic Shifts in Anticipation of Next Halving (2028): H2 2026
• BTC ETF / Regulatory Trends in Major Countries (Japan, EU): Full year 2026

Tracking Points

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Sources:

• CoinDesk (Original Tweet)
• BitcoinTreasuries.NET
• CoinGecko Bitcoin Treasuries
• BlackRock IBIT ETF