In 2025, the landscape of Bitcoin (BTC) treasury holdings among public companies has seen a significant increase, yet this surge has not translated into a corresponding rise in Bitcoin prices. Despite a doubling of Bitcoin treasury holdings by these companies, the price of Bitcoin remains stubbornly below its all-time high.
Recent analysis indicates that although public companies have ramped up their Bitcoin treasury holdings, which now stand at 134, the overall market has not reacted positively. As of now, Bitcoin’s price is approximately 8% lower than its highest recorded value and has only increased by 19% year-to-date, barely outpacing the performance of the S&P 500 index.
The primary reason for this disconnect lies in the nature of the transactions occurring within the market. A significant portion of the recent activity consists of Bitcoin being transferred from private treasuries to public ones, rather than new investments entering the market. When examining the combined holdings of public and private companies, the total rise is a modest 28%, which starkly contrasts with the inflated figures presented by public-only metrics.
As reported by Protos, this reshuffling of assets is beneficial for the equity valuations of public firms but does little to enhance the spot price of Bitcoin itself. Notably, companies heavily invested in Bitcoin have also faced challenges; leading BTC equities such as Nakamoto, Strategy MSTR, Twenty One, Asset Entities, Semler, and MetaPlanet have seen their valuations decrease by 25% to 71% from their peaks earlier in 2025.
Charles Edwards, founder of Capriole Investments, highlighted a notable buying spree among Bitcoin treasury firms on July 31, yet ironically, Bitcoin prices fell from $117,000 to $112,000 within just three days following these purchases.
Moreover, research from BeInCrypto noted that the number of public companies holding Bitcoin has nearly doubled in the first half of 2025, increasing from 70 to 134, with a total acquisition of approximately 245,000 BTC. This trend signifies a broader acceptance of Bitcoin strategies among companies across 27 different countries.
According to CoinTelegraph, corporate treasuries and investment funds have accumulated a staggering 371,111 BTC year-to-date, which is 3.75 times the total production output of all miners during the same period. This substantial accumulation indicates a strong demand for Bitcoin among institutional players, despite its stagnant price movement.
In conclusion, while the increase in Bitcoin treasury holdings among public companies is noteworthy, the resultant effect on Bitcoin’s market price has been minimal. The current dynamics suggest that the market is more influenced by asset reshuffling rather than fresh capital inflows, presenting a complex scenario for investors and analysts alike.
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