1 month ago
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Key Takeaways
- Public companies now hold 1.14M BTC, about 5.69% of all Bitcoin.
- They kept buying through the entire drawdown, a sign of conviction.
- Strategy holds 847,363 BTC and is now at its largest-ever unrealized loss.
- Corporate accumulation is bullish for supply; Strategy’s position might be the key risk.
The picture that emerges is genuinely two-sided: a structural removal of supply that didn’t exist as a category five years ago, shadowed by the fact that the single largest holder is now sitting on the biggest unrealized loss in its history.
Buying Through the Decline
The accumulation data from SoSoValue tells the clearest part of the story. From January 2025 to June 2026, public-company Bitcoin holdings grew almost without interruption, from roughly 450K BTC to 1.14 million, nearly a 2.5x increase in coin count.
The dollar value peaked around $108 billion in September 2025 near Bitcoin’s all-time high, then fell as price dropped, but the holdings themselves kep...
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