Corporate BTC treasuries now control nearly 4% of the BTC supply, per a new report from Keyrock.
Bitcoin treasury companies now hold around 725,000 BTC, or about 3.64% of all Bitcoin (BTC) in circulation, as more institutions look for ways to gain direct exposure to BTC, according to a new report by global crypto investment firm Keyrock published today, July 10.
The aggressive accumulation began in 2024, with holdings now exceeding those of most mining firms, and amounting to roughly 55% of total U.S. spot Bitcoin exchange-traded fund (ETF) reserves, which currently stand at $139.4 billion (around 6.33% of BTC’s market cap), according to SoSoValue data.
The report notes that this accumulation is being driven primarily by Michael Saylor’s Strategy (formerly MicroStrategy), which now holds over 597,000 BTC – about 82% of all Bitcoin held by Bitcoin treasury companies, referred to in the report as BTC-TCs. Other firms following similar aggressive accumulation strategies include Marathon Digital, Twenty One Capital, Metaplanet, and Semler Scientific.
Still, the report found that BTC-TCs had a limited effect on Bitcoin’s daily price. In 2025, they accounted for just 0.59% of daily price movements on average, Keyrock found.
Notably, before the end of 2024, on days when Strategy made large purchases, price impact peaked at around 9.05% – though, those days were rare. “This appears to be the exception to muted BTC-TC acquisition price impact, when Strategy gets involved, the price moves materially,” the report reads.
The rapid growth of BTC-TCs shows that more institutions consider Bitcoin an important global asset. But even though these companies have built up big BTC holdings, they don’t have much effect on BTC’s daily price changes just yet.
Other Findings
Other findings in the report include that BTC-TCs have collectively raised about $33.7 billion to fund their Bitcoin buying. This is made up of around $20.9 billion in common stock, $3.35 billion in preferred equity, and $9.48 billion in debt.
Interest rates on this debt vary widely, from 0% for companies like Strategy and Marathon, to as high as 12% in firms like Bitcoin Well. Most of the debt is unsecured and often convertible, meaning it can turn into stock later, “reflecting strategic positioning to benefit from upside in BTC without triggering immediate dilution,” the report reads.
BTC is currently trading at $113,345, just shy of its new all-time high above $113,800 earlier today, according to The Defiant’s price page.
This latest price marks a 96.3% increase over the past year, with BTC’s market capitalization now hovering at around $2.26 trillion. Moreover, the asset recorded over $49 billion in trading volume over the past 24 hours, per CoinGecko.
This Monday, July 7, a filing with the U.S. Securities and Exchange Commission from Strategy revealed that the firm had not purchased BTC the previous week, the first time it had skipped a weekly buy since April.
Source: https://thedefiant.io/news/research-and-opinion/bitcoin-treasury-companies-keyrock-report