Public Companies Now Hold 1.14M BTC: Bullish or Risky?
Public companies now hold more Bitcoin than at any point in history, and the more striking part is that some of them kept buying as the price fell.
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 kept climbing the whole way down. Companies weren’t deterred by the drawdown; they absorbed it and kept buying. That collective 1.14 million BTC is now worth about $74.07 billion.
At 1.14 million out of roughly 20.04 million circulating coins, public companies control about 5.69% of all Bitcoin, or one in every 17.5 coins in existence. What makes that category distinct is its transparency: unlike government holdings, which are mostly seized assets, or anonymous long-term-holder wallets, corporate treasury Bitcoin sits on audited balance sheets with disclosed positions and ongoing buying programs. It’s the most verifiable form of institutional accumulation, and a structurally meaningful removal of supply.
Who’s Actually Buying
The holdings table shows a wide range of conviction and pain, depending on when each company bought.
| Company | BTC Held | Avg Cost | Latest Buy |
|---|---|---|---|
| Strategy | 847,363 | $75,651 | 520 BTC |
| Metaplanet | 40,177 | $104,176 | 5,075 BTC |
| Strive | 19,864 | $70,270 | 759 BTC |
| SpaceX | 18,712 | $35,325 | — |
| Coinbase | 16,949 | $2,874 | 1,103 BTC |
| Tesla | 11,509 | $33,538 | — |
The cost-basis column tells the pain story. Metaplanet, Japan’s most aggressive recent buyer, added 5,075 BTC at a $104,176 average, deeply underwater at current prices, while names like Bitcoin Standard Treasury Company ($118,916) and Bullish ($123,375) sit on heavy unrealized losses. At the other end, SpaceX ($35,325), Tesla ($33,538), and especially Coinbase ($2,874) are comfortably in profit, Coinbase’s basis is so low it’s almost irrelevant. Strategy’s most recent buy was just 520 BTC, notably small against its prior pace, which suggests it has slowed purchases at these levels.
Strategy has increased its USD Reserve by $300 million to $1.4 billion and plans to continue replenishing it to support the credit quality of its Digital Credit securities. We also acquired 520 BTC for $35 million, increasing our $BTC Reserve to ₿847,363. $MSTR $STRC.…
— Strategy (@Strategy) June 22, 2026
Strategy’s Record Loss: The Key Risk
That brings the focus to Strategy, the dominant holder at 847,363 BTC, and the single most important data point here. CryptoQuant’s unrealized profit-and-loss chart for the company shows the full arc: a brief loss during the 2022 bear market, then a massive unrealized profit built through 2024-2025 that peaked north of $24 billion, and now, for the first time since 2022, a deeply negative flip. The current red zone is the largest unrealized loss in Strategy’s history.
The math is stark. At around $59K against a $75,651 average cost, Strategy is underwater by roughly $16,651 per coin across 847,363 BTC, a paper loss of about $14.1 billion. This is the figure Deutsche Bank and other institutional analysts have flagged as a market risk, because Strategy’s financial structure depends on Bitcoin staying above certain levels to maintain its debt-servicing capacity and avoid forced-selling pressure. It’s important to be precise here: this is an unrealized, paper loss, not a realized one, and it only becomes a genuine problem under specific balance-sheet conditions that those analysts are watching, not an automatic outcome of the price alone.
The Unified Read
On one side, public companies collectively hold more Bitcoin than ever and some of them kept accumulating straight through the drawdown, which structurally removes supply and is the bullish part of the picture. On the other, the largest single holder sits on its biggest-ever unrealized loss, which is the risk that can’t be ignored.
The resolution depends on price, and it cuts cleanly. If Bitcoin recovers, Strategy’s position normalizes and the accumulation story dominates. If it continues lower toward $50K, the conversation about Strategy’s balance-sheet stress becomes harder to avoid and could, in a reflexive twist, become a selling catalyst of its own, the kind of hidden fragility some in the industry have warned about. For now, the category that didn’t exist five years ago has quietly become one of Bitcoin’s most transparent and committed holder bases. Whether its largest member is a source of strength or strain is the question the next move in price decides.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
