According to CoinGecko’s annual report reportcrypto treasury companies were among the biggest buyers of the year, even as prices fell. Their balance sheets grew strongly and their actions left a clear mark on supply and markets. The numbers tell a story of heavy buying, pauses and then moves by companies to protect stock values.
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Major buying wave of government bonds
Reports have shown that these treasuries have invested nearly $50 billion in the government bonds Bitcoin, Ethereum, and other tokens in 2025. At the start of the year, Treasuries held more than $56 billion in cryptocurrencies.
By January 1, 2026, that figure had risen to $134 billion – a gain of 137%. This purchase helped increase institutional ownership, with government bonds owning more than 5% of both Bitcoin and Ethereum by the end of the year.
Public companies alone have increased their Bitcoin reserves from approximately 598,714 coins to over 1 million, an increase of almost 500,000 BTC.
The market decline came late in the year
The broader market failed to maintain previous momentum. The total crypto value fell by almost 8% in 2025, ending the year at almost $3 trillion. Most of the damage came late.
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Last year was the first year of crypto declines since 2022, briefly peaking at $4.4 trillion in the fourth quarter before a historic $19 billion liquidation ended the year at $3.0 trillion.
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— CoinGecko (@coingecko) January 15, 2026
The market lost nearly a quarter of its value in the past three months, and a liquidation wave of nearly $19 billion in October accelerated the decline after the total market value briefly reached about $4.4 trillion.
Bitcoin fell roughly 1.4% to nearly $95,300 at one point as investors weighed policy changes in the US and changing interest rate expectations.
Offer now in the hands of government bonds
Early 2026 will treasure chests held more than 1 million Bitcoin and 6 million ETH. That concentration matters because assets on company books are less likely to be traded frequently.
When large supply shares are locked up, price swings may be smaller in calm times, but the effect can reverse if selling is forced.
BTCUSD trading at $95,524 on the 24-hour chart: TradingView
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Companies changed strategies when stocks fell
As prices fell in the fourth quarter, some treasuries saw their stock prices fall below the value of their crypto holdings. To support their stocks, many stopped buying and started buying back shares.
That action slowed the pace of token purchases. This move was traditional: protect investors’ stock value rather than adding more tokens to a weakening market.
Featured image from Pexels, chart from TradingView