Bitcoin [BTC] Treasuries, led by Michael Saylor’s strategy, raised 494,000 BTC in 2025, bringing their combined holdings to 1.13 million coins.
According to Bitcoin For Corporations (BFC), corporate treasury firms have been scaling their positions despite BTC closing 2025 in the red, down 6.4%, and underperforming every asset class, including silver and gold.
Source: X/BitcoinForCorps
The report added that while large Bitcoin purchases slowed later in 2025 as the market correction deepened, government bond companies did not offload their inventory. In fact, total assets rose steadily, as shown in the graph.
According to BFC, capital raising for BTC shifted from government bonds to preference shares or so-called ‘digital credit’ that offers variable interest rates.
In fact, Strategy staked five of its preferred shares, which have since been deployed surpassed the offering of convertible bonds, reducing overall bankruptcy risk. Metaplanet also unveiled Mars and Mercury, while Strive issued SATA preferred shares to advance its capital-raising war chest.
Government bonds reached 5% of the total BTC supply
Overall, the newly deployed mechanisms allowed corporate treasury firms to scale their holdings to 5.1% of the total BTC supply, Bitbo said. facts. Of this, Strategy represents two-thirds, or approximately 3.3%, with 709,715 BTC.
Source: BitBo
In contrast, ETFs control 7.1% or nearly 1.5 million BTC at the beginning of 2026, underscoring their lead in institutional demand. This has made the BTC price extremely sensitive to ETF flows.
Collective demand for government bonds and ETFs, as tracked by the 30-day average apparent demand growth (ADG), has been negative since December. This meant that even if government bond companies increased their investments, the potential ETF sell-off could hamper the market.
Source: CryptoQuant
Even selling pressure from long-term holders (LTHs) or investors who have held BTC for more than five months has subsided significantly in recent months (blue line).
But the ADG remained negative, underscoring that steady demand for ETFs has not yet gained momentum.
The bull run in Q2 2025 saw the explosive recovery from $74,000 to over $120,000, when the apparent demand growth metric turned positive (green bars). Put another way, the BTC price may remain subdued below $100,000 until overall demand improves.
Final thoughts
- BTC treasuries exceeded 1 million coins and reached 5% of the total BTC supply
- Apparent demand growth has remained negative since December and continues to decline, indicating long-term price weakness for BTC.