Journalist
Posted:
The buying game of the big players continues!
The top 100 government bond companies now own more than 1,058,000 Bitcoin [BTC]. Even JP Morgan went deeper into Bitcoin exposure, adding about $300 million in IBIT from BlackRock.
At the same time, on-chain data showed Coinbase whales buying the dip with confidence.
Businesses are piling up like never before
The latest data shows the top 100 government bond companies now holding more than 1,058,000 BTC, a number that continues to rise even in a troubled market.
Companies like Strategy, MARA Holdings and Metaplanet continue to dominate the list, but what is striking is how broad the accumulation has become; from energy companies to fintech companies to global conglomerates.
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This is clearly a growing business trend. Balance sheets steadily absorb more Bitcoin regardless of short-term price fluctuations.
JP Morgan’s Bitcoin Bet
And this business accumulation trend isn’t limited to the usual crypto-forward companies.
Even JP Morgan – whose CEO Jamie Dimon went from dismissing crypto to staggeringly admitting its relevance – has built a surprisingly large position through BlackRock’s IBIT ETF.
According to Arkham it is the bank now has over $300 million in exposure, including $332.8 million in direct IBIT shares, another $10.7 million through external managers, plus $67.8 million in call options and $133.3 million in puts, both likely hedged.
It’s a risk-managed entry, but something is better than nothing.
Whales also intervene
Cumulative volume delta (CVD) revealed that whale-sized spot orders between $10,000 and $1 million have been steady net buyers since the recent local bottom.
Retail flows remain largely flat, and mid-market traders are only starting to turn positive. However, the whales on Coinbase never stopped collecting.
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The chart showed this clearly: big buyers stepped in when prices fell, absorbing supply while sentiment was weak. It’s clear that when the market turns cautious, the big players are often the first to act.
Final thoughts
- Companies are buying more Bitcoin, with more than 1.05 million BTC now on their balance sheets.
- Whales continue to buy on every dip, so there is confidence even as retail takes a step back.