According to on-chain data, companies have piled into Bitcoin at a pace that is now outpacing new supply. Corporate government bonds held by public and private companies have risen from approximately 854,000 BTC to approximately 1.11 million BTC over the past six months, an increase of approximately 260,000 BTC – approximately 43,000 BTC per month.
This adds nearly $25 billion in value to corporate balance sheets and signals growing interest among companies in holding the coin, on-chain analytics provider Glassnode revealedTuesday.
Corporate bonds are swelling
One company dominates that pile. Strategy now owns the largest share of corporate Bitcoin, with 687,410 BTC in hand following a new purchase earlier this month. The company announced that it acquired 13,627 BTC between January 5 and January 11, its largest purchase since July last year. Reports have highlighted that this concentration means a few big buyers still control the government bond picture.
Over the past six months, Bitcoin treasuries held by public and private companies have grown from ~854,000 BTC to ~1.11 million BTC. That’s an increase of ~260,000 BTC, or roughly ~43,000 BTC per month, highlighting the steady expansion of corporate balance sheet exposure to Bitcoin. https://t.co/hHXjcSDDj4 pic.twitter.com/oluVGO2bGD
— glassnode (@glassnode) January 13, 2026
Smaller but still important business owners are visible on the list. For example, MARA Holdings owns approximately 53,250 BTC. That makes it one of the largest companies after Strategy, and shows that miners and mining companies also choose to keep some of the currency they create.
Demand for ETFs may tighten supply
Exchange traded funds are part of the story. Place Bitcoin ETFs the US attracted more than $20 billion in cash flows by 2025, with some funds accounting for the majority of these cash flows. Analysts say ETF purchases can suck up new supply and, if consistent, remove available coins from the market for long periods. This dynamic has been identified as one reason why business accumulation could be more important now than in previous cycles.
Miners produce less than companies buy
In the same six months, miners are estimated to have created around 82,000 BTC. That means corporate purchases have outpaced mine issuance by roughly three to one. In plain terms, more Bitcoin is being added to corporate balance sheets than is coming out of the ground, shrinking the available supply as buyers continue to hold rather than sell.
Price action and macro watch
Bitcoin traded within a narrow range of almost $92,000, ahead of key US inflation data, with the $90,000 level seen as a psychological marker for traders. Interest in safe havens has remained steadfast amid geopolitical noise and questions about central bank policies, keeping prices supported but within a certain range. Short-term moves will likely reflect both ETF flows and whether existing holders continue to sell on demand.
Featured image from Unsplash, chart from TradingView