174 publicly listed companies collectively hold approximately 1.3 million bitcoins (about $104.2 billion), but holdings are highly concentrated in Strategy alone (about 65%). Meanwhile, most leading companies’ shares of the total declined this week, indicating that the latest “corporate bitcoin hoarding” boom is shifting from broad-based gains to a phase of divergence: a few companies continue adding to their holdings, while the rest are shrinking in relative terms or selling.
• Strategy holds 849,327 bitcoins, about 65% of the total: a single company accounts for nearly two-thirds of the group’s holdings, an extremely high level of concentration. According to crypto-economy.com, it bought another 811 bitcoins last week (about $65.5 million). This means the “index” is essentially driven by one company’s financing and buying pace, rather than by broad industry-wide activity.
• Strive holds 43,124 bitcoins, but its share of the total changed by -16.75% this week. The Block reported that it had just spent $511 million on purchases at the end of October, bringing its holdings to about 43,000 bitcoins, and had established a preferred stock issuance plan of up to $1 billion. A large purchase alongside a marked weekly decline in its share of the total shows that “share change” mainly reflects fluctuations in relative size or price-based calculations; it cannot be directly interpreted as “selling.” When reading this kind of data, it is important to distinguish between “holdings” and “change in share,” two different metrics.
• Bullish (-19.49%), Galaxy Digital (-26.82%), and MARA (-6.53%), among others, saw marked declines in their shares of the total this week. Yet MARA had added 1,292 bitcoins in September, according to cryptonomist.ch, and had a treasury worth about $2.7 billion. The different directions among leading companies show that miners and trading platform companies are more affected by their own cash flows and share prices, underscoring that “corporate bitcoin buying” is not a uniformly steady source of demand.
• Twenty One Capital (43,514 bitcoins, +0.34%) and Bitcoin Standard Treasury (30,021 bitcoins, +0.09%) saw slight increases in their shares of the total this week. New entrants are gradually adding to their holdings, but the increase is small compared with Strategy’s scale. This suggests that the marginal impact of new buying is limited, and that the group’s growth is driven more by “new companies joining” than by “existing companies making large additions.”
• Strategy holds 849,327 bitcoins, about 65% of the total: a single company accounts for nearly two-thirds of the group’s holdings, an extremely high level of concentration. According to crypto-economy.com, it bought another 811 bitcoins last week (about $65.5 million). This means the “index” is essentially driven by one company’s financing and buying pace, rather than by broad industry-wide activity.
• Strive holds 43,124 bitcoins, but its share of the total changed by -16.75% this week. The Block reported that it had just spent $511 million on purchases at the end of October, bringing its holdings to about 43,000 bitcoins, and had established a preferred stock issuance plan of up to $1 billion. A large purchase alongside a marked weekly decline in its share of the total shows that “share change” mainly reflects fluctuations in relative size or price-based calculations; it cannot be directly interpreted as “selling.” When reading this kind of data, it is important to distinguish between “holdings” and “change in share,” two different metrics.
• Bullish (-19.49%), Galaxy Digital (-26.82%), and MARA (-6.53%), among others, saw marked declines in their shares of the total this week. Yet MARA had added 1,292 bitcoins in September, according to cryptonomist.ch, and had a treasury worth about $2.7 billion. The different directions among leading companies show that miners and trading platform companies are more affected by their own cash flows and share prices, underscoring that “corporate bitcoin buying” is not a uniformly steady source of demand.
• Twenty One Capital (43,514 bitcoins, +0.34%) and Bitcoin Standard Treasury (30,021 bitcoins, +0.09%) saw slight increases in their shares of the total this week. New entrants are gradually adding to their holdings, but the increase is small compared with Strategy’s scale. This suggests that the marginal impact of new buying is limited, and that the group’s growth is driven more by “new companies joining” than by “existing companies making large additions.”