Large corporate holders of Bitcoin are entering a more competitive phase, with the arrival of new players adding crypto to their balance sheets. While activity remained stable in October, the evolution of purchasing trends gradually undermined the dominance of historical leaders, highlighting new corporate holders of Bitcoin as well as the main altcoins.
In brief
- Bitcoin's dominance in corporate treasuries is receding, as new entrants expand their allocations and diversify into major altcoins like ETH and SOL.
- Corporate purchases slowed in October but have diversified, with more than 350 companies now holding Bitcoin worldwide.
- Altcoin treasuries have surged as companies increase their exposure to ETH and SOL, with some even moving assets on-chain to maximize staking returns.
- Long-term holding trends are strengthening, with more BTC becoming illiquid and companies integrating crypto into expanded treasury strategies.
Saylor's company remains on top in Bitcoin treasuries, but its market share slips to 60%
Michael Saylor's strategy still dominates the Bitcoin corporate treasury rankings, although its share of total holdings is slowly eroding. With a more measured pace of accumulation and the arrival of new buyers, the landscape changed in October. According to BitcoinTreasuries.NET, the company held 640,808 BTC as of October 31: still number one, but now at 60% of corporate Bitcoin holdings, up from 75% earlier this year.
Corporate purchases slowed in October, recording the lowest monthly increase in 2025. Public and private companies added 14,447 BTC in total. Despite this pullback, activity remained diverse, reflecting a wide range of companies strengthening their long-term crypto allocations.
Metaplanet was the largest buyer of the month, with an additional 5,268 BTC for a total of 30,823 BTC at the end of October, placing it fourth in the holder rankings. Coinbase comes next with 2,772 BTC more in the third quarter, bringing its hoard to 14,548 BTC. Brian Armstrong confirmed the purchases on X, reiterating Coinbase's continued commitment to Bitcoin.
Corporate participation has greatly expanded this year. At the end of October, 353 entities held Bitcoin, including 276 public and private companies, more than double from January. The United States had 123 holders, followed by Canada with 43. The United Kingdom was in fourth and fifth place, with 22 and 15 companies, respectively.
Stock Buybacks Rise as Corporate Bitcoin Holding Slows But Stabilizes
In addition to Bitcoin purchases, several companies launched stock buyback programs in October. Metaplanet announced plans to repurchase up to 150 million common shares using a $500 million credit line. Sequans Communications, for its part, initiated a buyback program for 1.57 million ADSs, adding a new dimension to the financial activity of companies exposed to crypto.
Long-term holding behavior remains strong. Fidelity Digital Assets notes that more and more companies are moving into the illiquid holder category, contributing to a growing share of BTC locked up for several years. The company estimates that, of the 19.8 million BTC in circulation at the end of Q2 2025, approximately 8.3 million, or 42%, will become illiquid by 2032.
At mid-year, several trends dominated the corporate treasury market:
- a slower but constant rate of accumulation;
- the arrival of new entrants expanding regional distribution;
- a rise in share buyback programs among crypto-related companies;
- a strengthening of long-term holding, increasing illiquid supply;
- increased diversification towards altcoins.
Altcoin treasuries are experiencing sustained growth, driven by the accumulation of Ether and Solana. At the end of October, Bitcoin represented approximately 82% of corporate crypto holdings, up from 94% in April. ETH rose to 15% (from 2.5%), while SOL hovered between 2% and 3%.
Bitmine dominates ETH holdings as companies look to on-chain returns
Bitmine remains the largest corporate holder of ETH, with 3,505,723 ETH, almost 3% of the total supply. Other organizations also hold major positions: SharpLink Gaming (859,400 ETH), The Ether Machine, Ethereum Foundation, Bit Digital, Coinbase, Mantle, Golem Foundation, ETHZilla Corporation and BTCS round out the top 10.
SharpLink Gaming stood out in October by transferring for $200 million worth of ETH to the Consensys Linea network in order to obtain better on-chain returns. The move reflects a growing trend among companies managing altcoin treasuries.
Proof-of-stake assets like ETH and SOL offer an additional benefit: the ability to generate staking rewards without selling the assets. Many companies see it as a stable source of income, integrated into their cash flow management.
Corporate participation in digital assets continues to rise, with early leaders giving way to a larger, more diverse market. Accumulation trends show that crypto exposure is no longer concentrated among a few players: altcoins now occupy a growing share of corporate portfolios in the long term. In the coming months, more companies are expected to follow this path as crypto treasury strategies mature and diversify.
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