The landscape of corporate crypto treasuries is undergoing a significant transformation. Big corporate holders of Bitcoin are now navigating a more competitive environment, as new players diversify their digital asset portfolios. While overall activity remained steady, a noticeable shift in buying patterns has begun to erode Bitcoin’s long-standing dominance, bringing increased attention to both new corporate holders of Bitcoin and major altcoins.
How are Corporate Crypto Treasuries Evolving?
Bitcoin’s stronghold among corporate treasuries is gradually slipping. This shift is primarily due to new entrants expanding their digital asset holdings and strategically diversifying into prominent altcoins such as Ethereum (ETH) and Solana (SOL). While corporate buying saw a slight slowdown in October, it became much broader, with over 350 companies globally now holding Bitcoin.
Moreover, altcoin treasuries have surged as firms increase their exposure to ETH and SOL. Some forward-thinking companies are even moving these assets on-chain to pursue attractive staking yields. This indicates a maturing approach to digital asset management within the corporate sector.
Interestingly, long-term holding trends have strengthened. More Bitcoin is becoming illiquid, and companies are increasingly integrating crypto into their broader treasury strategies, signaling a deeper commitment to the asset class.
Is MicroStrategy Still Leading Corporate Bitcoin Holdings?
Michael Saylor’s Strategy firm certainly remains at the top of the corporate Bitcoin treasury rankings. However, its share of total corporate holdings is gradually shrinking. As accumulation slowed and new buyers entered the market, the overall landscape for corporate crypto treasuries shifted notably in October.
According to BitcoinTreasuries.NET, the firm held 640,808 BTC as of October 31st. While this maintains its first-place position, its share fell to 60% of total corporate Bitcoin holdings, a decrease from 75% earlier in the year. This highlights a trend of decentralization in corporate crypto ownership.
Corporate Bitcoin buying softened in October, marking the smallest monthly increase of 2025. Public and private companies collectively added 14,447 BTC during the month. Despite this slowdown, activity remained diverse, reflecting a broad mix of firms expanding their long-term crypto allocations.
Metaplanet emerged as the largest buyer in October, securing 5,268 BTC and closing the month with 30,823 BTC. This placed it fourth among all tracked holders. Coinbase followed with an additional 2,772 BTC in Q3, lifting its treasury to 14,548 BTC. CEO Brian Armstrong confirmed these purchases, reiterating Coinbase’s commitment to increasing its Bitcoin position.
Company participation widened sharply throughout the year. By the end of October, 353 entities held Bitcoin, including 276 public and private companies—more than double the figure recorded in January. The United States accounted for 123 corporate holders, followed by Canada with 43. Meanwhile, the United Kingdom and Germany came fourth and fifth with 22 and 15 corporate firms, respectively.
Beyond Bitcoin: The Rise of Altcoin Treasuries
Beyond new Bitcoin purchases, companies also engaged in other financial activities in October. For example, Metaplanet announced plans to repurchase up to 150 million common shares using a $500 million credit line. Sequans Communications introduced a 1.57 million ADS buyback program, adding another layer of financial activity among crypto-connected firms.
Long-term holding behavior remains strong across the corporate sector. Fidelity Digital Assets noted that more companies are moving into the category of illiquid holders, contributing to a rising share of Bitcoin locked away for extended periods. The company projected that of the 19.8 million BTC in circulation at the end of Q2 2025, about 8.3 million—or roughly 42%—would become illiquid by 2032.
By mid-year, several key factors defined the corporate crypto treasuries market:
- Corporate participants added Bitcoin at a slower but steady pace.
- New entrants broadened the distribution of holdings across regions.
- Share buyback programs increased activity among crypto-connected public companies.
- Long-term holding behavior expanded illiquid supply.
- Corporate treasuries continued diversifying into altcoins alongside Bitcoin.
Altcoin treasuries grew notably, led by companies accumulating Ether and Solana. By late October, Bitcoin accounted for approximately 82% of total corporate crypto holdings, down from 94% in April. ETH rose significantly to 15% from 2.5%, while SOL held a steady share between 2% and 3%.
Why are Companies Shifting Towards On-Chain Yield with Altcoins?
Bitmine remains the largest corporate ETH holder, with 3,505,723 ETH—representing nearly 3% of the total Ether supply. Several other organizations maintain sizable positions as well. SharpLink Gaming holds 859,400 ETH, placing it second. Other notable holders include the Ethereum Foundation, Bit Digital, Coinbase, and Mantle, among others.
SharpLink Gaming took a notable step in October by moving $200 million worth of ETH from its treasury onto Consensys’ Linea network to pursue higher on-chain returns. This activity reflects a growing trend among companies managing altcoin treasuries. Proof-of-stake assets such as ETH and SOL provide companies with an additional advantage—the ability to earn staking rewards without selling their holdings.
Many firms view this as a stable income source that fits seamlessly into broader treasury planning. This strategic move highlights the evolving sophistication within corporate crypto treasuries, moving beyond simple accumulation to active yield generation.
In conclusion, corporate participation in digital assets continues to expand as early leaders give way to a broader, more distributed structure. Accumulation trends suggest that crypto exposure is no longer confined to a few dominant players, with altcoins gaining a growing share of long-term corporate portfolios. Over the coming months, more firms are expected to follow this pattern as crypto treasury strategies mature and become more diversified, embracing a wider array of digital assets and yield-generating opportunities.
Frequently Asked Questions (FAQs)
1. What is causing the shift in corporate crypto treasuries?
The shift is primarily driven by new corporate entrants diversifying their digital asset holdings beyond just Bitcoin, increasingly adding major altcoins like Ethereum (ETH) and Solana (SOL) to their balance sheets. This broadens the market and reduces Bitcoin’s overall dominance.
2. How has Bitcoin’s dominance changed among corporate holders?
Bitcoin’s dominance has slipped, with MicroStrategy’s share of total corporate Bitcoin holdings falling from 75% to 60%. While still leading, new buyers and increased altcoin adoption are creating a more distributed landscape.
3. Why are companies investing in altcoins like ETH and SOL?
Companies are investing in altcoins for diversification and the potential for yield. Proof-of-stake assets like ETH and SOL allow firms to earn staking rewards, providing a stable income source that integrates well into their treasury planning without needing to sell their primary holdings.
4. What does “illiquid holders” mean in the context of corporate Bitcoin?
“Illiquid holders” refers to companies that are locking away their Bitcoin for extended periods, signaling a long-term investment strategy rather than short-term trading. This reduces the circulating supply and reflects a deeper commitment to the asset class.
5. What are the key trends defining the corporate crypto treasuries market?
Key trends include a slower but steady pace of Bitcoin accumulation, broadened distribution of holdings across regions, increased share buyback programs among crypto-connected public companies, expanded long-term holding behavior leading to illiquid supply, and significant diversification into altcoins alongside Bitcoin.
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To learn more about the latest corporate crypto treasuries trends, explore our article on key developments shaping corporate crypto treasuries institutional adoption.
