Top 10 public firms hold 1M bitcoin as corporate treasury bloc tightens grip

Ten publicly traded companies now hold more than 1 million bitcoin between them, forming a corporate treasury bloc that controls roughly 5% of the total supply as of July 25.

"Corporate bitcoin treasuries have become a structural force in the market, concentrating supply among a shrinking number of institutional holders," said a Gemini research report, which previously estimated that centralized bitcoin holdings account for about 31% of the circulating supply.

Strategy, formerly MicroStrategy, leads the cohort with more than 500,000 BTC on its balance sheet after adding $116 million worth of bitcoin in early 2026, according to company filings. The remaining nine firms include crypto-native companies such as Coinbase, Block Inc., and Hut 8 Mining, alongside traditional corporations that have allocated portions of their cash reserves to bitcoin. Together, the group's holdings exceed the total bitcoin held in all spot exchange-traded products globally.

The emergence of a million-bitcoin corporate power bloc reinforces the supply-squeeze narrative that has driven institutional interest, but it also raises questions about centralization. If these firms continue accumulating at the current pace, the available float on exchanges could shrink further, potentially amplifying price swings during periods of elevated demand.

Michael Saylor, chairman of Strategy, has pushed back on criticism that corporate bitcoin treasuries concentrate too much supply in too few hands. In recent public remarks, he argued that public company ownership provides transparency and accountability that anonymous whale wallets do not. "Public companies are the most regulated entities in the market," Saylor said. "Every buy and every sale is disclosed."

The concentration trend accelerated through 2025 and into 2026 as more corporate treasurers added bitcoin to their balance sheets as an inflation hedge. The number of publicly traded companies holding bitcoin has more than doubled since 2024, according to data from Bitcoin Treasuries, though the top 10 firms still account for the vast majority of corporate-held supply.

The growing corporate bloc also creates a new dynamic for bitcoin's price discovery. Unlike retail holders who tend to sell during sharp drawdowns, corporate treasuries have shown low turnover — Strategy has not sold a single bitcoin since it began accumulating in 2020. That stickiness reduces the liquid supply available to meet demand during rallies, a structural tailwind that several analysts have cited as a factor in bitcoin's long-term price trajectory.

This article is for informational purposes only and does not constitute investment advice.