According to available data, publicly listed companies currently hold a combined total of 1.14 million Bitcoin. This significant holding structurally reduces the available supply in the market, whereas five years ago, such institutional ownership was virtually non-existent.
The amount of Bitcoin held by this group surged from approximately 450,000 to 1.14 million between January 2025 and June 2026, representing an increase of nearly 2.5 times. When Bitcoin reached its all-time high (ATH) in September 2025, the value of these assets briefly soared to around $108 billion. Although the value subsequently declined with the drop in Bitcoin's price, the total amount held continued to rise.
The current total market value of these 1.14 million Bitcoin is approximately $74.07 billion, accounting for about 5.69% of the global Bitcoin supply. This means that roughly 1 out of every 17.5 Bitcoin in existence is now held by a public company.
The unique aspect of these holdings is their high level of transparency. Details are publicly disclosed through audited balance sheets, and these companies continue to make purchases, making this the most transparent and verifiable path for institutional accumulation of Bitcoin.
The timing of these acquisitions varies greatly between companies, leading to a significant divergence in their profit and loss positions. Metaplanet purchased 5,075 Bitcoin at a high average cost of $104,176 per coin and remains in a loss-making position. Bitcoin Standard Treasury Company and Bullish also hold large quantities of Bitcoin but face substantial unrealized losses.
In stark contrast, holdings by SpaceX (SPCX.US), Tesla (TSLA.US), and Coinbase (COIN.US) have generated considerable profits.
It is noteworthy that MicroStrategy (MSTR.US) recently purchased only 520 Bitcoin, a figure indicating a clear reduction in its buying intensity at current price levels and suggesting a subtle shift in its market strategy.
MicroStrategy (MSTR.US) remains the largest institutional holder of Bitcoin, with a total holding of 847,363 coins. Data shows that by the 2024-2025 period, the company had accumulated over $24 billion in unrealized profits from its Bitcoin holdings. However, this figure has now turned negative for the first time.
Currently, MicroStrategy's average cost per Bitcoin is $75,651, while its actual purchase price is approximately $59,000. This has resulted in an unrealized loss of about $16,651 per coin across its entire holding of 847,363 Bitcoin, amounting to a total loss of $14.1 billion. This represents the largest unrealized loss in the company's history.
Institutional analysts point out that this situation poses a potential market risk, as MicroStrategy's financial health is highly dependent on Bitcoin's price remaining above a certain level. This is necessary to ensure the company can service its debt and avoid potential forced selling pressure.
It is crucial to clarify that this loss is currently only on paper and not a realized loss. A genuine crisis would only materialize if it began to have a substantive impact on the company's balance sheet.
The current market presents a highly tense and contradictory structure. On one side, the total Bitcoin held by public companies has reached a record high, reducing supply from the market. On the other side, the largest holder faces an unprecedented scale of unrealized losses.
If the price of Bitcoin recovers, MicroStrategy's position would quickly normalize, and its strategy of accumulating Bitcoin would once again become a focal point for the market. Conversely, if Bitcoin's price continues to fall towards the $50,000 level, market concerns over pressure on MicroStrategy's balance sheet could transform into a negative factor pushing prices even lower.
For now, these listed companies have become one of the most transparent and steadfast groups holding Bitcoin in the market, and their actions will profoundly influence market sentiment and price trends.
Comments