According to reports, publicly listed companies currently hold a combined 1.14 million Bitcoin. This substantial holding structurally reduces the available market supply, whereas institutional holdings of this scale were virtually non-existent five years ago.
From January 2025 to June 2026, the total Bitcoin held by this group surged from approximately 450,000 to 1.14 million coins, representing an increase of nearly 250%.
When Bitcoin reached its all-time high (ATH) in September 2025, the value of these holdings briefly soared to around $108 billion. Although the value subsequently declined with the price of Bitcoin, the total quantity of holdings has 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 held by public companies.
A unique aspect of these holdings is their exceptional transparency. Details are publicly disclosed in audited balance sheets, and the companies' ongoing purchases make this the most transparent and verifiable pathway for institutional Bitcoin accumulation.
The timing of acquisitions varies greatly among different companies, leading to a significant divergence in their profit and loss positions.
For instance, Metaplanet purchased 5,075 Bitcoin at a high average cost of $104,176 per coin and remains in a loss position. Bitcoin Standard Treasury Company and Bullish also hold substantial amounts but face large unrealized losses.
In stark contrast, holdings by SpaceX (SPCX.US), Tesla (TSLA.US), and Coinbase (COIN.US) have generated significant profits.
It is noteworthy that MicroStrategy (MSTR.US) recently purchased only 520 Bitcoin, indicating a markedly reduced 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 massive total holding of 847,363 coins.
Data indicates that by the 2024-2025 period, MicroStrategy 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 on its total holding of 847,363 Bitcoin, amounting to a staggering total loss of $14.1 billion.
This represents the largest unrealized loss in MicroStrategy's history. Institutional analysts note that this situation presents a potential market risk, as the company's financial health is heavily reliant on Bitcoin's price staying above a certain threshold to ensure it can service its debt and avoid forced selling pressure.
It is crucial to clarify that this loss is currently only a paper loss and not a realized one. A crisis would only materialize if it began to materially impact the balance sheet.
The current market presents a highly tense and contradictory structure. On one hand, the total Bitcoin held by public companies has reached a record high, reducing supply. On the other hand, the largest holder is facing unprecedented unrealized losses.
If the price of Bitcoin recovers, MicroStrategy's position would quickly normalize, and its Bitcoin accumulation would once again become a market focus. Conversely, if the price falls further to around $50,000, market concerns over pressure on MicroStrategy's balance sheet could become a negative factor driving prices lower.
For now, these public 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.
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