Hodl my beer: Businesses are the biggest Bitcoin buyers this year

Corporations are leading the surge in Bitcoin investment in 2025, surpassing ETFs and retail investors. New research from Bitcoin investment firm River reveals that corporate holdings have increased by 157,000 BTC (approximately $16 billion). Michael Saylor’s Strategy firm alone accounts for a significant portion (77%) of this growth. River emphasizes that this trend extends beyond major corporations, with businesses across various sectors embracing Bitcoin.

ETFs follow corporations as the second-largest category of Bitcoin buyers, with a net increase of 49,000 BTC ($5 billion). Governments also show increased holdings, adding roughly 19,000 BTC, while retail investors experienced a decline of 247,000 BTC this year. Overall, business ownership of Bitcoin has seen a remarkable 154% growth since 2024.

A breakdown of corporate buyers reveals finance and investment firms as the top purchasers (35.7%), followed by tech firms (16.8%) and professional/consulting companies (16.5%). Real estate, non-profits, and other sectors also participate.

Recent significant purchases include Strategy’s acquisition of 13,390 BTC ($1.34 billion) and Metaplanet’s addition of 1,241 BTC, surpassing El Salvador’s holdings. New entrants to the market in 2025 include Rumble, Ming Shing (Hong Kong construction), and HK Asia Holdings Limited (Hong Kong investment). Bitwise reported at least twelve public companies made their first Bitcoin purchases in Q1 2025, increasing publicly traded companies’ Bitcoin holdings by 16% (over 95,000 BTC).

This massive corporate buying spree is impacting Bitcoin’s supply and demand dynamics. With a limited supply and miner production capped at 450 coins daily, analysts predict deflationary pressure. Ki Young Ju, CryptoQuant CEO, notes that Strategy’s accumulation rate exceeds miner output, potentially resulting in a -2.3% annual deflation rate. Author Adam Livingston further suggests that Strategy’s actions are effectively halving Bitcoin’s supply through increased demand. The combination of these factors suggests a potentially significant shift in the Bitcoin market landscape.