A new Bitwise report reveals that public company Bitcoin holdings surged nearly 40% in Q3 2025, underscoring accelerating institutional demand for the world’s largest digital asset.
According to the data, 172 public firms now collectively hold 1.02 million BTC, valued at approximately $117 billion, equivalent to 4.9% of Bitcoin’s total supply.
The findings mark the strongest quarter of institutional adoption since 2021, with 48 new companies adding Bitcoin to their balance sheets. The total market value of corporate BTC rose 28% quarter-over-quarter, driven by both new acquisitions and Bitcoin’s average price appreciation to $114,402.
Strategy and MARA Lead the Corporate Charge
Among the top holders, Strategy Inc. (formerly MicroStrategy) continues to dominate with more than 640,000 BTC, followed by MARA Holdings with 52,850 BTC. Other major players include XXI (43,514 BTC), Metaplanet (30,823 BTC), and the newly listed Bitcoin Standard Treasury Company with 30,021 BTC.
Bitwise highlighted several key developments during the quarter, including Strategy’s issuance of a new STRC preferred stock, Bullish Exchange’s public debut holding over 24,000 BTC, and the first major Bitcoin treasury M&A deal, in which Strive acquired Semler Scientific.
A New Phase of Institutional Accumulation
The report also points to a growing diversification in how corporations are gaining Bitcoin exposure. Bitcoin Standard Treasury Company launched a $1.5 billion SPAC, and Metaplanet more than doubled its BTC reserves, reflecting rising confidence in long-term digital asset strategies.
With more firms holding Bitcoin on their balance sheets than ever before, analysts see this as the start of a new corporate accumulation cycle. As Bitwise noted, “Bitcoin is no longer a speculative hedge, it’s becoming an institutional-grade reserve asset.”