Strategy’s Bitcoin dominance slips in October as corporate treasuries expand

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Michael Saylor’s Strategy has seen its dominance among firm Bitcoin holders diminution successful October amid slower purchases and a increasing fig of companies adding crypto to their treasuries.

The institution inactive leads arsenic the largest Bitcoin (BTC) treasury holder with 640,808 BTC arsenic of Oct. 31, though its stock of full firm holdings has slipped to 60% from 75%, according to a study by BitcoinTreasuries.NET.

The diminution successful Strategy’s dominance comes arsenic firm accumulation continues, albeit astatine a slower pace. Public and backstage companies added 14,447 BTC to their treasuries successful October, the smallest monthly summation of 2025.

Metaplanet led October’s purchases with 5,268 BTC, ending the period with 30,823 BTC, ranking 4th among each tracked holders. Coinbase made the second-largest addition, buying 2,772 BTC to scope 14,548 BTC by the extremity of Q3.

CEO Brian Armstrong confirmed the purchases, writing connected X, “Coinbase is agelong Bitcoin. Our holding accrued by 2,772 BTC successful Q3. And we support buying more.”

As of Oct. 31, 353 entities held Bitcoin, including 276 nationalist and backstage companies, much than treble January’s count.

Geographically, the United States led with 123 Bitcoin-holding entities, followed by Canada (43), the United Kingdom (22), and Japan (15), according to the report.

Digital Asset Holdings, MicroStrategy, Bitcoin Adoption

Stock and stock buybacks besides trended successful October, with astatine slightest 5 Bitcoin and 4 altcoin treasuries repurchasing shares. Metaplanet announced plans to bargain backmost up to 150 cardinal communal shares utilizing a $500 cardinal recognition line, portion Sequans Communications launched a 1.57 cardinal ADS buyback program.

Most treasury companies are holding their Bitcoin, adding to the network’s increasing illiquid supply. Fidelity Digital Assets said successful the report:

“Bitcoin is seemingly entering a caller era, led by 2 main cohorts: semipermanent holders and nationalist companies. The summation of firm treasuries into the illiquid proviso class has accelerated the gait of accumulation.”

Fidelity estimates that of Bitcoin’s 19.8 cardinal circulating proviso astatine the extremity of the 2nd 4th of 2025, astir 42%, oregon implicit 8.3 cardinal BTC, volition go illiquid by 2032.

The emergence of altcoin treasuries

Beyond Bitcoin treasury companies, the study noted the emergence of nationalist companies dedicated to altcoin accumulation, astir notably Solana (SOL) and Ether (ETH).

At the extremity of October, BTC accounted for astir 82% of full dollar worth successful crypto treasuries, down from 94% successful April, portion ETH had risen to 15% from 2.5%, and SOL remained dependable astatine 2–3%.

The apical ETH treasury institution is Bitmine, which holds 3,505,723, oregon astir 3% of the full Ether supply, according to CoinGecko data.

Sharplink Gaming, the second-largest ETH treasury, announced successful October that it would deploy $200 cardinal worthy of ETH from its firm treasury onto Consensys’ Linea web successful bid to make higher onchain yields.

One payment of integer plus treasuries dedicated to proof-of-stake blockchains, specified arsenic Solana and Ethereum, is that companies tin make passive income by securing the web arsenic validators, thereby receiving staking rewards portion maintaining vulnerability to the underlying assets.