Michael Saylor’s Strategy has seen its dominance among corporate Bitcoin holders decline in October amid slower purchases and a growing number of companies adding crypto to their treasuries.
The company still leads as the largest Bitcoin (BTC) treasury holder with 640,808 BTC as of Oct. 31, though its share of total corporate holdings has slipped to 60% from 75%, according to a report by BitcoinTreasuries.NET.
The decline in Strategy’s dominance comes as corporate accumulation continues, albeit at a slower pace. Public and private companies added 14,447 BTC to their treasuries in October, the smallest monthly increase of 2025.
Metaplanet led October’s purchases with 5,268 BTC, ending the month with 30,823 BTC, ranking fourth among all tracked holders. Coinbase made the second-largest addition, buying 2,772 BTC to reach 14,548 BTC by the end of Q3.
CEO Brian Armstrong confirmed the purchases, writing on X, “Coinbase is long Bitcoin. Our holding increased by 2,772 BTC in Q3. And we keep buying more.”
As of Oct. 31, 353 entities held Bitcoin, including 276 public and private companies, more than double 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.
Stock and share buybacks also trended in October, with at least five Bitcoin and four altcoin treasuries repurchasing shares. Metaplanet announced plans to buy back up to 150 million common shares using a $500 million credit line, while Sequans Communications launched a 1.57 million ADS buyback program.
Most treasury companies are holding their Bitcoin, adding to the network’s growing illiquid supply. Fidelity Digital Assets said in the report:
“Bitcoin is seemingly entering a new era, led by two main cohorts: long-term holders and public companies. The addition of corporate treasuries into the illiquid supply category has accelerated the pace of accumulation.”
Fidelity estimates that of Bitcoin’s 19.8 million circulating supply at the end of the second quarter of 2025, roughly 42%, or over 8.3 million BTC, will become illiquid by 2032.
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The rise of altcoin treasuries
Beyond Bitcoin treasury companies, the report noted the rise of public companies dedicated to altcoin accumulation, most notably Solana (SOL) and Ether (ETH).
At the end of October, BTC accounted for about 82% of total dollar value in crypto treasuries, down from 94% in April, while ETH had risen to 15% from 2.5%, and SOL remained steady at 2–3%.
The top ETH treasury company is Bitmine, which holds 3,505,723, or nearly 3% of the total Ether supply, according to CoinGecko data.
Sharplink Gaming, the second-largest ETH treasury, announced in October that it would deploy $200 million worth of ETH from its corporate treasury onto Consensys’ Linea network in order to generate higher onchain yields.
One benefit of digital asset treasuries dedicated to proof-of-stake blockchains, such as Solana and Ethereum, is that companies can generate passive income by securing the network as validators, thereby receiving staking rewards while maintaining exposure to the underlying assets.
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