Bitcoin’s biggest buyers in 2025 aren’t retail traders or even ETF giants—they’re businesses.
New analysis shows that corporations are rapidly building up their Bitcoin reserves, with their net accumulation surpassing all other investor groups so far this year.
According to data published by digital asset firm River, companies have added approximately 157,000 BTC to their holdings, currently valued at around $16 billion. This makes businesses the most aggressive buyers in the market this year, far ahead of exchange-traded funds, which collectively gained 49,000 BTC.
Leading the corporate charge is Michael Saylor’s Strategy, responsible for more than three-quarters of the group’s total net accumulation. But the trend isn’t limited to a few high-profile names. River reports that firms across industries—from tech and finance to healthcare and real estate—are embracing Bitcoin as part of their treasury strategy.
The firm’s internal breakdown shows that financial and investment companies make up nearly 36% of business-related Bitcoin purchases, followed by tech firms (17%) and consulting companies (16.5%). Smaller but notable contributions came from energy, transport, non-profits, and consumer sectors.
Corporate interest in Bitcoin appears to be accelerating. In just the first quarter of 2025, twelve publicly listed companies bought Bitcoin for the first time, according to Bitwise. Major acquisitions include Metaplanet’s latest buy of 1,241 BTC, bringing its holdings above El Salvador’s national reserves, and video platform Rumble’s entry into the market in March.
The rapid pace of corporate accumulation is also sparking a supply squeeze. With miners producing only 450 BTC per day after the recent halving, companies like Strategy are buying faster than new coins can be mined. Analysts suggest this could give Bitcoin a synthetic deflation rate of -2.3% annually.
CryptoQuant’s CEO Ki Young Ju and author Adam Livingston both note that this buying behavior could drastically reduce circulating supply, with Strategy’s activity alone exerting deflationary pressure on the ecosystem.
As demand intensifies and new supply shrinks, Bitcoin’s economic profile may begin to resemble that of a deflationary asset—one increasingly dominated by institutional balance sheets.
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