Bitcoin down 4% from ATH despite 60% increase in treasuries
The long-awaited era of institutional bitcoin (BTC) adoption has arrived, yet its impact is painfully underwhelming.
Despite an extraordinary year of corporate accumulation, record-setting spot ETF inflows, and even the US President Donald Trump ordering plans for a so-called “Strategic Bitcoin Reserve,” BTC has rallied a mere 11% year-to-date.
Many investors had anticipated that the bull cycle would have accelerated significantly by now. About six months ago, there were fewer than 70 publicly traded BTC treasury companies. Now there are at least 140.
Rather than simply proliferating, existing companies have also been acquiring more BTC. At the start of the year, public companies held 590,649 BTC. Today, they hold 841,603.
Not only that, the value of their BTC treasuries has increased 60% from $56 billion to $90 billion today.
Michael Saylor’s MicroStrategy (doing business as Strategy) remains a leader in BTC holdings with 592,345 BTC — a 32% increase from its 446,400 BTC.
In dollar terms, Saylor’s treasury has increased 50% from $42 billion to today’s $63 billion.
Read more: Michael Saylor’s new calculator predicts no bitcoin crashes, ever
US spot BTC ETF inflows have also grown spectacularly this year. From 1,123,110 BTC as of January 1 to today’s 1,241,564, the value of these institutional holdings has increased 26% from $105 billion to $133 billion.
However, despite 2025 representing the busiest year on record for institutional BTC adoption, the asset itself is still about 4% below its all-time high.
In other words, rather than benefiting and amplifying, BTC is fading its own trend of institutional adoption.
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