October Bitcoin Accumulation Marks Smallest Monthly Increase of 2025
Companies added 14,447 Bitcoin in October, representing the smallest monthly increase of 2025. This slowdown is a significant pullback from September, when corporate treasuries purchased over 38,000 coins, a period characterized by rising prices and stronger market sentiment.
Total Holdings and Sector Breakdown
By the end of October, total tracked Bitcoin holdings reached 4.05 million coins, with an estimated value of approximately $444 billion. Public companies held just over 1.05 million Bitcoin, while governments maintained holdings of 644,329 Bitcoin. ETFs and exchanges accounted for an additional 1.54 million Bitcoin.
Minimal Selling and Defensive Stance
Selling activity remained minimal throughout October, with companies divesting only 39 coins. Despite this, corporate appetite for Bitcoin cooled. This shift occurred even as total holdings across companies, governments, and ETFs reached a record high. This indicates a move towards a more defensive strategy for balance sheets within the sector.
Challenges in Securing Funding and Capital Efficiency
Securing funding has become more challenging due to compressed share valuations and rising risk premiums. Consequently, companies are increasingly relying on costly preferred-share offerings or credit lines instead of more accessible equity issuance. This deceleration in Bitcoin accumulation coincides with several treasury firms reorienting their focus toward capital-efficiency tools, such as share buybacks, rather than substantial recurring purchases.
Protecting Share Metrics and Structural Tightness
Executives have stated that these capital-efficiency measures are designed to safeguard Bitcoin-per-share metrics and counteract declining market-to-NAV valuations, which have negatively impacted stock prices this year. Regardless of these internal strategies, the accumulation of corporate holdings contributes to Bitcoin's structural tightness and its current rangebound price action, especially among disillusioned short-term holders.
Long-Term Outlook and Investor Appetite
Fidelity estimates that public companies now constitute approximately 5% of the asset's illiquid supply. This category is projected to grow to about 42% of circulating Bitcoin by 2032. With treasuries, long-term investors, and entities exhibiting low spending behavior forming the core of this cohort, the divergence between slower inflow rates and record overall holdings suggests that the corporate Bitcoin sector is awaiting further indications of renewed investor interest before resuming aggressive accumulation.