Corporate Treasury Expansion
Public and private company Bitcoin treasuries have expanded by 260,000 Bitcoin over a six-month period. This growth significantly outpaced the approximately 82,000 Bitcoin produced by miners during the same timeframe, according to on-chain analytics provider Glassnode.
Corporate digital asset treasury balances increased from roughly 854,000 Bitcoin to 1.11 million tokens between mid-2025 and January 2026. This 260,000 token increase is equivalent to about $25 billion at current market prices, indicating a monthly average accumulation of 43,000 Bitcoin.
Glassnode characterized this expansion as evidence of steady growth in corporate balance sheet exposure to Bitcoin. The fact that miners generated an average of 450 Bitcoin daily, producing 82,000 coins across the measurement period, suggests favorable supply-demand fundamentals are supporting current price levels.
Key Corporate Holders and Strategies
MARA Holdings ranks second among corporate Bitcoin treasuries, holding 53,250 Bitcoin valued at around $5 billion. The concentration of holdings among these top companies underscores the significant role specific firms play in institutional Bitcoin accumulation strategies.
MicroStrategy, a prominent holder, possesses 687,410 Bitcoin worth approximately $65.5 billion, representing 60% of total corporate treasury holdings. Michael Saylor's firm resumed its purchasing activities this month after a brief pause, acquiring 13,627 tokens between January 5 and 11, marking its largest buy since July.
Impact of Spot Bitcoin ETFs
Spot Bitcoin exchange-traded funds (ETFs) have the potential to further amplify the supply-demand dynamic if current inflow trends continue throughout 2026. Bitwise Chief Investment Officer Matt Hougan stated that Bitcoin's price could turn parabolic if ETF demand persists long-term, as existing holders exhaust their selling capacity.
U.S. spot Bitcoin ETFs attracted nearly $22 billion in net inflows during 2025, with BlackRock's iShares Bitcoin Trust capturing a substantial portion of this. The performance in 2026 has been mixed, showing $1.9 billion in inflows against $1.38 billion in outflows, resulting in aggregate net inflows slightly exceeding $500 million.
Since their debut in January 2024, these ETF investment vehicles have purchased more than 100% of the new Bitcoin supply. Despite this, prices have not yet entered parabolic territory. Hougan suggested that sustained ETF demand will eventually deplete seller reserves, potentially leading to rapid price appreciation as buyers face diminishing available supply.

