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Brian

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 (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) 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, <a href="https://x.com/brian_armstrong/status/1983994174086197687" rel="noopener noreferrer nofollow" target="_blank">writing</a> on X, “Coinbase is long Bitcoin. Our holding increased by 2,772 BTC in Q3. And we keep buying more.”
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 <img alt="Strategy’s Bitcoin dominance slips in October as corporate treasuries expand" src="https://s3.cointelegraph.com/uploads/2025-11/019a7867-5695-796d-9eee-fc696df4f6b2" title="">
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 Source: <a href="https://x.com/brian_armstrong/status/1983994174086197687" rel="noopener noreferrer nofollow" target="_blank">Brian Armstrong</a>
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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.
<figure>
 <img alt="Digital Asset Holdings, MicroStrategy, Bitcoin Adoption" src="https://s3.cointelegraph.com/uploads/2025-11/019a7870-6d99-784f-b231-bf693082bc05" title="">
 <figcaption style="text-align: center;">
 Top corporate Bitcoin holders. Source: <a href="https://bitcointreasuries.net" rel="noopener noreferrer nofollow" target="https://bitcointreasuries.net">BitcoinTreasuries.NET</a>
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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:
<blockquote>
 “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.”
</blockquote>
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.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-taps-105k-analysis-flags-massive-binance-withdrawals" rel="noopener noreferrer nofollow" target="_self">Bitcoin price hits $105K as analysis eyes ‘massive’ Binance BTC withdrawals</a>
<h2 id="the-rise-of-altcoin-treasuries">The rise of altcoin treasuries</h2>
Beyond Bitcoin treasury companies, the report noted the rise of public companies dedicated to altcoin accumulation, most notably Solana (<a href="/solana-price-index" rel="noopener noreferrer">SOL</a>) and Ether (<a href="/ethereum-price" rel="noopener noreferrer">ETH</a>).
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 <a href="https://cointelegraph.com/news/bitmine-snaps-up-34-more-eth-last-week-wall-street-adoption" rel="noopener noreferrer nofollow">ETH treasury company is Bitmine</a>, which holds 3,505,723, or nearly 3% of the total Ether supply, according to CoinGecko <a href="https://www.coingecko.com/en/treasuries/companies/bitmine" rel="noopener noreferrer nofollow" target="_blank">data</a>.
<figure>
 <img alt="Strategy’s Bitcoin dominance slips in October as corporate treasuries expand" src="https://s3.cointelegraph.com/uploads/2025-11/019a786a-6b91-7ca4-91b8-1f984c2543c9" title="">
 <figcaption style="text-align: center;">
 Top corporate Ether holders. Source: <a href="https://bitcointreasuries.net" rel="noopener noreferrer nofollow" target="_blank">BitcoinTreasuries.NET</a>
 </figcaption>
</figure>
Sharplink Gaming, the second-largest ETH treasury, <a href="https://investors.sharplink.com/sharplink-deploys-200m-eth-on-consensys-linea-etherfi-eigencloud/" rel="noopener noreferrer nofollow" target="_blank">announced</a> in October that it would <a href="https://cointelegraph.com/news/sharplink-to-deploy-200m-of-eth-on-linea-to-unlock-defi-yields" rel="noopener noreferrer nofollow">deploy $200 million worth of ETH</a> 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.
<figure>
 <img alt="Digital Asset Holdings, MicroStrategy, Bitcoin Adoption" src="https://s3.cointelegraph.com/uploads/2025-11/019a786e-15ba-76a2-bb16-814df0470ebe" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://bitcointreasuries.net" rel="noopener noreferrer nofollow" target="https://bitcointreasuries.net">BitcoinTreasuries.NET</a>
 </figcaption>
</figure>
Magazine: <a href="https://cointelegraph.com/magazine/big-questions-did-a-time-traveling-ai-invent-bitcoin/" rel="noopener noreferrer nofollow" target="_self">Big Questions: Did a time-traveling AI invent Bitcoin?</a>

Strategy’s Bitcoin dominance slips in October as corporate treasuries expand

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