Corporate Crypto Treasuries Shift as Bitcoin Loses Ground to Altcoins

Big corporate holders of Bitcoin are entering a more competitive phase as new entrants add crypto to their balance sheets. While activity remained steady in October, shifting buying patterns eroded the dominance of long-standing leaders, bringing greater attention to new corporate holders of Bitcoin and major altcoins.

Saylor’s Firm Still Leads Bitcoin Treasuries but Market Share Slips to 60%

Michael Saylor’s Strategy remains at the top of the corporate Bitcoin treasury rankings, though its share of total holdings is gradually shrinking. As accumulation slowed and new buyers crowded the market, the overall landscape shifted in October. According to BitcoinTreasuries.NET, the firm held 640,808 BTC as of Oct. 31, maintaining first place but falling to 60% of total corporate Bitcoin holdings, down from 75% earlier in the year.

Corporate buying softened in October, marking the smallest monthly increase of 2025. Public and private companies collectively added 14,447 BTC during the month. Despite the slowdown, activity remained diverse, reflecting a broad mix of firms expanding their long-term crypto allocations.

Metaplanet emerged as the largest buyer in October, securing 5,268 BTC and closing the month with 30,823 BTC. That position placed it fourth among all tracked holders. Coinbase followed with an additional 2,772 BTC in Q3, lifting its treasury to 14,548 BTC. CEO Brian Armstrong confirmed the new purchases on X, noting that Coinbase remains committed to increasing its Bitcoin position.

Company participation widened sharply through the year. By the end of October, 353 entities held Bitcoin, including 276 public and private companies—more than double the figure recorded in January. The United States accounted for 123 corporate holders, followed by Canada with 43. Meanwhile, the United Kingdom came fourth and fifth with 22 and 15 corporate firms, respectively.

Stock Buybacks Rise as Corporate Bitcoin Holding Slows but Steadies

Beyond new Bitcoin purchases, companies also turned to stock buybacks in October. Metaplanet announced plans to repurchase up to 150 million common shares using a $500 million credit line. Sequans Communications introduced a 1.57 million ADS buyback program, adding another layer of financial activity among crypto-connected firms.

Long-term holding behavior remains strong across the corporate sector. Fidelity Digital Assets noted that more companies are moving into the category of illiquid holders, contributing to a rising share of Bitcoin locked away for extended periods. The company projected that of the 19.8 million BTC in circulation at the end of Q2 2025, about 8.3 million—or roughly 42%—would become illiquid by 2032.

By midyear, several key factors defined the corporate treasuries market:

• Corporate participants added Bitcoin at a slower but steady pace.
• New entrants broadened the distribution of holdings across regions.
• Share buyback programs increased activity among crypto-connected public companies.
• Long-term holding behavior expanded illiquid supply.
• Corporate treasuries continued diversifying into altcoins alongside Bitcoin.

Altcoin treasuries grew notably, led by companies accumulating Ether and Solana. By late October, Bitcoin accounted for approximately 82% of total corporate crypto holdings, down from 94% in April. ETH rose to 15% from 2.5%, while SOL held between 2% and 3%.

Bitmine Dominates ETH Holdings While Firms Shift Toward On-Chain Yield

Bitmine remains the largest corporate ETH holder, with 3,505,723 ETH—representing nearly 3% of the total Ether supply. Several other organizations maintain sizable positions as well. SharpLink Gaming holds 859,400 ETH, placing it second. The Ether Machine, Ethereum Foundation, Bit Digital, Coinbase, Mantle, Golem Foundation, ETHZilla Corporation, and BTCS round out the top 10 holders.

SharpLink Gaming took a notable step in October by moving $200 million worth of ETH from its treasury onto Consensys’ Linea network to pursue higher on-chain returns. This activity reflects a growing trend among companies managing altcoin treasuries.

Proof-of-stake assets such as ETH and SOL provide companies with an additional advantage—the ability to earn staking rewards without selling their holdings. Many firms view this as a stable income source that fits into broader treasury planning.

Corporate participation in digital assets continues to expand as early leaders give way to a broader, more distributed structure. Accumulation trends suggest that crypto exposure is no longer confined to a few dominant players, with altcoins gaining a growing share of long-term corporate portfolios. Over the coming months, more firms are expected to follow this pattern as crypto treasury strategies mature and become more diversified.