In summary

Corporate Bitcoin treasuries are accumulating BTC at a pace that far exceeds new supply, underscoring a growing structural demand dynamic in the market.Over the past six months, corporate digital asset treasuries (DATs) added a net 260,000 Bitcoin, nearly three times the estimated 82,000 BTC mined over the same period, according to data published by Glassnode.Key takeawaysCorporate Bitcoin treasuries grew by ~260,000 BTC in six monthsTreasury accumulation outpaced mining supply by roughly 3-to-1Strategy now controls about 60% of all corporate BTC holdingsETF demand could further tighten supply if inflows persistCorporate Bitcoin holdings expand sharplyGlassnode data shows that Bitcoin held on corporate balance sheets increased from roughly 854,000 BTC to 1.11 million BTC over the past six months — a 30% expansion in total holdings.At current prices, the additional BTC accumulated is valued at approximately $25 billion, equivalent to around 43,000 BTC per month. Glassnode described the trend as evidence of the “steady expansion of corporate balance-sheet exposure to Bitcoin.”By comparison, Bitcoin miners produce an average of 450 BTC per day, resulting in about 82,000 newly mined coins over the same timeframe. The imbalance highlights a potentially favorable supply-demand setup, particularly if accumulation continues. Strategy dominates corporate Bitcoin ownershipThe vast majority of corporate Bitcoin holdings remain highly concentrated.Strategy, led by Michael Saylor, currently holds 687,410 BTC, representing roughly 60% of all Bitcoin held by public and private company treasuries. At current market prices, those holdings are valued at approximately $65.5 billion.The firm recently resumed aggressive accumulation, disclosing the purchase of 13,627 BTC between January 5 and January 11, its largest acquisition since July.The second-largest corporate holder is MARA Holdings, which holds 53,250 BTC, worth about $5 billion, according to industry tracking data.ETF demand could reinforce the supply squeezeBeyond corporate treasuries, spot Bitcoin exchange-traded funds (ETFs) may further amplify demand pressures.Matt Hougan, chief investment officer at Bitwise, said that Bitcoin’s price could enter a parabolic phase if ETF demand remains sustained.“Since ETFs debuted in January 2024, they’ve been buying more than 100% of the new supply of bitcoin,” Hougan said, noting that prices have not yet accelerated sharply because existing holders have been willing sellers. If that selling pressure fades, he argued, the supply imbalance could become more visible in price action.U.S. spot Bitcoin ETFs recorded nearly $22 billion in net inflows during 2025, with BlackRock’s iShares Bitcoin Trust (IBIT) accounting for the largest share.The start of 2026 has been more mixed, with roughly $1.9 billion in inflows and $1.38 billion in outflows, leaving net inflows just above $500 million so far this year.