Michael Saylor’s strategy saw its dominance among corporate Bitcoin holders decline in October as purchases slowed and more companies added cryptocurrencies to their coffers.
According to a report by BitcoinTreasuries.NET, the company still ranks as the largest Bitcoin (BTC) holder with 640,808 BTC as of October 31st, but its share of total corporate assets has declined from 75% to 60%.
The decline in strategic advantage occurs as firms continue to accumulate, albeit at a slower pace. Public and private companies added 14,447 BTC to the Treasury in October, the smallest monthly increase in 2025.
Metaplanet led October purchases with 5,268 BTC and ended the month with 30,823 BTC, ranking 4th among all tracked holders. Coinbase made the second largest addition, purchasing 2,772 BTC, reaching 14,548 BTC by the end of the third quarter.
“Coinbase is long Bitcoin. Our holdings increased by 2,772 BTC in the third quarter, and we continue to buy more,” CEO Brian Armstrong wrote on X, confirming the purchase.
As of October 31, 353 entities, including 276 public and private companies, held Bitcoin, more than double the number in January.
According to the report, geographically speaking, the United States had the largest number of Bitcoin holders with 123 companies, followed by Canada (43 companies), the United Kingdom (22 companies), and Japan (15 companies).
Share buybacks and share buybacks were also on trend in October, with at least five Bitcoin and four altcoin companies buying back their own shares. Metaplanet announced plans to repurchase up to 150 million common shares using a $500 million financing facility, while Sequans Communications initiated a 1.57 million ADS repurchase program.
Most financial companies hold Bitcoin, increasing the network’s illiquid supply. Fidelity Digital Assets says in its report:
“Bitcoin appears to be entering a new era, led by two major groups: long-term holders and publicly traded companies. The addition of corporate treasuries to the illiquidity supply category has accelerated the pace of accumulation.”
Fidelity estimates that of the 19.8 million Bitcoin circulating supply at the end of the second quarter of 2025, more than 8.3 million BTC, or approximately 42%, will be illiquid by 2032.
Related: Analysis highlights ‘massive’ withdrawal on Binance BTC as Bitcoin price hits $105,000
The rise of altcoin government bonds
Beyond Bitcoin treasury companies, the report also noted the rise of public companies specializing in altcoin accumulation, particularly Solana (SOL) and Ether (ETH).
As of the end of October, BTC accounted for approximately 82% of the dollar value of crypto government bonds, down from 94% in April, while ETH rose from 2.5% to 15% and SOL stabilized at 2-3%.
According to CoinGecko data, the top ETH treasury company is Bitmine, which holds 3,505,723 Ether supplies, or almost 3% of the total Ether supply.
Sharplink Gaming, the second-largest ETH vault, announced in October that it would deploy $200 million worth of ETH from its vaults to ConsenSys’ Linea network to generate higher on-chain yields.
One of the benefits 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.
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