SKN | Strategy’s Bitcoin Dominance Slips as Corporate Treasuries Diversify Into Ethereum and Solana

Key Points:

• Michael Saylor’s Strategy remains the largest Bitcoin-holding company with 640,808 BTC, but its dominance among corporate treasuries fell to 60% from 75% in October.

• Corporate Bitcoin accumulation slowed, with firms adding 14,447 BTC — the smallest monthly increase of 2025 — while Ethereum and Solana holdings rose sharply.

• The rise of altcoin treasuries and long-term holding behavior marks a structural shift toward multi-chain corporate investment strategies.

Michael Saylor’s Strategy continues to dominate the corporate Bitcoin landscape — but its lead is shrinking as more companies diversify into other digital assets and slow their BTC accumulation.

According to data from BitcoinTreasuries.NET, Strategy held 640,808 BTC ($101,669 per coin) as of Oct. 31, maintaining its top position but seeing its share of total corporate Bitcoin holdings fall to 60% from 75% earlier this year.

The decline highlights a pivotal shift in the corporate crypto landscape: Bitcoin’s dominance among institutional treasuries is waning, even as total adoption continues to expand.

Corporate Accumulation Slows, But Broadens

October marked the slowest month of Bitcoin accumulation in 2025, with public and private firms adding just 14,447 BTC to their treasuries.

Still, the total number of Bitcoin-holding entities continues to grow — now at 353, up from fewer than 150 in January. The United States leads with 123 corporate holders, followed by Canada (43), the United Kingdom (22), and Japan (15).

Metaplanet, often dubbed “Japan’s MicroStrategy,” was October’s most aggressive buyer, adding 5,268 BTC to reach 30,823 BTC total, ranking it fourth globally.
Coinbase followed, purchasing 2,772 BTC to reach 14,548 BTC. CEO Brian Armstrong confirmed the buy on X, writing:

“Coinbase is long Bitcoin. Our holding increased by 2,772 BTC in Q3. And we keep buying more.”

Despite the slower pace, the report notes that corporate Bitcoin adoption remains structurally strong, supported by long-term accumulation and stock buyback activity.

Metaplanet announced a $500 million credit line to repurchase up to 150 million common shares, while several altcoin treasuries — including Sequans Communications — launched buyback programs to reinforce shareholder value.

Bitcoin Still Dominant, But Losing Share to ETH and SOL

While Bitcoin remains the foundation of corporate digital asset strategies, its relative share has dropped from 94% in April to 82% in October.

Ethereum (ETH) and Solana (SOL) are filling the gap.
ETH’s share of corporate treasury value jumped to 15% from just 2.5%, while SOL has held steady at 2–3%.

The largest corporate Ethereum holder is Bitmine, which holds 3.5 million ETH, nearly 3% of total supply, according to CoinGecko.
Sharplink Gaming, the second-largest ETH treasury, announced in October that it will deploy $200 million worth of ETH onto Consensys’ Linea network, leveraging onchain staking yields to enhance returns.

“Ethereum and Solana offer something Bitcoin doesn’t — native yield,” said Fidelity Digital Assets in a related report. “For corporate treasuries, these networks transform capital from static reserves into productive assets.”

Fidelity also estimates that of Bitcoin’s 19.8 million circulating supply, over 8.3 million BTC (42%) will become illiquid by 2032, as corporate and long-term holders continue locking coins away from circulation.

A New Era of Corporate Crypto Strategy

The data reflect a strategic evolution: companies are no longer just holding Bitcoin as a treasury hedge — they’re using digital assets as active yield-generating instruments and multi-chain investments.

Michael Saylor’s Strategy, despite its massive Bitcoin stash, faces competition from a broader cohort of corporate investors who are blending BTC exposure with proof-of-stake assets like Ethereum and Solana to diversify yield streams and network participation.

“The addition of corporate treasuries into the illiquid supply category has accelerated the pace of accumulation,” said Fidelity Digital Assets. “Long-term holders and institutions are now the two primary forces driving Bitcoin’s structural demand.”

This shift marks a maturing phase for the digital asset market — one where corporate balance sheets no longer just hold crypto for speculation, but integrate it as part of active treasury management and network participation.