Non-Crypto Firms Increase Bitcoin Holdings by 170% in 2025

Several non-crypto companies are adopting MicroStrategy's approach by acquiring and holding bitcoin, resulting in a 170% increase in corporate-held BTC. About 130 public companies now own approximately 3.2% of the total bitcoin supply.

MicroStrategy: Founder Michael Saylor initiated this trend in August 2020, accumulating 592,100 BTC. The firm plans to issue $42 billion in equity and debt over three years to buy more bitcoin.
Twenty One Capital: This new firm, formed through a SPAC merger, holds around 37,230 BTC valued at nearly $3.9 billion, aiming to compete with MicroStrategy.
Tesla: Initially purchased $1.5 billion in bitcoin in 2021, sold most in 2022, and has since restocked, recording a $600 million accounting gain last year.
Metaplanet: A Tokyo-based firm that shifted from hotel development to bitcoin accumulation, currently holds 10,000 BTC and aims for 210,000 BTC by 2027.
Block: Formerly Square, began acquiring BTC in October 2020 and reinvests 10% of monthly profits from bitcoin services into holdings.
Next Technology Holding: Increased its BTC holdings from 833 to 5,833 after issuing shares and warrants to support acquisitions.
GameStop: Entered the bitcoin market in May with a purchase of 4,710 BTC via a $512 million convertible bond offering and plans a second $2.25 billion bond issue.
Semler Scientific: Swapped cash reserves for bitcoin starting in May 2024, acquiring 4,449 BTC through various funding methods.
Trump Media & Technology Group: Has no current bitcoin holdings but intends to build a treasury portfolio worth $2.5 billion amid expected pro-crypto regulatory changes.

Many of these firms are valued above their bitcoin assets, indicating investor confidence in their ability to fund purchases through share or bond issuance, a practice called the “infinite money glitch.” This strategy remains untested during prolonged downturns in the crypto market, raising concerns about potential vulnerabilities due to high debt levels if bitcoin prices decline.