Hodl My Beer: Businesses Lead Bitcoin Buying Boom in 2025

Businesses are now the biggest force behind Bitcoin accumulation in 2025, surpassing all other investor categories, including ETFs and retail traders, according to research by Bitcoin investment firm River.

The report highlights a dramatic shift in market dynamics, with companies aggressively adding Bitcoin to their balance sheets. So far this year, corporate holdings have increased by 157,000 BTC—worth around $16 billion at current market prices—with Michael Saylor’s firm, Strategy, accounting for a massive 77% of that growth.

Corporate Bitcoin Demand Surges

River reported on May 12 that while Strategy remains the dominant corporate player, the broader trend includes businesses of all sizes and industries. “We’re seeing businesses across all industries sign up to River. They’re aligned with Bitcoin and how it can change their future,” the firm noted on X.

Behind corporations, exchange-traded funds (ETFs) were the next-largest net buyers, adding 49,000 BTC (~$5 billion). Governments followed with 19,000 BTC in growth, while retail investors have actually reduced their holdings by 247,000 BTC year-to-date.

Business ownership of Bitcoin has grown 154% since 2024, driven largely by sectors such as finance and investment (35.7% of total corporate holdings), tech (16.8%), and consulting (16.5%). Other sectors participating include real estate, nonprofits, consumer goods, healthcare, and energy.

Change in BTC ownership in 2025. Source: River

Major Corporate Purchases in 2025

Several high-profile corporate Bitcoin purchases have made headlines recently. Strategy led the charge with a $1.34 billion buy—adding 13,390 BTC—while Japan’s Metaplanet acquired an additional 1,241 BTC, pushing its holdings past El Salvador’s.

New entrants into the Bitcoin space this year include:

• Rumble, the video streaming platform, which made its first Bitcoin buy in March

• Ming Shing, a Hong Kong construction firm

• HK Asia Holdings Limited, a Hong Kong-based investment company

According to Bitwise, at least 12 public companies added Bitcoin to their treasuries for the first time in Q1 2025, collectively purchasing over 95,000 BTC—a 16% rise in public company holdings for the quarter.

Supply Shock and Deflationary Pressure

With miners producing only 450 new BTC per day, analysts warn that the surge in corporate demand could intensify the supply crunch. Strategy alone is acquiring Bitcoin faster than miners can produce it, according to CryptoQuant CEO Ki Young Ju, who estimates this results in a synthetic -2.3% annual deflation rate for the asset.

Author Adam Livingston echoed the sentiment, noting that Strategy is effectively "synthetically halving" Bitcoin’s supply by absorbing more than the daily miner output, thereby accelerating scarcity.

Summary:

Corporations have emerged as the largest net Bitcoin buyers in 2025, led by Strategy and supported by a broad range of industries. Their aggressive accumulation is pressuring supply and driving Bitcoin toward a deflationary trajectory.