The Impact of Bitcoin-Holding Companies on the Market
Tâm•7/11/2025
Summary:
A recent study reveals that companies holding Bitcoin in their treasuries have very little influence on Bitcoin’s daily price volatility — even though their collective holdings account for roughly 4% of the total circulating supply.
1. Minimal Effect on Price Fluctuations
● Research data: Bitcoin fund managers contribute only about 0.59% to BTC’s daily price movements.
● Total holdings: These companies hold around 847,000 BTC, equivalent to approximately 4% of Bitcoin’s total circulating supply.
● Trading behavior: Most of these firms act as long-term holders and rarely move their BTC, meaning their actions have minimal impact on short-term trading dynamics.
2. Other Forces Drive Market Volatility
● Spot and derivatives markets: Bitcoin’s price fluctuations are largely driven by the spot market, ETP products, derivatives instruments, and retail investor activity.
● Treasury growth ≠ price impact: Although increasing Bitcoin holdings by companies is a positive signal, it doesn’t necessarily create price pressure or immediate bullish momentum.
3. High Premium Valuations of Public Bitcoin Companies
● MicroStrategy example: This company leads the pack with a premium of 91.3% over the market value of its Bitcoin holdings.
● Implication: Investors effectively pay $191 for every $100 worth of Bitcoin exposure through MicroStrategy stock — showing high confidence in its long-term Bitcoin strategy.