Key Takeaways
Which company added the most Bitcoin in Q3 2025?
Strategy Inc. (formerly MicroStrategy) led the quarter, pushing its total holdings to over 640,000 BTC through equity-funded purchases.
Are sectors outside tech adopting Bitcoin?
Yes. Companies like Semler Scientific in healthcare and Empery Digital in diversified finance expanded holdings, showing broader industry participation.
Corporate adoption of Bitcoin didn’t just hold steady in Q3 2025; it accelerated, signaling a structural shift in how public companies manage treasury reserves.
While headlines largely fixated on miners, ETFs, and private firms, a quieter yet more strategic wave of listed corporations spent the quarter accumulating BTC directly on their balance sheets.
Public companies’ Bitcoin holdings in Q3
By the end of September 2025, around 172 publicly traded companies collectively held more than one million BTC, nearly 4.9% of the entire circulating supply, valued at roughly $117 billion.
Strategy Inc. remained the dominant player, deploying capital raised through ATM equity offerings and perpetual preferred shares to accumulate Bitcoin [BTC] throughout the quarter.
Major disclosed purchases included 4,225 BTC in mid-July, followed by a massive 21,021 BTC buy at an average price of roughly $117,256 per coin between the 28th of July and the 3rd of August, along with smaller weekly tranches later in September.
By quarter’s end, Strategy reported nearly 640,808 BTC acquired through Q3 and extending into early October, cementing its identity as a Bitcoin treasury vehicle rather than a traditional software company.
Meanwhile, Japan’s Metaplanet emerged as the most aggressive Asian buyer, crossing 20,000 BTC early in the quarter before executing a landmark 5,419 BTC purchase on the 22nd of September, funded largely through international equity offerings totaling about $1.45 billion.
The firm ended Q3 with 25,555 BTC and positioned itself within the top tier of global public Bitcoin treasuries, signaling a new non-US pathway for large-scale BTC accumulation.
Non-tech companies turning Bitcoin-friendly
Outside these heavyweights, two additional companies expanded the breadth of corporate participation.
Semler Scientific continued its role as a rare healthcare-sector adopter, purchasing 202 BTC during Q3 through equity-funded programs.
It also entered into a merger with Vivek Ramaswamy–backed Strive Inc., which separately committed to acquiring 5,816 BTC.
This brought combined post-deal holdings above 10,900 BTC and underscored a growing trend toward consolidation among BTC-centric balance sheets.
Empery Digital, though less visible publicly, pivoted sharply into Bitcoin by the end of Q3, reporting 4,081 BTC on its books funded by equity raises, a term loan, and a repo facility that also used Bitcoin as collateral.
This shift effectively turned the company into a listed holding entity rather than a traditional operating business.
While prior purchases from companies like GameStop and large miners continued to shape the broader landscape, Q3’s significance lies not in isolated headline buys, but in a deeper structural shift.
Capital markets are now being directly leveraged to finance Bitcoin accumulation, and new sectors beyond tech and finance have entered the fold.
By the end of the quarter, the number of public companies holding BTC surpassed 170, collectively locking away over one million coins.
This coincided with Bitcoin trading above $120k, but as of now, BTC has fallen to around $83,658, down more than 23% over the past month, according to CoinMarketCap.
Are altcoins also receiving the same adoption?
Amidst this unstable price action, Ethereum and Solana are also emerging alongside Bitcoin as major components of corporate treasury strategies.
Following the approval of spot ETH ETFs in July 2024, institutional adoption accelerated sharply, pushing corporate holdings to 4.7 million Ethereum [ETH] by 2025.
Bitmine Immersion alone holds 3.03 million ETH, with SharpLink Gaming and Big Digital holding 838,700 ETH and 150,200 ETH, respectively, bringing total institutional ETH holdings to 3.67% of circulating supply, valued at about $17.8 billion.
Solana’s adoption is newer but highly aggressive: Forward Treasuries leads with 6.8 million Solana [SOL] ($1.3 billion), followed by HSDT and DeFi Development Corp with 2.2 million and 2.09 million SOL, respectively, while nine companies collectively hold 13.44 million SOL worth $2.63 billion, or 2.46% of supply.
Therefore, no matter which tokens are institutional treasuries diversifying into, be it BTC, ETH, or SOL, crypto is no longer a speculative side bet; it’s becoming a core pillar of corporate balance-sheet strategy.