Bitcoin Treasury Companies Emerge as Market Stabilizers
Public companies now hold over 1.1 million Bitcoin, which represents more than 5% of the total supply. What’s interesting is that nearly 91% of these holdings are concentrated in the United States. This isn’t just random accumulation—industry leaders like Bitwise CEO Hunter Horsley see these corporate Bitcoin treasuries as potential stabilizers for the entire crypto sector.
Horsley suggests these entities bring something the crypto world has often lacked: long-term discipline. They’re not just speculating. They’re building proper investor relations, developing yield strategies, and treating Bitcoin as a legitimate part of their balance sheets. It’s a shift from the wild west days when crypto was mostly about quick profits.
I think there’s something to this perspective. When companies start holding Bitcoin as treasury assets, they’re essentially saying this isn’t just a speculative plaything anymore. It’s becoming part of corporate finance strategy.
Supply Constraints and Institutional Pressure
The data shows something else happening beneath the surface. On-chain metrics indicate that over-the-counter Bitcoin supply has been dropping significantly. We’re talking about OTC desk balances falling from around 4,500 BTC to under 1,000 BTC within a year. That’s quite a drop.
This limited supply might explain why institutional accumulation continues even when prices fluctuate between $70,000 and $100,000. There’s a basic supply and demand story here—if institutions keep buying while available supply decreases, that creates natural upward pressure.
Some analysts are pointing out an interesting dynamic. With long-term holder sales slowing and OTC supply drying up, we might see more negative sentiment being pushed by anonymous influencers. The theory is that some of these influencers are connected to treasuries or market makers who want to acquire Bitcoin at lower prices. It’s a classic market manipulation play, but with crypto twists.
The Treasury Yield Challenge
Bitcoin faces new competition from an unexpected direction: traditional government bonds. US 10-year Treasury yields recently hit 4.1%, which is a three-week high. When government bonds offer decent returns with minimal risk, it becomes harder for non-yielding assets like Bitcoin to compete for institutional capital.
This creates a tricky environment. On one hand, you have corporate treasuries accumulating Bitcoin. On the other, traditional safe assets are becoming more attractive as yields rise. The Federal Reserve’s uncertainty about rate cuts doesn’t help either—it creates a restrictive backdrop for risk assets.
Official Treasury data shows the challenge clearly. The 10-Year Treasury Note issued in October 2025 had a coupon rate of 4.250%. That’s real yield, backed by the US government. Bitcoin can’t offer that kind of guaranteed return.
Bitcoin Versus Traditional Treasuries
Some industry figures are framing this as a bigger competition. Jack Mallers from Twenty One Capital calls it “the real flippening”—not Bitcoin versus other cryptocurrencies, but Bitcoin challenging US Treasuries in global finance.
His argument is that we’re witnessing a competition between different forms of money. Which one better stores our time, energy, and labor? From his perspective, Bitcoin is the “fastest horse” in this race, and for the first time, everyone can participate.
This shifts the conversation significantly. It’s no longer about whether Bitcoin will replace Ethereum or other altcoins. It’s about whether Bitcoin can compete with government bonds as a store of value and treasury reserve asset.
The coming months will test whether corporate Bitcoin strategies can withstand these competing pressures. Can Bitcoin treasury companies maintain their accumulation while traditional yields rise? Will institutional demand continue despite supply constraints and macroeconomic headwinds?
What’s clear is that we’re watching a fundamental shift in how institutions view digital assets. They’re not just trading vehicles anymore—they’re becoming part of corporate treasury management. Whether this brings stability or adds new volatility remains to be seen, but the trend is unmistakable.
