MicroStrategy-formerly Strategy-has seen its dominance of corporate Bitcoin treasuries diminish significantly in October 2025 as more companies add digital assets to their balance sheets.
TradingView According to data from BitcoinTreasuries.NET, Strategy remains the top publicly-tracked corporate holder of Bitcoin (BTC), holding approximately 640,808 BTC at 31 October; however, its share has decreased to about 60% compared with around 75% earlier in 2018.
At the same time, corporate Bitcoin accumulation continued at a slower pace in October; companies added around 14,447 BTC to their treasuries — the smallest monthly increase so far this year based on TradingView data.
What’s behind the shift?
Two intertwined trends are fueling this recalibration. First, an increase in companies holding crypto has lessened Strategy’s dominance; by end-October alone there were nearly 353 entities holding Bitcoin in their treasuries (276 of which are public or private companies), more than doubling since January.
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Second, corporate crypto-treasuries are evolving. While Bitcoin remains dominant, other assets like Ethereum (ETH) have increased in their share. By end-October, Bitcoin held approximately 82% of the total dollar value held by corporate treasuries–down from 94% in April–with its share increasing to 15% versus around 2.5 % previously. As per TradingView.
Why it Matters This shift marks a maturing of the corporate-crypto landscape. Concentrated holdings with one major player are dissipating, leading to wider adoption across sectors and assets types. Companies no longer simply hold Bitcoin but are diversifying into other tokens – suggesting changing risk/return profiles as well as evolving treasury strategies.
Token-holding companies further contribute to an illiquid supply scenario: as more Bitcoin is held in corporate treasuries rather than actively traded, supply-demand dynamics and price discovery dynamics may change drastically; an analysis suggests that of Bitcoin’s 19.8 million total circulating supply (as of Q2 2025) that up to 8.3 million (42%) could become illiquid by 2032 due to long-term institutional holding. TradingView provides insight into this prediction.
Context and Caution Bitcoin’s decline doesn’t indicate a lack of confidence in itself; rather, it reflects an overall market context in October when Bitcoin posted its first monthly loss since 2018 due to macroeconomic uncertainty and shifting investor appetite. According to Reuters data.
However, the relatively modest pace of corporate purchases in October (only 14,447 BTC were acquired) suggests that companies may be altering or pausing their crypto strategies due to market instability and regulatory scrutiny.
Companies that initially invested heavily in Bitcoin accumulation are being joined (or overtaken) by new entrants diversifying into various tokens – something which undermines Bitcoin’s dominance.
Going forward, what to watch out for
Investors and market watchers must consider several implications carefully when making investment and market predictions:
Composition of Corporate Treasuries: How quickly other tokens gain traction and whether companies decide to hold or monetize these assets is key in understanding corporate treasury composition.
Impact of reduced Bitcoin dominance on pricing, trading volume, liquidity and behavior of large holders
As more public companies invest in crypto, regulatory developments will become increasingly significant for disclosure, accounting treatment, and governance purposes.
No one knows whether the drop in dominance marks a permanent shift toward multi-crypto strategies, or just temporary adjustments due to market conditions.
Conclusion
October’s data demonstrate that, although Bitcoin remains the central component of corporate cryptocurrency treasuries, its dominance is declining as more companies join and other assets gain ground. This shift demonstrates a broadening of strategies and maturing market; yet also raises new questions regarding supply, risk and diversification in this emerging space.
