A growing trend among public companies to hold Bitcoin in their treasuries has led to 61 firms collectively owning 673,897 BTC — about 3.2% of the total supply — according to a June 3 report from Standard Chartered.
Geoff Kendrick, the bank’s global head of digital asset research, highlighted that out of 124 public firms with Bitcoin exposure, just 61 account for this large share. He warned that while corporate buying currently supports Bitcoin’s price, this could reverse in the future and add to market volatility.
Notably, 58 of these 61 firms trade at a premium (NAV > 1), suggesting market inefficiencies like regulatory barriers still play a role. But as access improves, these holdings might become a source of price pressure, especially with Bitcoin’s high volatility.
More than half of these companies bought BTC at an average price above $90,000 — significantly higher than Strategy’s average of $70,023 for its 580,955 BTC. This puts newer adopters at risk if prices drop.
Interestingly, BTC holdings by Strategy “imitators” have doubled in just two months, climbing from under 50,000 BTC to 100,000 BTC. Even so, Strategy itself added 74,000 BTC during that period.
Newcomers like Canada’s SolarBank and France’s Blockchain Group have recently announced Bitcoin buys. Meanwhile, data from BitcoinTreasuries shows a total of 124 firms hold BTC — far more than Standard Chartered’s focus group.
Despite the risks, Strategy’s co-founder Michael Saylor remains unfazed. He says the firm’s capital structure can withstand a 90% drop in Bitcoin for years. Former Binance CEO CZ echoed this sentiment, stating: “Not taking risks is a risk in itself.”
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