A recent report from Bitcoin financial services company River indicates that businesses are absorbing Bitcoin at a rate nearly four times faster than it is being mined. In 2025, private businesses and public companies, including Bitcoin treasury companies, collectively purchased an average of 1,755 BTC per day. Exchange-traded funds (ETFs) and other investment vehicles acquired an additional 1,430 BTC per day on average, while governments purchased approximately 39 BTC per day.
Bitcoin miners, in comparison, produce an average of about 450 new BTC per day. This disparity has led to speculation about a potential supply shock, particularly if exchange reserves continue to decrease and institutions continue to hold their coins. Bitcoin exchange reserves are currently at multi-year lows, further fueling these concerns.
In Q2 2025, Bitcoin treasury companies acquired 159,107 BTC, bringing the total amount of Bitcoin held by businesses to approximately 1.3 million BTC, according to River. Strategy, led by Michael Saylor, is the largest known Bitcoin holder, possessing 632,457 BTC in its corporate reserve, as reported by BitcoinTreasuries.
Despite Strategy’s significant Bitcoin acquisitions, the company’s corporate treasury officer, Shirish Jajodia, maintains that their purchases do not impact short-term Bitcoin prices. Jajodia explained that Strategy uses over-the-counter (OTC) transactions that occur off exchanges to spread out its buying, minimizing the impact on spot markets. He stated, “Bitcoin’s trading volume is over $50 billion in any 24 hours — that’s huge volume. So, if you are buying $1 billion over a couple of days, it’s not actually moving the market that much.”
