The rise of public companies holding Bitcoin has increased by 38% between July and September, demonstrating that significant players are not retreating but rather investing more heavily in Bitcoin, according to a report by crypto asset manager Bitwise.

Bitwise’s Q3 Corporate Bitcoin Adoption report, utilizing data from BitcoinTreasuries.NET, revealed that there are currently 172 companies holding Bitcoin. Of these, 48 have recently entered the digital treasury space within the last quarter.

In a post on X (formerly Twitter), Bitwise CEO Hunter Horsley proclaimed the statistics as “absolutely remarkable,” reflecting a growing trend where companies express a desire to own Bitcoin.

Moreover, the total valuation of Bitcoin held by these companies has surged to $117 billion, reflecting a growth of over 28% quarter over quarter, with the aggregate holdings surpassing one million coins, representing 4.87% of Bitcoin’s total supply.

Bitwise Report

Source: Bitwise

Persistent Interest in BTC

Rachael Lucas, an analyst at BTC Markets, reiterated that this growing accumulation illustrates that larger players are notably increasing their stakes in Bitcoin. She mentioned that the largest treasury holder is Michael Saylor’s Strategy, which recently acquired 640,250 tokens.

MARA Holdings follows as the second-largest holder with 53,250 Bitcoin after updating their holdings on Monday.

Lucas noted, “As more corporations and even sovereigns step in, this momentum is expected to persist, particularly with improving regulatory clarity and the development of institutional crypto adoption infrastructure.”

She further expressed that this trend signals a depthening institutional adoption since companies are not merely investing for quick profits but rather are making long-term commitments to digital assets.

“This participation contributes to the legitimization of crypto as a mainstream asset class and builds a foundation for broader financial innovations, such as Bitcoin-backed loans and new derivatives markets.”

Current Price Fluctuations

Despite the steady growth in corporate holdings, Bitcoin prices remain volatile. Corporations tend to acquire Bitcoin over-the-counter, which is a quieter accumulation method that does not cause immediate fluctuations in market prices.

Lucas also highlighted that while institutional buying is ongoing, various factors such as long-term holders realizing profits and fluctuations due to macroeconomic events might disrupt this accumulation trend.

Edward Carroll, from MHC Digital Group, commented on the early stages of Bitcoin treasury growth and predicted a rise in demand due to increasing institutional interest, which could lead to upward pressure on Bitcoin’s price in the medium to long term.

According to Carroll, demand for Bitcoin is expected to be increasingly ordered over the years, suggesting that it will begin to diverge from traditional risk/sentiment correlations as institutional participation rises.

In average, miners are generating approximately 900 Bitcoin daily. A financial services report estimated that businesses will acquire an average of 1,755 Bitcoin each day by 2025.

Maturing Cryptocurrency Market

In addition to corporation acquisitions, the rise in Bitcoin exchange-traded funds (ETFs) is facilitating traditional investors’ entry into digital assets via familiar and regulated channels, representing a massive step toward mainstream adoption.

Recently, U.S. spot Bitcoin ETFs observed a significant surge in performance, with $2.71 billion in weekly inflows.

“The market is maturing. We’re witnessing the transition of crypto from a speculative environment to a recognized asset class featuring institutional participation.”