Recent actions by several companies, including MicroStrategy and Metaplanet, have drawn attention from analysts, indicating a significant transfer of capital from fiat currencies to Bitcoin.
Who is Leading the Bitcoin Treasury Shift?
Currently, public companies hold 833,214 BTC, worth over $89.21 billion. Private firms hold 421,641 BTC, valued at $45.14 billion.
**Top Public Holders:**
- MicroStrategy: 592,345 BTC ($63.42B) - Marathon Digital - Twenty One Capital - Riot Platforms - CleanSpark - Metaplanet
**Top Private Holders:**
- Block: 140,000 BTC ($14.99B) - Tether: 100,521 BTC - Xapo Bank: 38,931 BTC - BitMEX, Mt. Gox also included.
Corporate Strategies for Capital Conversion
The companies behind this movement are not merely storing capital, they are systematically converting fiat into Bitcoin.
> "They raise money in fiat, buy BTC, and repeat—it’s like draining the fiat system," said Adam Livingston in one of his comments.
Impact on Fiat Currency and the Market
Livingston warns that if this trend continues:
- Fiat currencies like the U.S. dollar could lose dominance. - Bitcoin might become a pricing benchmark for global assets. - Companies may soon be valued by BTC per share rather than earnings.
**Surging Stock Prices as a Sign of New Value Metrics?** - MicroStrategy shares: +153.46% YoY | +28.87% in 2025 - Metaplanet shares: +1,346.60% YoY | +316.78% in 2025.
Livingston concludes that Bitcoin treasury corporations may become pivotal elements of a Bitcoin-based financial system, raising questions about the future of monetary systems.
