Bitcoin's Centralization Risk? Public Companies Accumulate Nearly 4% of Supply

A new chapter in Bitcoin's institutional adoption is unfolding as a small group of public companies now control a significant slice of its circulating supply. According to recent data, three publicly traded firms collectively hold over 791,000 BTC, representing nearly 4% of the total Bitcoin supply — a development that raises both strategic opportunities and systemic concerns.

These firms, categorized as Digital Asset Treasury Companies (DATCOs), have rapidly expanded their crypto holdings to exceed $100 billion in value, marking a shift in how corporate treasuries manage digital assets. Leading this movement is the U.S.-based Strategy, which alone controls over $71 billion in Bitcoin, thanks to an early and aggressive accumulation strategy that now yields over $28 billion in unrealized gains.

Following closely are Japan's Metaplanet and SharpLink Gaming from the U.S., both of which are steadily increasing their exposure to cryptocurrencies. While Bitcoin remains the dominant holding, a trend toward broader portfolio diversification is emerging. Companies are now also accumulating altcoins like Solana (SOL), Ripple (XRP), Binance Coin (BNB), and Hyperliquid (HYPE).

Ethereum-focused treasuries are taking this a step further, integrating staking and decentralized finance (DeFi) strategies to earn yield without issuing new equity — giving them an edge over BTC-only portfolios in terms of capital efficiency.

While the United States still leads the pack in terms of corporate crypto adoption, global players are catching up quickly. Favorable capital market dynamics and regulatory incentives are drawing interest from regions across Europe and Asia, reshaping the competitive landscape.

Risk Factors: When Stock Prices and Bitcoin Intertwine

The growing influence of DATCOs introduces a new kind of market dynamic — one where stock performance and Bitcoin prices become increasingly intertwined. As these companies gain investor confidence, their ability to raise capital improves, allowing them to acquire more crypto. This creates a reflexive cycle: higher stock prices fuel more BTC purchases, which in turn boost Bitcoin’s price — further reinforcing stock valuations.

However, this cycle carries inherent risk. In a market downturn or risk-off environment, falling stock prices could restrict capital access, leading to reduced buying or even asset liquidation. The result? A potential feedback loop that pulls both equities and Bitcoin downward.

This increased correlation between digital assets and traditional financial markets may undermine Bitcoin’s role as a non-correlated hedge, especially as institutional exposure continues to grow.

Key Takeaways:

• Three public companies now hold nearly 4% of all Bitcoin.
• Combined, DATCOs manage over $100B in digital assets, including ETH and top altcoins.
• Ethereum-focused firms are leveraging staking and DeFi for added yield.
• A reflexive relationship between BTC prices and stock performance may pose market-wide risks.