Businesses are Absorbing Bitcoin Four Times the Rate It Is Mined

Institutional demand extends beyond corporations. Spot ETFs and investment funds have absorbed an estimated 1,430 BTC per day, while governments added about 39 BTC daily. Against this backdrop, River’s data also shows individuals experiencing net outflows of roughly 3,196 BTC per day, although this likely reflects holders transferring coins into custodial structures rather than a wave of retail selling.

The comparison between institutional inflows and mining output highlights an imbalance that shapes the availability of bitcoin in circulation. Because the pace of acquisition by businesses and funds exceeds the rate of new supply, the number of freely traded coins can be reduced. River clarifies that its figures are based on estimation techniques such as address tagging and disclosures, meaning the data reflects broad patterns rather than exact counts. Some transactions marked as inflows may simply represent internal movements or custodial transfers instead of fresh market purchases.

Ownership distribution paints another revealing picture. As of late August, individuals still controlled the majority of circulating supply, holding 65.9% of all Bitcoin, or about 13.83 million coins. Funds and ETFs collectively controlled 7.8% at approximately 1.63 million BTC, while businesses accounted for 6.2%, equal to about 1.30 million coins. Governments held 1.5% and lost coins were estimated at 7.6%, around 1.58 million BTC. Satoshi Nakamoto’s untouched stash is estimated at 4.6%, and around 5.2% of the supply remains yet to be mined.

The surge in corporate holdings has been especially dramatic this year. Businesses added 157,000 BTC to their treasuries in 2025 alone, representing more than $16 billion at current valuations. According to River’s estimates, Strategy accounted for 77% of that accumulation, underscoring how one company’s aggressive approach can heavily influence corporate totals. Compared to 2024, this marks a 154% year-over-year increase in business ownership of Bitcoin.

Competition among corporations for Bitcoin reserves is growing rapidly. Some companies are no longer limiting themselves to modest treasury allocations but are instead setting ambitious multi-year targets that would give them control of a significant share of the circulating supply. These strategies often extend beyond simple accumulation; in some cases, firms are exploring ways to use Bitcoin as collateral to finance expansion or acquisitions. Supporters describe the trend as a new phase of corporate competition around digital assets, where holding Bitcoin is seen not only as a defensive store of value but also as a potential tool to strengthen balance sheets and strategic positioning.

The broader meaning of these shifts is multi-layered. Institutional ownership is clearly expanding, and while individuals still hold the majority, the gradual reallocation toward businesses, ETFs, and funds suggests a structural evolution of the market. The imbalance between daily mining supply and institutional absorption underscores real constraints on liquidity, which could amplify volatility and push Bitcoin’s valuation into new territory. Companies like Metaplanet are showing that Bitcoin can serve as more than a passive treasury reserve; it can become an active strategic asset, shaping how business growth and corporate financing are pursued.

While River’s estimates provide valuable insight, they are based on methods such as wallet tagging and public disclosures, which naturally involve some degree of estimation. Inflows may at times reflect custodial transfers rather than outright market purchases, so the figures should be read as indicative trends rather than precise counts. These nuances are useful to keep in mind when comparing institutional activity with new supply from miners.

What emerges is a picture of Bitcoin’s changing landscape. The cryptocurrency that began as a retail-driven phenomenon is now increasingly defined by corporate strategies, ETF inflows, and government reserves. With businesses now absorbing coins at nearly four times the rate they are mined, supply pressures are mounting, and the competition for Bitcoin reserves has become a defining feature of the digital asset economy.