According to the research report on July 10 from Keyrock, companies holding Bitcoin (BTC) in 2025 only cause the BTC price to fluctuate by an average of 0.59% per day, despite adding a total of about 725,000 BTC to their balance sheets.
The report uses Kyle’s Lambda index to measure the impact on prices across all BTC-USDT markets and shows that purchases from companies rarely cause significant volatility in the spot BTC price.
Of the 725,000 BTC reported, most are held by Strategy company with 597,000 BTC. The total amount of BTC held by this group of companies is equivalent to about 3.6% of the total circulating Bitcoin supply.
Total number of Bitcoin companies are holding
However, daily purchases from these companies hardly cause significant price slippage, thanks to methods like structured orders, OTC (over-the-counter) trading, or equity swaps for BTC – helping to limit the impact on the public market.
For example, Twenty One Capital bought 42,000 BTC initially through stock-coin swap agreements with Tether and Bitfinex, completely unrelated to spot trading.
Keyrock notes that there have only been six sessions this year when buying activity from large companies like Strategy or Metaplanet caused the daily BTC price to increase by more than 3%. Additionally, a single transaction from Strategy at the end of last year led to a 9.05% daily volatility.
However, the report asserts that these are exceptions, as most companies execute buy orders in a time-allocated manner and often hedge risks with derivatives to minimize slippage.
High valuation creates sustainable risks
The report states that the valuation of the group of companies holding BTC is currently 73% higher than the actual value of the coins they own – this makes it easier for them to access cheaper capital, but also increases refinancing risk if the market reverses.
In total, this group of companies has $9.48 billion in debt and $3.35 billion in outstanding preferred equity, with large maturities concentrated in 2027 and 2028. Some companies with weak cash flow are currently relying on direct stock issuance to the market to pay interest.
The strategy of accumulating through debt has accelerated since November 2024, as many companies mimic Strategy's model and issue public shares in various regions from Japan to Brazil. The amount of BTC per share of Strategy has increased 11-fold since 2020, becoming the benchmark that many new companies want to achieve.
Keyrock concludes that currently, the buying force from companies only serves as an irregular catalyst for Bitcoin prices, not yet a major regulatory factor, mainly due to the discreet execution of orders.
However, the research team warns that concentration risk could lead to increased volatility if large companies adjust their strategies – with 82% of BTC belonging to a single balance sheet.