Source: Cryptoslate
Compiled by: Blockchain Knight
According to a research report released by Keyrock on July 10, even if corporations have added approximately 725,000 Bitcoins to their balance sheets by 2025, the daily impact of corporate treasury companies on Bitcoin spot prices is only 0.59%.
The study used Kyle’s Lambda model to measure the price impact across all BTC-USDT markets, finding that corporate buying behavior rarely causes significant fluctuations in Bitcoin's benchmark price.
Keyrock statistics show that the corporate group led by Strategy holds a total of 725,000 Bitcoins, of which Strategy holds 597,000. The total amount of Bitcoin held by corporations accounts for approximately 3.6% of the total Bitcoin supply.
However, the daily purchase volume of these companies rarely triggers significant price slippage, as many trades are completed through structured orders, over-the-counter (OTC) swaps, or physical equity exchanges, with trading volumes not publicly recorded.
For example, Twenty One Capital acquired the first batch of 42,000 Bitcoins through a 'stock-for-Bitcoin' transaction with Tether and Bitfinex, which did not trigger spot market trading.
Keyrock points out that there have only been 6 trading days this year where acquisitions initiated by established buyers such as Strategy or Metaplanet caused Bitcoin's intraday volatility to exceed 3%. Additionally, a transaction by Strategy at the end of last year triggered a 9.05% price fluctuation.
The report also emphasizes that such large fluctuations are exceptions rather than the norm, as most corporate treasury institutions place orders in batches or use derivatives to hedge against slippage.
The report shows that the total valuation of the corporate treasury group has a 73% premium over the net worth of their Bitcoin holdings, which helps companies obtain low-cost funding, but once market sentiment turns, it amplifies refinancing risks.
Keyrock statistics show that this group has a total of $9.48 billion in unpaid debt and $3.35 billion in preferred stock, most of which will mature in 2027 and 2028. The report notes that companies currently facing tight operating cash flow are relying on 'issuing stocks as the market allows' to pay bond interest.
Since November 2024, debt-driven Bitcoin hoarding behaviors have accelerated, as many companies have followed the model of Strategy, publicly issuing shares from Japan to Brazil. Since 2020, Strategy's per-share Bitcoin holdings have increased by 11 times, becoming a benchmark that many new entrants are eager to chase.
The report concludes that current corporate buying behavior has limited and intermittent impacts on Bitcoin prices, rather than being a continuous driving force, mainly due to structured trades keeping order flow opaque.
Researchers warn that if large holders adjust their strategies, the concentration risk in holdings may exacerbate market volatility, as 82% of corporate treasury Bitcoin is concentrated on a single balance sheet.
