Bitcoin (BTC) Treasury Companies and Their Impact on Price Fluctuations
Bitcoin (BTC) treasury companies have been making waves in the cryptocurrency market, with a recent Keyrock research report revealing some interesting insights. Despite adding a significant amount of BTC to their balance sheets, these companies have only managed to shift BTC’s spot price by an average of 0.59% per day in 2025.
The study conducted by Keyrock analyzed the price impact using Kyle’s Lambda across all BTC-USDT markets. It found that corporate buying, although substantial, rarely moved the benchmark by more than a slight amount. The report identified a total of 725,000 BTC held by a cohort of companies, led by Strategy, which owns 597,000 BTC. This amount represents about 3.6% of Bitcoin’s total supply.
Interestingly, daily purchases by these firms did not have a significant impact on the market due to structured orders, over-the-counter swaps, or in-kind share exchanges that kept volume off public books. For example, Twenty One Capital acquired 42,000 BTC through stock-for-coin deals with Tether and Bitfinex, avoiding spot-market transactions.
Although there were six sessions this year where acquisitions from established buyers drove Bitcoin’s intraday move above 3%, these instances were considered exceptional rather than typical. Most treasuries stagger orders or hedge with derivatives to contain slippage. The report also highlighted the premium valuations of treasury companies, which are priced at a 73% premium to the net value of their coins. This raises questions about sustainability and refinancing risk if sentiment changes.
Debt-funded accumulation has accelerated since November 2024, with Strategy’s model inspiring copycats and public offerings across various jurisdictions. The report warned about concentration risk and volatility if large holders adjust their strategy, as 82% of treasury holdings are on a single balance sheet.
In conclusion, corporate buying represents a limited but episodic catalyst for Bitcoin price action. The structured execution of orders keeps order flow discreet, preventing constant price fluctuations. As the cryptocurrency market continues to evolve, it will be interesting to see how these treasury companies shape the future of Bitcoin trading.