Public companies’ Bitcoin holdings jumped nearly 40% in Q3 2025, even as the cryptocurrency’s price stayed below $115,000. According to Bitwise, 172 firms now collectively hold about 1.02 million BTC—roughly 4.8% of total supply—driven by large additions from players like Strategy and Japan’s Metaplanet. 

Despite this record accumulation, enthusiasm across crypto equities has cooled, with companies such as Metaplanet seeing share prices tumble more than 70% from their peaks. 

Analysts suggest Bitcoin’s muted response reflects low market liquidity and the nature of institutional buying, which mostly occurs off exchanges and doesn’t immediately move prices. Broader macroeconomic uncertainty, from renewed trade tensions to shifting Fed policy expectations, has also dampened risk appetite. 

Finsum: Many market observers remain optimistic, expecting Bitcoin to regain upward momentum once retail demand and liquidity return later in the year.