According to CoinGecko’s annual report, crypto treasury companies were among the year’s biggest buyers even as prices fell. Their balance sheets grew sharply, and their actions left a clear mark on supply and markets. The numbers tell a story of heavy buying, pause, and then corporate moves to protect share value.
Large Treasury Buying Spree
Reports have disclosed that these treasury firms deployed close to $50 billion into Bitcoin, Ethereum, and other tokens during 2025. At the start of the year, treasuries held more than $56 billion in crypto.
By January one, 2026, that figure had risen to $134 billion — a gain of 137%. This buying helped push institutional ownership higher, with treasuries holding more than 5% of both Bitcoin and Ethereum supply by year-end.
Public companies alone raised their Bitcoin reserves from about 598,714 coins to more than 1 million, an increase near 500,000 BTC.
Market Drop Came Late In The Year
The broader market did not keep its earlier momentum. Total crypto value fell almost 8% in 2025 and finished the year near $3 trillion. Most of the damage came late.
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Last year marked crypto’s first down year since 2022, featuring a brief $4.4T peak in Q4 before a historic $19B liquidation ended the year at $3.0T.
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The market shed almost a quarter of its value in the last three months, and a liquidation wave near $19 billion in October sped the decline after total market value briefly hit about $4.4 trillion.
Bitcoin slipped roughly 1.4% to near $95,300 at one point as investors weighed policy moves in the US and shifting rate expectations.
Supply Now Held By Treasuries
By the start of 2026, treasuries were holding more than 1 million Bitcoin and 6 million ETH. That concentration matters because assets put on corporate books are less likely to be traded frequently.
When large shares of supply are locked up, price swings can be smaller in calm times, but the effect can flip if selling is forced.
Companies Shifted Strategy When Stocks Fell
When prices fell in the fourth quarter, some treasury firms saw their share prices dip below the value of their crypto holdings. To support their stock, many paused buying and turned to share buybacks.
That action slowed the pace of token purchases. The move was traditional: protect investors’ equity value rather than add more tokens into a weakening market.
Featured image from Pexels, chart from TradingView
