Corporate ‘Black Hole’ Absorbs 43,000 Bitcoin a Month, Squeezing Supply

Companies are pulling Bitcoin (BTC) from the market at a rate that has created a veritable “black hole” for the digital currency’s liquid supply. An average of 43,000 BTC per month is being absorbed into corporate treasuries, with these assets often earmarked for long-term investment and rarely re-entering circulation.

Between July 15, 2025, and January 11, 2026, corporate bitcoin holdings held by public and private firms surged from 854,000 BTC to 1.11 million BTC. This 260,000 BTC increase highlights a consistent expansion of corporate balance sheet exposure to the asset.

The upward trend, which validates the 43,000 BTC monthly growth figure, shows no signs of slowing. This aggressive accumulation phase has persisted regardless of price volatility. Corporate holdings continued to climb even as bitcoin’s price saw a significant drop between October and November, falling toward the $80,000 level. This behavior suggests corporations are treating price dips as buying opportunities, viewing bitcoin as a long-term reserve asset rather than a short-term speculative instrument.

MicroStrategy, led by Michael Saylor, dominates this landscape. The company is the largest publicly traded holder of bitcoin, with reserves totaling 687,410 BTC. Saylor announced its most recent purchase of 13,627 BTC on Monday, January 12.

Valuation Challenges

However, the accumulation strategy is not without financial headwinds. Some of these companies are trading below their market net asset value (mNAV), a metric comparing a firm’s enterprise value to its bitcoin holdings. Despite this, there has been little evidence of forced selling.

An mNAV above 1.0 allows a company to issue new shares to acquire more digital assets, a capacity that diminishes when the ratio falls below that threshold.

MicroStrategy itself is facing this situation, with an mNAV of 0.76. This indicates the market is valuing the entire company—including its software business, brand, and management—at less than the value of its bitcoin reserves alone. Dozens of smaller companies with less access to capital have followed this model, converting cash reserves into bitcoin.

Price Outlook

If the corporate buying trend persists, it will likely continue to influence bitcoin’s price by tightening available supply. As coins are moved into institutional custody wallets with long-term horizons, selling liquidity decreases, which could press values higher amid sustained demand.

Still, risks remain. If the sector’s largest player cannot maintain a premium over its reserves, smaller firms could face forced liquidations or a broader crisis of confidence in the corporate adoption narrative. The market’s direction will likely hinge on whether these corporate treasuries can maintain their positions and how valuation metrics like mNAV evolve in the coming weeks and months.