Businesses acquire Bitcoin (BTC) nearly four times faster than miners produce it, according to financial services company River, potentially triggering a supply shock as exchange reserves decrease.
In 2025, publicly traded Bitcoin treasury companies and conventional private businesses collectively purchased an average of 1,755 BTC per day. Exchange-traded funds (ETFs) and other investment vehicles acquired an additional 1,430 BTC daily, while governments bought approximately 39 BTC per day, River data indicates.
Bitcoin miners currently produce an average of about 450 new BTC per day. This significant disparity between demand and supply could lead to a supply shock, particularly if exchange reserves continue to shrink and institutions maintain their holdings.
Bitcoin exchange reserves, which represent the total BTC held on exchanges, are at multi-year lows, reinforcing concerns about a potential supply squeeze.
Bitcoin treasury companies acquired 159,107 BTC during Q2 2025. This acquisition volume brought the total amount of Bitcoin held by businesses to approximately 1.3 million BTC.
Among these holding firms, Michael Saylor’s Strategy holds the largest known Bitcoin reserve, with 632,457 BTC. Adam Livingston, author of “The Bitcoin Age and The Great Harvest,” previously stated that Strategy’s rapid accumulation is effectively “synthetically” halving Bitcoin.
Despite significant buying activity, Shirish Jajodia, Strategy’s corporate treasury officer, asserts that these purchases do not impact short-term Bitcoin prices. Jajodia explained that the company conducts its buying through over-the-counter (OTC) transactions. These transactions occur off exchanges, thereby avoiding direct impact on spot markets or price movements. Jajodia noted, “Bitcoin’s trading volume is over $50 billion in any 24 hours — that’s huge volume. So, if you are buying $1 billion over a couple of days, it’s not actually moving the market that much.”
