Companies are withdrawing Bitcoin (BTC) from the market at a rate that can no longer be ignored. Every month, on average, around 43,000 BTC disappears from liquid supplies and gets locked up in corporate treasuries, a process that is considered a real “black hole” for the availability of digital currencies. These currencies are “absorbed” into corporate black holes and rarely leave because they are long-term investments.
Bitcoin-based corporate finance from July 15, 2025 to January 11, 2026 Public and private companies increased from 854,000 BTC to 1,110,000 BTC. This represents an increase of 260,000 BTC and highlights the continued expansion of Bitcoin exposure on corporate balance sheets.
The structure of this accumulation is visualized in the following graph as an upward trend with no ceiling found. The slope at the top of the graph is always positive, evidenced by an average growth of 43,000 BTC per month.
This shows that: Regardless of price fluctuations, the company is in an active accumulation phase. The largest stripe (blue) corresponds to Strategy, led by Michael Saylor, and is the largest to date.
Since the company is the listed company with the most BTC, this accounts for the majority of the reserve space, adding a total of 687,410 BTC. As Saylor announced last Monday, January 12th, his latest purchase was 13,627 BTC.
Resilience in the face of market volatility
The corporate sector appears to be taking a firm stance against Bitcoin price fluctuations. All of this happened while the price of Bitcoin dropped significantly from October to November, dropping to nearly $80,000. However, corporate holdings did not decrease.
In fact, they continued to rise. This behavior suggests that companies are taking advantage of falling prices to accumulate more assets. View Bitcoin as a long-term reserve asset rather than a speculative asset short term.
Challenges in financial evaluation
Despite the optimism regarding stockpiles, some financial indicators suggest caution. Some companies trade below a financial measure called market net asset value (mNAV). A comparison of corporate value and Bitcoin holdingsHowever, in any case, we don’t see much push-selling.
If mNAV is greater than 1, shares can be issued to accumulate more digital assets. Below, this capacity disappears.
own The strategy is experiencing this situation with mNAV 0.76This means that the market values the entire company, including its software business, brand, management team, and debt, at less than the value of its Bitcoin reserves alone.
As reported by CriptoNoticias, dozens of small and medium-sized businesses with less access to capital have replicated this model by converting their cash to Bitcoin.
Bitcoin absorption and price outlook
If this trend of companies buying Bitcoin continues, It will continue to have a positive impact on the price of BTC as the available supply is significantly reduced..
When sold to institutional custodial wallets with long-term investment horizons, the liquidity of the sale decreases and the value increases despite sustained demand.
However, the risk of a domino effect remains. If even the largest companies in the space fail to maintain reserve premiums, others could face forced sales and a general crisis of confidence in the corporate BTC adoption narrative.
The future of the market will depend on whether these bonds can maintain their positions and how their mNAVs change in the coming weeks and months.
