Bitcoin power is now deeply concentrated in corporate hands
Bitcoin’s ownership structure has changed dramatically since late 2020. At that time, Michael Saylor had just begun building his position, holding around 70,000 BTC when he publicly encouraged Elon Musk to move Tesla’s balance sheet from dollars into Bitcoin. Back then, Tesla did not own any BTC, only testing the waters.
Today, according to the latest filings, Saylor’s company Strategy, formerly known as MicroStrategy, holds approximately 597,325 BTC, making it the largest corporate Bitcoin treasury in the world. Tesla, after joining the movement in early 2021 with a 1.5 billion dollar acquisition, still owns about 11,509 BTC, remaining one of the most recognized corporate supporters of Bitcoin.
With Bitcoin trading close to 107,500 dollars, Strategy’s holdings are valued at roughly 64 billion dollars. This represents more than 2.5 percent of all Bitcoin ever mined. Tesla’s position is worth about 1.1 billion dollars based on its recent reports.
How it all started
In December 2020, a short exchange on social media triggered a historic pivot. Michael Saylor publicly suggested that Elon Musk protect Tesla shareholders by converting part of its cash reserves into Bitcoin. He argued it could create 100 billion dollars in added value if other S&P 500 companies did the same. Musk’s reply was a direct question, asking if such large transactions were even possible. Saylor responded that he had already acquired over 1.3 billion dollars in Bitcoin and offered to share his playbook in a private discussion.
Just a few weeks later, Tesla purchased 1.5 billion dollars worth of Bitcoin. This move ignited a new wave of institutional interest that helped propel Bitcoin beyond 60,000 dollars in early 2021.
Why this concentration matters
Saylor did not stop there. Over the next four years, he turned a starting point of 70,000 BTC into nearly 600,000 BTC today. Tesla, even after selling a portion in 2022 to strengthen liquidity, still holds a significant 11,509 BTC. This shows it continues to view Bitcoin as a long-term reserve asset.
This level of corporate accumulation means a large part of Bitcoin’s supply is now locked in company treasuries and effectively out of circulation. It creates a strong price foundation and sets the scene for sharper moves whenever demand picks up again.
What might come next
About 24 percent of all Bitcoin mined is currently held by ETFs, corporate treasuries and large funds. This tightening supply could fuel more aggressive rallies in future bull markets. At the same time, the growing share of institutional ownership brings a level of discipline that might soften Bitcoin’s most extreme swings.
Still, Bitcoin is fundamentally a speculative asset. A shift in global conditions, such as interest rate cuts or new ETF approvals in key regions, could quickly start another powerful cycle.
In the end, Saylor and Musk took different paths but both played crucial roles in making Bitcoin a legitimate corporate treasury option. Investors around the world keep watching closely because the next moves from these two could still shape Bitcoin’s future for many years.
