How Much Bitcoin Will Treasury Companies Take Off the Market?

Every Bitcoin a treasury company buys and holds is a coin the rest of the market can no longer buy. Individually, each purchase is a press release. In aggregate, they're a supply shock building in slow motion — and almost nobody is measuring the aggregate cleanly.

So here it is, live:

The chart above isn't a snapshot. It reads the same data layer that powers the mNAV terminal, so it reflects the cohort's holdings as of right now — every time a tracked company files a new purchase, this number moves.

Why the aggregate matters more than any single buyer

A holdings table tells you who owns what. The trajectory tells you something a table can't: the rate at which float is leaving the liquid market. That rate — not any one company's balance sheet — is what ties corporate treasury behaviour to Bitcoin's supply dynamics.

Two questions fall straight out of the curve:

• How much of the circulating supply is now sequestered in corporate treasuries?
• If the current acquisition pace holds, where does that number go?

What we're not claiming

The line bends with capital markets, not gravity. Treasury accumulation is a function of issuance windows, premium-to-NAV, and credit appetite — all of which can stall. A projection is a scenario, not a promise, and we'll always show the assumptions behind one rather than draw a curve into the sky.

But the direction of travel is hard to argue with. The cohort has only grown, and the structural reasons it buys haven't gone away.

Want the underlying numbers in your own models? The same metrics powering this article are available across the mNAV terminal. This is the first in a series tracking the supply-absorption story as it develops.