Data: Global companies have purchased more than 720,000 Bitcoins this year

### Keyrock Research Report Highlights (July 10)
**Corporate Bitcoin Holdings Have Minimal Daily Price Impact (0.59%) Despite Accumulating 725K BTC in 2025**

A study using the **Kyle’s Lambda model** on BTC-USDT markets reveals that corporate purchases rarely move Bitcoin’s benchmark price beyond marginal fluctuations.

#### Key Findings:
1. **Holdings Overview**
- Companies collectively hold **725K BTC** (~3.6% of total supply), led by **Strategy Corp** (597K BTC).
- Daily buys cause negligible slippage due to:
- **Structured orders**
- **OTC swaps**
- **Equity-for-BTC deals** (e.g., Twenty One Capital’s 42K BTC acquisition via Tether/Bitfinex stock swap).

2. **Price Volatility Exceptions**
- Only **6 trading days** in 2025 saw >3% daily swings from major buyers (e.g., Strategy, Metaplanet).
- Strategy’s 2024 year-end trade triggered a **9.05% spike** — an outlier mitigated by:
- **Batch ordering**
- **Derivative hedging**

3. **Financial Risks**
- **73% premium** to NAV: Lowers funding costs but heightens refinancing risks if sentiment shifts.
- Debt burden: **$9.48B outstanding debt** + **$3.35B preferred stock**, with maturities clustered in **2027–2028**.
- Cash-strapped firms use **at-the-market stock sales** to cover interest payments.

4. **Market Dynamics**
- Debt-driven accumulation accelerated post-**November 2024**, as global firms emulated Strategy’s model (e.g., Japan, Brazil).
- Strategy’s **BTC-per-share ratio grew 11x since 2020**, setting a benchmark for newcomers.

**Conclusion**:
Corporate demand acts as an **intermittent** (not sustained) price driver due to opaque order flow. Researchers warn that **concentration risk** (82% of corporate BTC held by one entity) could amplify volatility if large holders pivot strategies.

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**Disclaimer**: Views are authors’ alone, not investment advice. Accuracy/completeness not guaranteed. No liability for losses.