Corporate Bitcoin Treasuries Surge 375% Year-Over-Year

Fund manager Jeff Dyment of Saphira Group has argued that institutional demand for Bitcoin remains robust despite recent short-term slowdowns. Dyment suggests that the recent lulls in ETF and corporate buying are part of a natural "cyclical wave" of adoption, rather than a sign of declining interest. He points out that corporate Bitcoin treasuries grew by 375% year-over-year in the first half of 2025, with public firms now holding 4% of the total supply. Additionally, U.S. spot ETFs collectively own 1.25 million BTC, which is 6% of the supply, in just 18 months.

Dyment's analysis is supported by data from QCP Capital, which reports that whales are positioning for upside with aggressive call options. This indicates that institutional conviction is building beneath the surface, even if spot flows appear flat. Dyment emphasizes that institutional flows often come in waves rather than a steady linear increase, and that short-term demand fluctuations in the spot market are minor ripples on a rising tide of institutional engagement.

Dyment highlights the addition of 51 new corporate Bitcoin treasuries in the first half of 2025 alone, which is equal to the total from 2018 to 2022 combined. Public companies now hold 848,902 BTC, or approximately 4% of the total supply, with Q2 2025 alone seeing 131,000 BTC added to their balance sheets. He also points to the explosive growth of Bitcoin ETFs as further evidence of deepening institutional participation. BlackRock’s IBIT fund, now the largest in the world, holds 699,000 BTC, more than 3.3% of total supply, after becoming the fastest-growing ETF in history.

Dyment's thesis is echoed in the options market, where whales are continuing to build exposure to upside risk. QCP Capital's recent note points to whales snapping up September $130K BTC calls and holding $115K/$140K call spreads. While bears may point to stagnant spot flows and the nearly empty mempool as signs of fatigue, Dyment argues that these are just surface-level ripples. Underneath, the tide is rising, and institutional investors, with their trillions of regulated capital, are hungry for crypto. It's just not going to come all at once.