Is the popularity of Bitcoin a bubble forming?

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Organizations increasing their hold on Bitcoin have sparked a lively debate among analysts, with many expressing concerns that their growing presence may be laying the groundwork for a future market collapse.

Since the beginning of 2024, the number of companies holding Bitcoin has surged by 226%, with a recorded increase of 57.6% in the second quarter of 2025 alone. According to data from Bitwise and Bitcoin Treasuries, there are currently more than 134 companies owning a total of 1.13 million BTC, equivalent to about 5.4% of the total supply. Public companies make up the majority of this, including major names such as Strategy ( previously MicroStrategy), Metaplanet, ProCap BTC, and Twenty-One Capital.

Cryptocurrency educators Heidi and Versan Aljarrah from Black Swan Capitalist both expressed concerns about the long-term sustainability of this trend. Aljarrah suggested that the influx of capital from retail investors is being encouraged to serve as "exit liquidity" for institutions that are preparing to sell off if the market turns unfavorable.

"If there is a reversal, it will not happen gradually — it could be very brutal," Heidi warned in a recent article.

Analysts at Sygnum also agree with these risks, emphasizing that a mass sell-off by institutions could trigger increased volatility and worsen market sentiment. A sell-off by Michael Saylor of Strategy — who controls 2.8% of the BTC supply — is even seen as an event that could shake the market.

However, not everyone views the increase of institutions as a worrying sign. Bitcoin supporters argue that companies are simply seeking refuge from inflation, choosing BTC as a long-term store of value. Joe Burnett, Bitcoin Strategy Director at Semler Scientific, predicts that Bitcoin will become the backbone of corporate finance in the coming decade.

For his part, Saylor remains steadfast in his views — reportedly planning never to sell and even suggesting that he might destroy his private key after his death.

As more companies adopt BTC as a treasury asset, the debate has become more intense: is this the beginning of a financial revolution — or is it preparation for a painful adjustment?

Mr. Teacher

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