Shocking Trend Revealed: Public Companies Bought 91,781 BTC in Q1 2025

Leading on-chain data provider CryptoQuant has revealed a shocking trend that public companies bought a massive 91781 BTC in Q1 2025.

output: Public companies’ buying activity continues to be a hot topic in the crypto sphere. In the first quarter of 2025, several companies collectively purchased a staggering 91,781 BTC. Among the biggest buyers were Tether and MicroStrategy, which purchased 8,888 BTC and 81,785 BTC, respectively.

However, despite this strong buying activity, Bitcoin’s price dropped by 12% during the quarter, falling from $94,400 to $82,500. This begs the question: If companies are buying, then why is Bitcoin falling?

In the latest edition of its CryptoQuant newsletter, on-chain data provider CryptoQuant delves into the companies that are buying the most Bitcoin, the factors that may have driven Bitcoin’s price down, and what’s next for the market.

Tether and MicroStrategy Lead the Buying Spree

One of the most surprising names on the list of Bitcoin buyers is Tether, the company behind the world’s largest stablecoin, USDT.

According to CryptoQuant, Tether has been steadily increasing its Bitcoin holdings throughout the year. By the first quarter of 2025, Tether’s treasury had a whopping 92,646 BTC, showcasing a significant portion of its assets allocated to Bitcoin.

This is a stark contrast to the beginning of 2024, where Tether had minimal Bitcoin in its treasury. However, from January to March 2025, Tether added 8,888 BTC to its portfolio.

Meanwhile, MicroStrategy continued its renowned Bitcoin buying spree. The company purchased 81,785 BTC in Q1 alone, spending over $8 billion to increase its already massive Bitcoin holdings.

As of March 2025, MicroStrategy’s treasury held 136,720 BTC, valued at approximately $11.2 billion at current prices.

Other companies that bought significant amounts of Bitcoin in Q1 include:

• Marathon Digital (NASDAQ:MARA) sold 53,000 shares to fund more BTC purchases.

• GameStop (NYSE:GME) proposed a $1.3 billion convertible note offering to allocate more funds for Bitcoin.

• Riot Platforms (NASDAQ:RIOT) sold 10,000 shares to put toward more BTC.

Who’s Planning to Buy Next?

While these companies have already made huge purchases, CryptoQuant says that other companies are planning to buy even more Bitcoin.

For instance, Marathon Digital is planning a $2 billion stock sale to fund more BTC purchases. A portion of the proceeds will go toward cryptocurrency investments.

Similarly, GameStop is planning to sell convertible notes to raise up to $1.3 billion for general corporate purposes, which may include expanding its crypto endeavors.

If Companies Are Buying, Then Why Is Bitcoin Falling?

Despite corporate buying, CryptoQuant says that Bitcoin’s price still fell by 12% in Q1. According to the firm, two key factors may have driven the decline.

First, long-term holders sold off a massive 178,000 BTC during the quarter, adding significant sell pressure that outweighed corporate purchases.

After a period of inactivity, these long-term holders, who typically hold onto their coins for at least six months or more, made a substantial exit from the market.

This selling spree began in December 2024, following a nearly six-month period of inactivity. Prior to December, the last time long-term holders sold en masse was in June 2024, when they sold 100,000 BTC.

Another major factor was the outflows from Bitcoin ETFs. In Q1, around $4.8 billion flowed out of Bitcoin ETFs, adding even more downward pressure on the market.

CryptoQuant Suggestion

CryptoQuant’s analysis suggests that only if this selling slows down could Bitcoin see a strong recovery. With more companies planning big purchases and the potential for reduced selling pressure, the market could soon turn bullish again.