Bitcoin ETFs Bled $6 Billion as BTC Crashed 50%: Why 190 Companies Didn’t Sell

The current Bitcoin crash has pushed BTC below $65,000, marking its worst week since FTX collapsed. More than 190 publicly traded companies currently hold Bitcoin (CRYPTO: BTC) on their balance sheets, collectively controlling roughly 974,000 BTC—nearly 5% of the circulating supply—and that number keeps climbing even as Bitcoin suffers this historic drawdown.

Since November 2025, spot Bitcoin ETFs have bled $6.18 billion—the longest sustained outflow streak since these products launched. Bitcoin initially crashed in October 2025 from $126,000 to $90,000, and has further plunged below $65,000—yet corporate treasuries kept accumulating. Companies that add Bitcoin to their balance sheets tend to hold for years, creating a demand floor that didn’t exist in earlier cycles, but that buying conviction is now facing its biggest test.

Top 10 Corporate Bitcoin Holders

Bitcoin’s move into corporate treasuries started with Strategy in 2020. Then Tesla’s $1.5 billion purchase in early 2021 drew mainstream attention, and the list has since grown to over 190 publicly traded firms. Most are based in the United States, with notable representation in Canada, the U.K., and Japan.

The top 10 public firms by Bitcoin holdings collectively control over 956,000 BTC—more than 4.5% of Bitcoin’s total supply:

Strategy leads by a massive margin. Its 713,502 BTC represents roughly 3.4% of all circulating Bitcoin—more than the next nine corporate holders combined. The company spent over $54 billion acquiring those coins at an average cost of $76,052 per BTC. At current prices below $65,000, Strategy’s position is underwater by roughly $8 billion—though the company has shown no indication of selling.

MARA Holdings sits in second with just over 53,000 BTC. Twenty One Capital, a newer Bitcoin-focused investment company backed by Tether and SoftBank, holds third place with about 43,500 BTC accumulated through 2025. Metaplanet, a Japanese investment company sometimes called “Asia’s Strategy,” holds over 35,000 BTC.

Why Corporate Buying Matters More Than Ever

Corporate treasuries create a different demand dynamic than ETFs during a Bitcoin crash. When companies add Bitcoin to their balance sheets, they hold for years, removing coins from active circulation. ETF investors can trade in and out within minutes while corporate buyers lock supply away, reducing selling pressure during downturns.

In previous cycles, most demand came from traders who could exit quickly. Corporate ownership now provides a floor that didn’t exist before—but that floor is being violently stress-tested.

Bitcoin ETF holders have pulled $6.18 billion out of spot Bitcoin ETFs since November 2025—the longest sustained outflow streak since these products launched. Outflows peaked at $817 million on January 29, with BlackRock’s IBIT shedding $528 million in a single session. By early February, 62% of all ETF inflows were underwater, with the average cost basis around $85,000—roughly $20,000 above current prices.

Yet corporate treasuries haven’t sold during this Bitcoin crash. The divergence between ETF panic and corporate conviction has never been starker—a pattern similar to institutional behavior observed in other crypto assets.

Companies are guided by multi-year conviction rather than short-term sentiment. When a publicly traded firm announces a Bitcoin purchase, it validates BTC as a legitimate asset to shareholders, regulators, and other corporate boards.

Bitcoin ETFs: From Demand Driver to Selling Pressure

Bitcoin ETFs drove the market to new highs in 2025 but have since become a source of selling pressure. U.S. spot Bitcoin ETFs now hold about $97 billion in total assets—down $31 billion from their January 14 peak of $128 billion, and cumulative net inflows have slipped to $55.3 billion.

The drawdown has been severe. CryptoQuant reports that institutional demand has “reversed materially,” with U.S. ETFs now net sellers in 2026. Bitcoin broke below its 365-day moving average for the first time since March 2022. The question is whether corporate treasuries can absorb what ETFs are dumping.

In October 2025, weekly inflows topped $3.24 billion as Bitcoin pushed past $126,000. By February, that hot money had fled—taking the Bitcoin price down 50% from its peak. The price impact was severe, but corporate accumulation has prevented a complete collapse.

The Bitcoin $60,000 Test

Bitcoin’s crash has pushed prices toward critical support levels that could determine whether corporate conviction holds or cracks.

Analysts are watching the $58,000-$60,000 range as key support. Bitcoin briefly touched $60,033 during early Asian trading on February 6, marking its lowest level in over a year. The 200-day moving average and realized price for long-term holders cluster in this zone. A clean break below could trigger accelerated selling.

If Bitcoin drops another 10%, analysts warn that major miners could face bankruptcy, forcing them to liquidate Bitcoin holdings to cover operating costs—and that would dump more supply into an already panicked market.

Strategy’s cost basis of $76,052 matters for market psychology. With Bitcoin trading $11,000 below that level, the company sits on roughly $8 billion in unrealized losses. While Strategy has consistently signaled it won’t sell, prolonged pain could test even the most committed corporate holders.

The contrast with the FTX crash is telling. In November 2022, Bitcoin fell because a major exchange collapsed—an external shock that erased trust. This Bitcoin crash has no single headline to blame. ETF outflows, macro headwinds, and fading risk appetite are grinding Bitcoin lower without a clear catalyst, and that slow bleed is often harder to stop than a sudden panic.

What This Crash Means for Corporate Bitcoin

Corporate accumulation hasn’t eliminated risk—and this week’s Bitcoin crash proved it. Concentration in a few hands creates vulnerabilities: Strategy alone holds over 3.4% of all supply, and at current prices its position is underwater. If this selloff extends into a prolonged bear market, companies with leveraged positions could face margin calls.

Corporate Bitcoin resilience is being tested right now. The next few weeks will reveal whether corporate treasuries can truly provide a floor, or whether even long-term holders eventually capitulate when losses mount.