According to Kirolock on July 10, the Bitcoin (BTC) Treasury shifted BTC spot prices by an average of 0.59% per day in 2025. Research Report.
This study used Kyle’s Lambda to measure the impact of price across all BTC-USDT markets, finding that business purchases rarely exceed the benchmark.
Despite deep purchasing power, it reduces market impact
Keyrock tallied 725,000 BTC held by a cohort led by a strategy that owns 597,000 BTC. The total amount held by companies accounts for approximately 3.6% of the Bitcoin supply.
However, daily purchases by these companies rarely exceeded accidental slips, as many transactions relied on structured orders, commercial swaps, or stock exchanges that maintain volume from public books.
For example, Twenty One Capital secured its first 42,000 BTC through its inventory trading with Tether and Bitfinex.
Keyrock has identified six sessions this year where acquisitions from established buyers such as Strategy and Metaplanet have exceeded 3% of Bitcoin’s daytime travel. It also cited a single strategic tranche from the second half of last year, resulting in a swing of 9.05%.
The report also noted that these bursts proved to be exceptional rather than typical.
Premium ratings raise questions about sustainability
This report won the cohort at a total premium of 73% on the net value of the coin at the pricing of the Department of Treasury cohort.
Keyarock counted $9.48 billion and $33.5 billion of preferred capital across the group as large maturities clustered in 2027 and 2028. The report states that companies with thin operating cash flows are currently relying on coupons on stock issuances in the market.
The accumulation of debt funds has accelerated since November 2024, when imitators’ strategy models and public services grew across jurisdictions from Japan to Brazil. Since 2020, an 11-fold increase in Bitcoin per share of the strategy has set a benchmark that many new entrants are trying to match.
For now, the report concluded that corporate purchases represent a limited but episode catalyst rather than a constant driver of Bitcoin price action, primarily because structured execution keeps order flow cautious.
Researchers warned that concentration risk could enhance volatility when large holders adjust their strategies, as large holders hold on a single balance sheet.
