TLDR
Institutional Bitcoin purchases in 2025 have far exceeded the amount produced by miners.
Bitcoin price is rising as the gap between demand and supply continues to grow.
Private companies, public firms, and funds have all increased their Bitcoin holdings this year.
Several major corporations have made their first Bitcoin purchases in 2025.
Analysts project that Bitcoin could reach multi-million-dollar valuations by 2035.
Institutional purchases have far outpaced the Bitcoin (BTC) supply in 2025, driving intense upward pressure on the Bitcoin price. Data from Bitwise Europe shows that large firms’ buying continues to expand. Analysts note that the gap between demand and supply has widened significantly since the 2024 halving.
Bitcoin Price Rises Amid Record Institutional Demand
Bitwise Europe’s Head of Research, Andre Dragosch, reported that institutions bought 913,006 BTC in 2024. In contrast, miners produced only 217,771 BTC after the halving.
He said, “If institutions keep buying at this rate, there simply won’t be enough Bitcoin to go around.”
There is not enough bitcoins for everyone if institutions continue to accumulate like this… pic.twitter.com/MawieES0tU
— André Dragosch, PhD⚡ (@Andre_Dragosch) August 7, 2025
In 2020, institutional buying reached 446,350 BTC, nearly matching the 453,318 BTC produced. However, between 2021 and 2023, purchases fell well below output levels. For example, in 2022, institutions acquired just 86,529 BTC against 332,425 BTC mined.
This year, the trend has intensified sharply. So far in 2025, institutions have acquired 545,579 BTC, while miners have generated just 97,082 BTC. Consequently, the imbalance between buying and new supply continues to grow each month, pushing the Bitcoin price higher.
Corporate and Fund Holdings Hit Record Levels
Data from Bitcoin Treasuries shows institutional holdings surged from 2,252,936 BTC at the end of 2024 to much higher levels this year. Private companies increased their reserves from 271,735 BTC to 292,375 BTC, adding 20,650 BTC. Public companies expanded from 694,147 BTC to 1,054,463 BTC, gaining 360,316 BTC.
ETFs and other funds grew their holdings from 1,287,054 BTC to 1,468,330 BTC in 2025. This increase came from buying another 181,276 BTC in just eight months. These figures underline the continued upward pressure on the Bitcoin price.
Several firms have made their first Bitcoin purchases in 2025. GameStop bought $500 million worth in May, while Belgravia Hartford entered in June. Rumble also started buying in January, signaling broadening corporate interest.
New Entrants Accelerate Accumulation
The second half of 2025 has brought even more corporate activity. In July, Abraxas Capital purchased over $250 million in Bitcoin within a week. Volcon Inc. also joined with a $500 million purchase.
Trump Media announced plans in May to raise $2.5 billion for a Bitcoin treasury. Bitcoin-native Twenty One went public with over 43,500 BTC, including 5,800 from Tether. These moves further tightened supply.
Dragosch projected several possible 2035 targets for the Bitcoin price. His models suggest $1.3 million, $7.2 million, or $13.7 million, depending on the valuation approach. The continued imbalance between demand and production remains the driving factor.
