Scandal: Businesses Outpace Everyone in Wild Bitcoin Grab! 📉💼

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Dearest Reader,

Pray, imagine a ballroom wherein the dance for Bitcoin is most spirited, and yet, the usual guests—those earnest individual investors and grand old funds—find themselves sorely outpaced. Indeed, it is the corporate gentry who now pirouette atop the leaderboard. With the year barely half-spent, their treasuries have secreted away a remarkable 157,000 BTC, an amount that might cause even Mr. Darcy to choke most ungracefully on his tea—$16 billion, if you would believe it! Our poor exchange-traded funds manage a paltry 49,000 BTC (a mere $5 billion, hardly enough to warrant a new carriage), and governments, rarely known for their nimbleness, have hustled up 19,000 BTC.

Yet—oh, the scandal!—the commoners are selling out en masse, to the tune of 247,000 coins. Perhaps their fortunes required repair, or perhaps they merely suffer a want of nerve. 😱

Businessmen with Unnatural Zeal

According to the estimable Mr. River (no relation to Miss Lydia Bennett’s paramours), the lion’s share of new demand arises from these corporates, with especial credit to one Mr. Saylor of Strategy, whose appetite for Bitcoin would put the most prodigious Regency buffet to shame. Nearly 80% of all business purchases this year are at his behest. In truth, when a gentleman amasses more coin than the miners can procure of a day, the nearest analogy is an assembly hall suddenly short of refreshments. The supply grows positively pinched!

Businesses are the largest net buyer of bitcoin so far this year, led by @Strategy which makes up 77% of the growth.

— River (@River) May 12, 2025

ETF & Government: the Wallflowers

One must not neglect the efforts of funds and governors, who do try valiantly to keep step, like earnest but second-rate suitors. Exchange-traded funds have acquired 49,000 BTC—respectable, though somewhat akin to winning a complimentary pudding, rather than the main prize. Governments, perhaps hoping for some financial respectability, have managed 19,000 BTC, lending the whole affair a rather official stamp of seriousness.

Business Sectors Embrace Bitcoin, Just Not in the Parlour

This digital dalliance is not restricted to bankers and financiers, though they account for a robust 36% of buying parties. The “tech set” follows at 17%—no surprise—they do delight in a novelty. Consultants are in at 16%, providing advice on how to spend millions whilst charging more for it. Real estate, non-profits, and consumer royalties are at the dance as well. Why, even agriculture and transportation have wriggled onto the guest list. This year’s fresh faces include that video salon, Rumble, and Hong Kong’s Ming Shing—a builder with aspirations, no doubt.

The party grows so exuberant that coins are in shorter supply than calling cards after a night full of proposals. 📉

As demand soars, absent a corresponding birth of fresh coins, the laws of economics do as they must. The deflation rate is now pegged at –2.3%, says Mr. Ki Young Ju—a number that might worry even Lady Catherine. Fewer coins produced and more snapped up create, quite marvelously, an artificial “halving.” Even Mr. Livingston concedes, the effect is a cut as real as any inheritance. If such behaviour continues, price floors may rise even higher than Mrs. Bennet’s hopes for her daughters. 😏

Grand Gestures & Grander Wallets

Some acquisitions simply demand attention (and a fan to one’s brow). Strategy bought themselves 13,390 BTC for $1.34 billion in one swoop; Metaplanet startled polite society with the addition of 1,241 BTC, leaping over El Salvador to claim the neighbourhood’s largest hoard. Bitwise whispers that 12 new public companies entered the market in early 2025, gathering over 95,000 BTC in all—a 16% leap for the public purse. The ton is, in a word, shook.

Wherefore Next?

Corporate hunger has rewritten the rules of the Bitcoin game this year. Tis no longer the realm of passionate hobbyists or daring traders. Nay, businesses now park their treasures in digital gold, treating it with all the reverence Mr. Collins gives a good sermon. Unless and until their appetite fades, the market remains ever tighter. Should they pause, miners may flood the floor with new coin; yet, for now, business reigns supreme. The rest of us can only take notes—and perhaps sell a pianoforte to keep up.

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2025-05-13 19:56