Market Data

BTC / 21M

Company BTC holdings as a share of Bitcoin’s fixed 21M supply.

What the term means

BTC hodlings / 21M expresses a company's total Bitcoin balance as a percentage of Bitcoin's hard-capped supply of 21 million coins. It is calculated as the firm's BTC holdings divided by 21,000,000 and then multiplied by 100, typically displayed as a percentage or fraction of the cap.

Representative snapshots as of November 2025: Strategy (MSTR) holds roughly 641,205 BTC, equating to ~3.05% of 21M according to BitcoinTreasuries.net; Metaplanet (3350.T) sits near 30,823 BTC (~0.147%) based on company disclosures; Strive Inc. (ASST) reports ~7,525 BTC (~0.036%) per TipRanks coverage.

The denominator is fixed—Bitcoin's protocol enforces a 21 million coin cap, with analysts estimating 3–4 million coins lost forever, putting effective circulating supply closer to 17 million. Aggregators track both company-level and sector totals; public corporates collectively own 1.05 million+ BTC (~5% of 21M) as of November 10, 2025.

Why the term matters for Bitcoin treasury companies

Scarcity moat and irreversible leadership

Bitcoin supply is immutable. A high percentage of 21M signals a company has secured a chunk of an asset that cannot be inflated away. Strategy's ~3.05% position forms a fortress few can rival (Marathon ~0.25%, Metaplanet ~0.147%). The dynamic is winner-takes-most—Strategy alone absorbed as much BTC in 2025 as miners produced in multiple months, a scale emphasized by 99Bitcoins. Premium valuations partially reflect this scarcity lockup.

Compounding flywheel accelerator

Higher percentages justify accretive capital raises. Strategy points to its 3%+ stake to issue ATMs or convertibles without shareholder revolt; Metaplanet used momentum (0.02% to 0.147% in 18 months) to secure ¥15 billion-equivalent financing, aiming for 1% by 2027 per Crypto.news. Strive's climb to 7,525 BTC via preferred stock and warrants shows how mid-tier ratios enable volatility harvesting and lending programs. Firms below 0.01% struggle to raise capital efficiently.

Supply-shock amplifier across cycles

Corporate treasuries now hold more BTC than 2025's entire mining output, as highlighted by CoinPedia. When prices dip, high-ratio players buy aggressively—Strategy spent $45 million+ on sub-$100k prints in November 2025—so effective float tightens even as premiums compress. During bull phases, rising ratios drive FOMO: the cohort added ~400k BTC in 2025 according to Arkham Intel data.

Strategic defense and takeover calculus

Below 1× mNAV, high ratios confer near-immunity: Strategy's 3% stake would cost tens of billions to replicate, putting it beyond most activists. Metaplanet's 0.147% plus concentrated insider ownership has deterred outside pressure. Conversely, sub-0.005% treasuries became merger targets or distressed sellers during 2025's correction.

Macro and regulatory signaling

Combined corporate (~5%), ETF (~6%), and government (~2.5%) holdings imply 13–15% of effective supply is institutionally locked, per CoinGecko. This bolsters the “digital gold reserve” narrative underpinning policy proposals such as the Lummis bill advocating a 1 million BTC U.S. strategic reserve and coverage on BitcoinTreasuries.net. Individual leaders become geopolitical actors—Strategy briefings at White House summits, Metaplanet as Japan’s proxy treasury.

Risk when ratio stagnates

If basic shares rise faster than BTC holdings, the percentage plateaus or declines, signaling execution decay. Several 2025 laggards saw ratios flatline, valuations compress below 0.8× mNAV, and were forced into asset sales or delistings. The market rewards relentless accumulation toward the 1%+ club and punishes stagnation.

Bottom line

BTC hodlings / 21M is the north-star scarcity metric separating transient plays from generational compounders. Prioritize treasuries stacking fastest toward 1% (Strategy already 3%, Metaplanet targeting 1%). Every sat acquired is one less available to competitors—track announcements weekly to stay ahead of ratio momentum.

How BitcoinQuant incorporates it

Company BTC holdings ÷ 21,000,000.

BTC / 21M Definition