Journalist
Posted: November 30, 2025
The big players’ buying game continues!
The top 100 public treasury companies now hold more than 1,058,000 Bitcoin [BTC]. Even J.P. Morgan went deeper into Bitcoin exposure, adding roughly $300 million worth of BlackRock’s IBIT.
At the same time, on-chain data showed Coinbase whales buying the dip with confidence.
Corporations are stacking like never before
The latest data shows the top 100 public treasury companies now holding more than 1,058,000 BTC, a number that keeps climbing even in a choppy market.
Firms like Strategy, MARA Holdings, and Metaplanet continue to dominate the list, but what stands out is how broad the accumulation has become; from energy companies to fintech firms to global conglomerates.
Source: X
This is clearly a growing corporate trend. Balance sheets are steadily absorbing more Bitcoin, regardless of short-term price swings.
J.P. Morgan’s Bitcoin bet
And this corporate accumulation trend isn’t limited to the usual crypto-forward companies.
Even J.P. Morgan — whose CEO Jamie Dimon went from dismissing crypto to shakily admitting its relevance — has built a surprisingly large position through BlackRock’s IBIT ETF.
According to Arkham, the bank now has over $300 million in exposure, including $332.8 million in direct IBIT shares, another $10.7 million through external managers, plus $67.8 million in call options and $133.3 million in puts, both likely hedged.
It’s a risk-managed entry, but something’s better than nothing.
Whales step in too
Cumulative Volume Delta (CVD) revealed that whale-sized spot orders between $10,000 and $1 million have been steady net buyers since the recent local bottom.
Retail flows remain mostly flat, and medium-sized traders are only starting to turn positive. However, whales on Coinbase never stopped accumulating.
Source: X
The chart showed this clearly: big buyers stepped in as prices fell, absorbing supply while sentiment was weak. It’s clear that when the market turns cautious, the big players often move first.
Final Thoughts
Corporates are buying more Bitcoin, with over 1.05 million BTC now on balance sheets.
Whales continue buying every dip, so there’s confidence even as retail steps back.
Next: $384B erased from altcoins: Can the sector recover without a Bitcoin rotation?
