Key Highlights
- Amid the sharp crash in BTC value, Bitcoin holding companies are forced to rethink their digital asset treasury again
- Spot BTC ETFs provide an alternative to these corporate companies as it provides more regulated way of investment without directly holding it
- As of now, no company sold its BTC holdings despite the price drop
There is a downward trend in the overall crypto market, and all major cryptocurrencies fell sharply after back-to-back liquidations, which wiped out billions of dollars of investment from the crypto market. As of now, Bitcoin is trading at around $67,000, which is approximately 50% down from its all-time high in 2025.
While this turmoil in the crypto market is affecting the overall market, the drop in Bitcoin’s price is testing companies that hold Bitcoin directly on their balance sheets. The reason behind this is the spot Bitcoin ETFs. After the first launch in 2024, spot Bitcoin ETFs have become a great investment option for institutional investors, as it eliminates the need to actually hold it.
Bitcoin ETFs Become a Regulated Alternative for Public Companies
According to the data, these ETFs now hold more than $100 billion in assets. They provide an alternate option to invest in Bitcoin, that too with regulatory requirements.
According to market experts, companies that hold Bitcoin directly on their balance sheet may face pressure, and some of them could sell their Bitcoin because ETFs provide a simpler option that does not affect a company’s financial statements the same way.
However, this is just a speculation, and as of now, there is no company that has come forward to back down from their Bitcoin strategy. Even leading companies, like Strategy, are continuously buying dips and showing signs to hold it for long periods of time.
According to Bitcointreasuries, publicly traded companies around the world hold around 1.136 million Bitcoin, whose cumulative value is around $76.97 billion. This supply is over 5.41% of the total BTC supply.
One of the biggest BTC public holding companies is Strategy, owned by Michael Saylor. The company owns 717,131 BTC, worth around $49 billion. The company bought its BTC at an average price of $76,025. As the current price is far lower than this, these BTC holdings are raising many questions as this holding is worth less than what the company paid.
Strategy has acquired 2,486 BTC for ~$168.4 million at ~$67,710 per bitcoin. As of 2/16/2026, we hodl 717,131 $BTC acquired for ~$54.52 billion at ~$76,027 per bitcoin. $MSTR $STRC https://t.co/wvxRYZlQ3Y
— Michael Saylor (@saylor) February 17, 2026
Despite this, Strategy has recently acquired additional BTC, including 2,486 BTC on February 17 for $168 million.
The second biggest company in this race is MARA Holdings with 53,250 BTC, followed by Twenty One Capital with 43,514, Metaplanet with 35,102, and others.
This data shows that Strategy alone accumulated over 97% of net corporate purchases in January 2026, which shows the concentration among Bitcoin-based firms.
Spot Bitcoin ETFs Challenges BTC Treasuries
Spot Bitcoin ETFs have become an attraction for institutional investors after their launch in 2024. These funds come with a simple way to gain exposure to Bitcoin without the problems that come with holding it directly. Investors who invest in these ETFs do not have to worry about their custody, regulatory challenges, or accounting issues.
For companies that hold Bitcoin on their balance sheets, accounting rules can create big problems. When the price of Bitcoin drops, they must report an impairment loss.
Strategy is a big example of this scenario. The company reported a loss of $12.4 billion in Q4 of 2025 because of Bitcoin’s price drop.
ETFs are an alternative to this kind of accounting problem. The funds also make it easy for traditional institutions to enter the market. Even during the extreme bear market conditions, like the current one, data show that institutions are not panicking and selling their ETF shares. In fact, money is continuously flowing into these funds despite the downward trend in the crypto market.
According to Farside, on February 6, the spot BTC ETFs witnessed an inflow of $371.1 million in inflow. On February 10, it generated $166.5 in inflow.
According to some experts, inflows into BTC ETFs could double again in 2026. This could create pressure on companies that hold BTC directly, as ETFs offer a cleaner way without the operational headaches.
Still, Public Companies Believe in Holding Bitcoin
There are still supporters of owning Bitcoin directly in their treasury. They affirm that Bitcoin’s abnormal price jump makes it an impressive option and make it risks worthwhile. Companies like Strategy are calling Bitcoin a better form of money.
Go bitcoin today. The money won’t fix itself.
— Michael Saylor (@saylor) February 13, 2026
There are various benefits of directly holding BTC. For example, it helps the company to avoid the risk of counterparty that comes with ETFs. It simply means that there is no third party involved in the transaction. Companies also keep full control over their holdings, which means that it could allow them to use their BTC for lending or as collateral in the future.
Conclusion: Which One is the Better Option?
The recent crash in BTC’s price has sparked fear in the Bitcoin holding companies after their stocks plunged. However, these companies have shown resilience during the downward trend in the crypto market.
But there is still a question in the crypto market about why companies should hold Bitcoin directly if ETFs provide an alternative option.
ETFs can provide the same price movement, also known as beta, without the risk of holding it directly. This could make new corporate companies think twice before buying BTC directly.
Also Read: Is Bitcoin’s February 2026 Sell-off the End of the Bull Cycle?
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