Bitcoin treasury companies do not have much impact on market prices.

According to recent research by the crypto investment company – Keyrock on July 10, it was shown that Bitcoin fund management companies only caused 0.59% of daily BTC price volatility.

The report indicates that Bitcoin fund management companies have a very small impact on price fluctuations despite holding a total of 847,000 BTC, equivalent to about 4% of the total Bitcoin supply.

Keyrock's report is based on data from public and private companies, which disclose the amount of Bitcoin held in their financial reports or legal filings.

Accordingly, Strategy, the company holding the largest amount of Bitcoin, has controlled over 1% of the total BTC supply. Interestingly, in Q2 2024, the amount of Bitcoin held by companies increased by more than 159,000 tokens, marking the highest quarterly increase ever.

However, the report shows that this has little impact on the short-term market volatility of Bitcoin and there is no significant correlation between token purchases and the price trends of the leading asset. Most companies act as long-term holders and do not frequently move BTC.

The impact of Bitcoin treasury companies on prices | Source: KeyrockTherefore, Bitcoin held in corporate treasuries does not affect trading behavior or market dynamics. Price volatility is still driven by the spot market, ETP products, derivative instruments, and retail activities. Treasury growth, although a positive signal, does not translate into volatility or upward price pressure.

High premium fee

Meanwhile, a new report shows that publicly traded companies holding large reserves of Bitcoin often trade at a higher premium than the actual value of this asset.

MicroStrategy is currently leading with a premium fee of 91.3% compared to the market value of the Bitcoin it holds. This means that investors have to pay $191 for every $100 invested in Bitcoin through the company's stock.

Other fund management companies also show similar premium fees, ranging from 20% to 60%, depending on the market cycle and investor demand. This fee level reflects that company stocks with exposure to Bitcoin are priced higher than the value of the assets they hold.

Premium fees of Bitcoin fund management companies | Source: KeyrockThe report has monitored several companies with disclosed Bitcoin holdings and found that their stock prices are consistently overvalued compared to their underlying assets. This trend persists even when Bitcoin is stagnant or declining.

The company notes that this premium fee fluctuates independently of the price of Bitcoin. They often react faster to market sentiment, news, or speculation. The fee drops sharply during price declines but increases again during price rallies.

The gap between stock prices and BTC value indicates the cost differential when investors use stocks from companies to invest in Bitcoin.

Although treasury bills may seem passive, the stock prices of companies are not. As of July 2025, MicroStrategy remains the company that is overvalued compared to the amount of Bitcoin it holds. The report does not name all the companies under consideration, but confirms that this model is very popular.

Most BTC reserves are not used as collateral

Interestingly, the report also emphasizes the reason why Bitcoin held by companies may not significantly impact price volatility, noting that it is primarily because much of this BTC is inactive.

The report confirms that most of the holdings are stored offline and are not used as collateral or in financial products.

Companies holding BTC rarely use their reserves for lending purposes, creating strategic yield, or derivative products. Their internal rules and custody structures restrict the use of assets in operations, meaning that although companies hold large amounts of BTC, they are not used to create leverage or liquidity.

Keyrock notes that only a small percentage of treasury assets are moved or deployed after being acquired. Most remain unchanged, even during periods of market volatility.

This approach helps keep holdings safe but also limits strategic flexibility. Treasury companies do not benefit from yields or lending profits, even when other platforms generate revenue from actively using BTC.

However, the report notes that unless these companies take adaptive measures, they may lose market share to organizations with more dynamic strategies, as treasury growth without creating use cases is not the best way to maximize financial resources.

Vincent