Dormant Bitcoin Supply Is Gradually Reactivating

In a report dated December 16, K33 Research Director Vetle Lunde highlighted a steady decline in Bitcoin supply that had remained untouched for more than two years. Since 2024, approximately 1.6 million BTC have re-entered circulation. At current market prices, this represents roughly $138 billion in value.

Lunde interprets this movement as clear evidence of continued on-chain selling by long-term and early-stage investors. These holders, who accumulated Bitcoin at much lower price levels, have been using recent market conditions to realize profits.

More Than Just Technical Wallet Movements

One of the key takeaways from the report is that the scale of reactivated supply cannot be explained solely by technical factors. While events such as the conversion of the Grayscale Bitcoin Trust into an ETF, wallet consolidations, or security-related address changes account for part of the activity, K33 argues they fall short of explaining the full magnitude of the supply shift.

Instead, the data points to deliberate distribution, with long-term holders gradually transferring coins back into the market rather than simply reorganizing custody structures.

Historical Context and Institutional Liquidity

K33’s analysis places 2024 and 2025 among the largest years on record for long-term Bitcoin supply reactivation, ranking second and third after 2017. However, Lunde emphasizes that the current cycle differs fundamentally from previous ones.

While the 2017 cycle was largely driven by ICO participation, altcoin speculation, and protocol incentives, the present environment is shaped by deep institutional liquidity. U.S.-based spot Bitcoin ETFs and expanding corporate treasury demand have created conditions that allow large holders to execute direct, sizable sales with minimal market friction.

Several notable transactions underscore this trend, including an 80,000 BTC over-the-counter sale completed in July, a 24,000 BTC whale transaction in August, and an additional 11,000 BTC sold during the October–November period.

Supply Structure Shifts and Forward Outlook

K33 estimates that roughly $300 billion worth of Bitcoin aged over one year has returned to circulation this year alone. Increased institutional liquidity has enabled long-term investors to exit positions at six-figure price levels, reducing ownership concentration and establishing new reference prices across a meaningful portion of the circulating supply.

Looking ahead, K33 expects selling pressure to gradually ease. With nearly 20% of Bitcoin’s supply reactivated over the past two years, Lunde believes the distribution phase is nearing saturation. If this trend continues, the two-year Bitcoin supply could resume an upward trajectory by late 2026, signaling a transition toward a more durable demand-driven market structure.

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Amdax’s Euronext Amsterdam Move

Amdax plans to launch a Bitcoin treasury company to be listed on the Amsterdam-based Euronext exchange. For this purpose, the company is creating AMBTS B.V., a privately held firm with independent governance. The goal is highly ambitious: to hold 1% of the total bitcoin supply in circulation.

AMBTS plans to gradually raise capital from the markets to expand its bitcoin reserves and increase the bitcoin-per-share ratio for investors. At current prices, achieving this target would require more than $24 billion.

Amdax was the first crypto service provider to register with the Dutch Central Bank in 2020. On June 26, it also became one of the first Dutch companies to receive a MiCA license from the Dutch Authority for the Financial Markets (AFM).

Corporate Bitcoin Adoption in Europe

According to Amdax CEO Lucas Wensing, bitcoin still holds a relatively small share in corporate balance sheets, but the time is now right. Currently, more than 10% of the total bitcoin supply is already held by companies, governments, and institutions.

In Europe, at least 15 companies have publicly disclosed that they hold bitcoin. These include Germany-based Bitcoin Group (3,605 BTC), the UK’s Smarter Web Company (2,395 BTC), France’s The Blockchain Group (1,653 BTC), and the UK’s Satsuma Technology (1,126 BTC).

Other companies holding smaller amounts of bitcoin include Sweden’s H100 Group, Samara Asset Group, CoinShares, Aker ASA, and K33.

Bitcoin Performance and Asia’s Growth

Over the past decade, bitcoin has outperformed all major asset classes, with a gain of 26,900%. In comparison, the S&P 500 rose 193%, gold gained 125%, and crude oil just 4.3%. This clearly shows why institutional interest in bitcoin continues to grow.

In Asia, corporate bitcoin investments are also rising. Japan-based Metaplanet recently purchased an additional 775 BTC, pushing its total holdings to over 18,888 BTC. Following these acquisitions, the company’s stock price has surged nearly 190% year-to-date.

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36 BTC Acquired for Approximately $4.28 Million

According to the company’s disclosure, K33 invested approximately 42.8 million SEK in this latest transaction. At current exchange rates, that equals roughly $4.28 million USD. The firm also revealed that its average cost per Bitcoin now stands at SEK 1,119,121, or approximately $111,912 per BTC.

“Targeting 1,000 BTC,” Says CEO

Torbjørn Bull Jenssen, CEO of K33, made the following statement regarding their latest move:

“This is just the beginning of our Bitcoin accumulation strategy. We are rapidly advancing toward our initial milestone of 1,000 BTC. With two successful funding rounds completed in quick succession, we are already preparing our next strategic steps.”

This clear and assertive strategy not only reflects K33’s strong belief in Bitcoin’s long-term value, but also underlines its intent to leverage this asset to generate operational alpha within its brokerage business.

Bitcoin as a Strategic Treasury Asset

K33 continues to position itself as one of the leading institutional players in digital asset research and trading. With an expanding Bitcoin treasury, the company aims to enhance both its financial strength and market competitiveness.

The firm’s accumulation strategy mirrors a broader institutional trend where Bitcoin is increasingly viewed not just as a speculative investment, but as a core strategic reserve asset.

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The market responded instantly, and so did the company’s share price.

Metaplanet Aims for 210,000 Bitcoin, Setting a Historic Target

In a June 6 announcement, Metaplanet revealed its updated Bitcoin acquisition strategy. The new target of 210,000 Bitcoin marks a tenfold increase from the previous 21,000 BTC goal. If achieved, Metaplanet would become the world’s second-largest public Bitcoin holder, just behind Strategy, led by Michael Saylor.

On June 9, the company’s stock rose over 22%, trading as high as 1,641 yen. In just five days, Metaplanet shares gained 24%.

The “555 Million Plan” Signals Aggressive Accumulation

The so-called “555 million” plan will see Metaplanet acquiring 201,112 more Bitcoin over the next three years. At current prices, this would cost over $21 billion. The firm’s interim goal is to reach 100,000 Bitcoin by 2026.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Metaplanet currently holds 8,888 Bitcoin, after buying an additional 1,088 on June 2. Since its first purchase in July 2024, the company’s stock has skyrocketed by 1,744%.

Institutional Bitcoin Buys Fuel Global Corporate Trend

More public companies are turning to Bitcoin reserves. South Korea’s K Wave Media, Paris-based Blockchain Group, and Indonesia’s DigiAsia Corp have all jumped on the bandwagon, with their stock prices surging post-announcement.

Yet not all firms see gains. Norwegian firm K33’s stock remained flat despite its Bitcoin buy plan.

Still, according to Standard Chartered, corporate Bitcoin holdings now represent 3.2% of all that will ever exist — worth over $342 billion.

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