Emre Yumlu 
Institutional appetite for Bitcoin has reached a historic milestone. Publicly traded companies now collectively hold over 1 million BTC, representing nearly 5% of the cryptocurrency’s fixed supply. This figure underscores the growing conviction among corporations in Bitcoin as a long-term asset.
Yet, alongside this rapid accumulation, concerns are emerging about shrinking transaction fees — a trend that could challenge Bitcoin’s long-standing “digital gold” narrative.
Corporate Bitcoin Holdings at Record Levels
From corporate treasuries to mining firms and ETF issuers, the role of public companies in Bitcoin markets has expanded significantly over the past few years.
At the top of the leaderboard sits Strategy, co-founded by Michael Saylor, which began aggressively purchasing Bitcoin back in 2020.
In second place is MARA Holdings, with 52,477 BTC under its control — adding 705 BTC in August alone.
New entrants are also making their mark. Jack Mallers’ XXI already holds 43,514 BTC, while the Bitcoin Standard Treasury Company owns 30,021 BTC.
Other notable players include Bullish (24,000 BTC), Metaplanet (20,000 BTC), and publicly traded names such as Riot Platforms, Trump Media & Technology Group, CleanSpark, and Coinbase.
The Hidden Risk: Transaction Fees in Decline
While Wall Street’s Bitcoin exposure is growing, the network faces a different challenge: falling transaction fees. Following the most recent halving, block rewards were reduced, and transaction fees now account for less than 1% of miner revenue.
This leaves miners increasingly reliant on price appreciation alone to sustain profitability. As a result, some are forced to liquidate reserves or shut down operations entirely.
Beyond economics, this dynamic could also impact Bitcoin’s decentralization and security. A decline in miner participation risks concentrating hash power into the hands of a few dominant pools. In fact, Foundry and Antpool already command nearly half of the network’s total hash rate.
The 2028 Halving: An Even Greater Test
The next halving will cut block rewards further, down to 1.5625 BTC per block. For miners, this represents an even steeper challenge to stay profitable.
Unless new use cases emerge to boost demand for block space, Bitcoin’s security model could weaken. Such a shift would push the “digital gold” narrative further away from the economic incentives that underpin the network’s resilience.
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