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Bitcoin’s Exposure To Corporate Balance Sheets

Bitcoin Treasuries Report, February 2026

Ecoinometrics

Feb 11

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Earlier this week we looked at ETF flows and the picture was clear: capital continues to leave the market. That steady withdrawal, not the sudden panics, is the defining feature of this bear phase.

But ETFs are only one side of the institutional story.

Public companies collectively hold a substantial amount of Bitcoin on their balance sheets. In prior cycles that wasn’t the case. Today, their behaviour can meaningfully influence supply and demand dynamics. If they are steadily accumulating, they can offset part of the ETF weakness. If they step back (or worse, turn into sellers) the demand side becomes considerably thinner.

So the real question is not just what ETFs are doing. It’s whether corporate treasuries are acting as stabilizers or whether they represent another layer of fragility in an already soft market.

Let’s look at the data.

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