According to @glassnode, corporate Bitcoin treasuries held by public and private companies expanded from 197,000 BTC to 1.08 million BTC since January 2023, a roughly 448% increase (source: Glassnode, https://glassno.de/3Yfjrs3; tweet dated Dec 9, 2025). According to @glassnode, this implies an incremental ~883,000 BTC moved onto company balance sheets over the period, with corporate balance sheets becoming an increasingly significant pillar of BTC spot demand that traders monitor (source: Glassnode, https://glassno.de/3Yfjrs3).