Standard Chartered Highlights Risk of Forced Liquidations Among Corporate Bitcoin Holders
As of May 2025, 61 publicly listed companies collectively hold 673,897 bitcoins, amounting to roughly 3.2% of the total bitcoin supply, according to a new research report by Standard Chartered analyst Geoff Kendrick.
While these corporate treasuries are currently contributing to upward pressure in the bitcoin market, Kendrick warns that a sharp price decline could force some of these firms into selling their holdings under duress.
A significant portion of these bitcoins is held by Michael Saylor’s MicroStrategy (MSTR), which alone owns 580,955 tokens.
Kendrick draws parallels to the 2022 bear market, when Core Scientific (CORZ) faced severe financial pressure. In June 2022, Core Scientific was forced to sell 7,202 bitcoins at an average price of $23,000, raising about $167 million. This forced liquidation price was only 22% below their production cost, illustrating how creditors’ demands can prompt selling well before prices hit rock bottom.
If bitcoin’s price drops below $90,000, Kendrick estimates that roughly half of these corporate bitcoin treasuries would be underwater, potentially triggering forced liquidations and adding to market volatility.
