**Bitcoin Holdings in Corporate Treasuries: MSTR's Leadership Under Siege**

In 2025, the landscape of corporate Bitcoin accretion is shifting rapidly. While **Strategy Inc** (MSTR) has cemented its position as the world's largest corporate Bitcoin holder with approximately 671,000 BTC—representing over 3% of global supply—rival players are aggressively scaling their positions, challenging the durability of this dominance.

MSTR's accumulation velocity has undeniably accelerated this year. A 26% BTC yield and 116,555 BTC in realized gains demonstrate disciplined capital deployment. The company recently acquired 10,645 BTC in mid-December alone, signaling sustained conviction. Notably, Bitcoin per share continues climbing despite ongoing equity issuances, a positive indicator that capital raises are value-accretive at the per-share level.

**But Competition is Heating Up**

Marathon Digital Holdings (MARA) is pursuing a hybrid model—pairing large-scale mining operations (60.4 EH/s hash rate) with strategic Bitcoin purchases. By Q3 2025, MARA accumulated 52,850 BTC, creating a more self-sufficient competitive moat. Riot Platforms (RIOT) takes a different tack, generating $180.2 million in annual revenues through mining while holding 19,287 BTC and deploying 36.5 EH/s. With $104.5 million in net income, RIOT demonstrates that Bitcoin network participation itself can be highly profitable.

**The Valuation Question**

Here's where momentum stalls. MSTR shares have plunged 54.1% over the past year, significantly underperforming its sector (+15.7% gain). RIOT rose 23.4%, while MARA fell 49.7%. The stock trades at just 0.9X Price/Book versus the sector average of 4.28X—suggesting deep value, but also pointing to market skepticism about MSTR's growth trajectory relative to mining competitors.

Management's 2025 targets—30% BTC yield and $20 billion in dollar profits—hinge on sustained momentum in Bitcoin accretion and favorable macro tailwinds. Regulatory clarity and improved market liquidity via Bitcoin ETFs do support this thesis. Yet with mining-focused peers generating tangible operational cash flow, pure treasury accumulation strategies face growing scrutiny on sustainability and return generation.

At $88.16K per Bitcoin, the question investors are asking: can MSTR maintain its accretion momentum without the operational revenue streams its competitors are building?