Standard Chartered Warns Corporate Bitcoin Holders Could Face Forced Selling If Prices Drop Sharply
As of the end of May 2025, 61 publicly listed companies hold a combined total of 673,897 bitcoins, representing about 3.2% of the entire bitcoin supply, according to a research report by Standard Chartered analyst Geoff Kendrick released Tuesday.
These corporate treasuries are currently contributing to buying pressure in the bitcoin market. However, Kendrick cautions that a significant price decline in bitcoin could force some of these companies into liquidations.
A large portion of the corporate bitcoin holdings stems from Michael Saylor’s MicroStrategy (MSTR), which alone holds 580,955 bitcoins.
Drawing on the example of Core Scientific (CORZ) from 2022, Kendrick explained that if bitcoin prices fall more than 22% below the average purchase price, forced selling could occur. In June 2022, Core Scientific—facing financial distress—sold 7,202 bitcoins at an average price of $23,000 to raise roughly $167 million. This forced liquidation price was just 22% below their cost of production, underscoring how creditor pressure can compel asset sales in downturns.
Kendrick warns that if bitcoin’s price drops back below the $90,000 mark, approximately half of the corporate bitcoin treasuries would find themselves underwater, increasing the risk of forced liquidations.
