In a sign of growing institutional confidence in cryptocurrency, at least 61 publicly listed companies have now adopted a “Bitcoin treasury” strategy, placing a portion of their cash reserves into Bitcoin (BTC) as a long-term store of value and potential hedge against inflation. This trend, which gained traction after MicroStrategy’s historic pivot in 2020, is increasingly reshaping how businesses view digital assets—not merely as speculative investments, but as corporate treasury tools with strategic value.
What is the “Bitcoin Treasury” Strategy?
The Bitcoin treasury strategy refers to a corporate financial policy where a company diverts a portion of its cash or cash equivalents into Bitcoin. Rather than letting capital sit idle in low-yielding savings or government bonds, companies bet on BTC’s long-term value appreciation and deflationary nature.
This approach has been fueled by several global macroeconomic factors:
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Inflation fears due to excessive money printing and quantitative easing.
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Declining interest rates in traditional financial systems.
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Increased institutional legitimacy of digital assets.
By adding Bitcoin to their balance sheets, companies aim to both preserve value and benefit from BTC’s asymmetric growth potential over time.
Major Players Leading the Shift
While MicroStrategy may have pioneered this strategy at scale, it is far from alone. The list of companies that now hold Bitcoin as part of their treasury includes a range of firms—from fintech innovators to traditional corporations.
Here’s a look at some of the top names:
1. MicroStrategy Inc.
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Bitcoin Holdings: ~214,400 BTC (as of May 2025)
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Current Value: ~$14 billion (at $65,000/BTC)
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First Purchase: August 2020
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CEO Michael Saylor has turned MicroStrategy into a Bitcoin-first enterprise, repeatedly stating that BTC offers a superior long-term store of value than fiat currencies.
2. Tesla Inc.
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Bitcoin Holdings: ~10,725 BTC
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First Purchase: Early 2021
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Elon Musk’s electric vehicle giant made headlines by investing $1.5 billion in Bitcoin and briefly accepting BTC as payment for vehicles.
3. Block Inc. (formerly Square)
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Bitcoin Holdings: ~8,027 BTC
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Founded by Jack Dorsey, a long-time Bitcoin advocate, Block has not only purchased BTC for its corporate treasury but also integrates Bitcoin services through its Cash App and TBD division.
4. Coinbase Global
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Bitcoin Holdings: ~9,000 BTC
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As the largest U.S.-based crypto exchange, Coinbase naturally holds significant crypto assets, including Bitcoin, both for operational liquidity and long-term investment.
5. Galaxy Digital
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Bitcoin Holdings: ~12,000 BTC
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A financial services and investment management firm focused on digital assets, Galaxy has been among the earliest institutions to support BTC as a treasury asset.
The 61-Company Club: Widening Adoption
According to data from BitcoinTreasuries.net and other sources tracking corporate crypto adoption, at least 61 publicly traded firms now disclose Bitcoin holdings on their balance sheets. These companies span various industries, including:
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Tech and software
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Financial services
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Energy
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Mining
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Insurance and asset management
These firms are distributed across North America, Europe, Asia, and even parts of Latin America, reflecting the global shift in treasury management practices.
Why Are Companies Making This Move?
1. Hedge Against Inflation
With central banks around the world continuing to print fiat currency at unprecedented rates, many firms worry about currency debasement. Bitcoin, with its fixed 21 million supply, is seen as an inflation-resistant asset.
2. Diversification Strategy
Diversifying corporate treasuries into non-correlated assets like Bitcoin reduces exposure to traditional financial market volatility.
3. Investor Demand
Many younger and tech-savvy shareholders now view Bitcoin allocation as a forward-looking strategy. Companies like Coinbase and Tesla saw spikes in investor enthusiasm after their BTC announcements.
4. PR and Branding
For some firms, Bitcoin adoption is not just about finance—it’s also a marketing statement. It signals innovation, adaptability, and alignment with the digital future.
Risks and Criticisms
Despite growing adoption, the Bitcoin treasury strategy is not without critics. Key risks include:
– Price Volatility
Bitcoin remains highly volatile compared to traditional assets. Sharp drops in BTC’s value can lead to significant mark-to-market losses, affecting quarterly earnings reports.
– Regulatory Uncertainty
With cryptocurrency regulations still evolving, especially in the U.S., some companies remain hesitant to hold crypto directly due to uncertain tax and accounting standards.
– Cybersecurity Concerns
Storing large amounts of Bitcoin requires robust custody solutions, as hacks and thefts can lead to irreversible losses if not handled properly.
Changing Accounting Standards
Currently, under Generally Accepted Accounting Principles (GAAP) in the U.S., Bitcoin is treated as an intangible asset. This means companies must record impairment losses if BTC’s price drops—even if it rebounds later. There is growing pressure to update these rules to better reflect the unique nature of crypto assets, potentially making it easier for more firms to follow suit.
In fact, the Financial Accounting Standards Board (FASB) has proposed changes that would allow Bitcoin to be measured at fair market value, bringing much-needed flexibility and accuracy to corporate accounting practices.
The Road Ahead: What This Means for Bitcoin and Finance
As more companies continue to adopt the Bitcoin treasury strategy, the line between traditional finance and decentralized finance is beginning to blur. Corporate participation brings:
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Increased stability in the Bitcoin ecosystem
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Greater mainstream legitimacy
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More conservative investors entering the crypto space indirectly
Moreover, institutional holders tend to “HODL” for longer durations, removing large amounts of BTC from circulation and potentially contributing to supply scarcity—which may drive prices higher in the long term.
The fact that over 60 public companies now hold Bitcoin in their treasuries is a landmark shift in modern finance. From a fringe asset to a legitimate corporate investment, Bitcoin has proven its staying power. As accounting standards evolve, regulatory clarity improves, and Bitcoin matures as an asset class, we may see hundreds more firms joining the Bitcoin treasury movement over the next decade.
The strategy may not be without risk—but for a growing number of companies, not owning Bitcoin might pose a bigger risk in the rapidly digitizing global economy.
Key Takeaway:
Bitcoin’s role in corporate finance is no longer experimental—it’s becoming a mainstream strategy. With 61 companies already leading the way, the question for the rest of the corporate world might soon shift from “Should we buy Bitcoin?” to “How much should we hold?
