Public Companies Double Bitcoin Holdings in 2025

Corporate adoption of digital assets in treasury management is accelerating. A new report from K33 Research shows that the number of listed firms holding Bitcoin almost doubled in the first half of 2025. Between December 2024 and June 2025, companies with Bitcoin on their balance sheets grew from 70 to 134, with total holdings reaching 244,991 BTC.

The trend is drawing comparisons to previous waves of corporate gold accumulation. Mike Foy, chief financial officer at AMINA Bank, said the development mirrors earlier attempts to give investors exposure to hard-to-access assets. “Time will tell if this becomes a sustainable trend, but it is clear that strategy has a first mover advantage,” he said. He added that firms in jurisdictions with limited access to institutional crypto products stand to gain the most.

Lifeline or Last Resort?

The rise in crypto treasuries has not come without scepticism. Analysts warn that struggling companies may be using digital assets as a way to improve their public image rather than as part of a sustainable financial strategy.

Biotech firm Windtree Therapeutics recently became a case in point. In July, it disclosed a $60 million purchase agreement with Build and Build Corp. to begin a BNB treasury plan. This was followed by a $500 million equity line of credit and a $20 million stock-purchase pact to expand its holdings. The announcement briefly lifted its share price, but within weeks the company’s stock had fallen more than 90% from its peak.

On Tuesday, Nasdaq announced that Windtree would be delisted for failing to maintain the $1 minimum bid price required under listing rules.

Top 10 Bitocin treasury firms. Source: BitcoinTreasuries.NET

Foy suggested investors should look closely at how companies manage crypto exposure. He advised checking management’s risk expertise, leverage levels, commitment to their core business and insider trading activity. “If any of these seem strange or out of the ordinary, then this is possibly a sign that this isn’t a long term plan but rather a short term share price play,” he cautioned.

Growing Interest Beyond Bitcoin

While Bitcoin remains the dominant choice for corporate treasuries, firms are beginning to explore alternatives. Ether has gained particular attention, not only as a digital currency but also as a technology platform that offers staking rewards and opportunities for collaboration with blockchain foundations.

Ray Youssef, chief executive of NoOnes, argued that Ethereum’s hybrid nature makes it appealing to treasury managers. “Ethereum starts to look like a hybrid between tech equity and digital currency. This appeals to treasury strategists looking beyond passive storage,” he said. According to Youssef, the asset’s staking yield, programmability and compliance-friendly roadmap are attracting companies that already operate in the digital economy.

Parallels with Gold Adoption

Supporters of the trend argue that crypto treasuries are following the same logic as corporate gold holdings. Both assets are seen as alternatives to traditional cash reserves and as a hedge against economic uncertainty.

Foy noted that Bitcoin, like gold, provides a way for investors to gain exposure to an asset outside conventional financial markets. However, he stressed that the sustainability of the trend will depend on regulatory clarity and market stability. “The parallels are clear, but outcomes will be shaped by the specific environment in which these strategies are pursued,” he said.

Long-Term Strategy or Short-Term Optics?

The rapid expansion of corporate crypto holdings highlights both opportunity and risk. On one hand, digital assets offer diversification and the potential for long-term returns. On the other, they may tempt financially troubled companies to use crypto reserves as a short-term reputational boost.

As more firms announce treasury allocations to Bitcoin, Ether and selected altcoins, analysts will be watching closely to distinguish between genuine long-term strategies and short-lived attempts to influence market perception.