Bitcoin News Today: Bitcoin's Emergence as Strategic Reserve Asset Pushes Treasuries Near $435B

Bitcoin treasuries added 46,187 BTC in September, bringing their combined holdings to nearly $435 billion, according to aggregated data from tracking platforms and institutional filings. This growth underscores a maturing corporate adoption strategy, with public companies, governments, and investment vehicles collectively holding over 1.5 million BTC globally. The expansion reflects both geographic diversification and institutional confidence in Bitcoin as a reserve asset.

Public companies remain the largest holders, with MicroStrategy (MSTR) leading the pack with 639,835 BTC, followed by U.S. government holdings of 198,021 BTC and Chinese government reserves of 190,000 BTC BitcoinTreasuries.NET - Top Bitcoin Treasury Companies^[1]. The United States continues to dominate the landscape, accounting for 198,021 BTC, while international entities contribute 190,000 BTC from China, 61,245 BTC from the United Kingdom, and smaller allocations in countries like Bhutan, the United Arab Emirates, and El Salvador Bitcoin Treasuries: BTC Holdings of Public Companies^[3]. Notably, 130+ public companies outside the U.S. now hold 96,997 BTC ($12 billion), signaling a shift toward global participation Intelligence Drop: 100+ Slides on How Bitcoin Treasuries…^[5].

Institutional ownership and capital strategies are also evolving. Over 200 entities, including ETFs like the Grayscale Bitcoin Trust (177,952 BTC) and iShares Bitcoin Trust (764,993 BTC), have integrated Bitcoin into their portfolios. The sector's fundraising activity remains robust, with $5 billion in new capital raised in September through convertible notes, SPACs, and credit lines Intelligence Drop: 100+ Slides on How Bitcoin Treasuries…^[5]. However, metrics like modified Net Asset Value (mNAV)-a ratio comparing a firm's market cap to its Bitcoin holdings-have come under scrutiny. NYDIG criticized mNAV as misleading, arguing it ignores operational assets and unconverted debt liabilities, which can distort valuations Bitcoin Treasury Firms Urged to Drop ‘Misleading’ mNAV Metric^[7].

Market dynamics reveal a cooling in corporate buying. One in four public Bitcoin treasury firms now trades below their NAV, limiting their ability to raise equity for further BTC purchases. Firms like KindlyMD (NAKA) and Twenty One Capital have seen mNAV multiples collapse from 75 to 0.7, while MicroStrategy's premium has dropped to 1.26-the lowest since March 2024 One in four public bitcoin treasury firms now trading below…^[9]. Analysts attribute this to reduced demand for leveraged exposure and a shift toward more organic sources of Bitcoin buying, such as spot ETFs and retail investors 25% of Bitcoin Treasuries Now Trade Below Their BTC Holdings^[6].

The sector's impact on Bitcoin's price remains debated. While corporate treasury purchases have historically driven demand, the current slowdown may benefit the broader market by broadening ownership. ETF inflows hit $1.2 billion in the week of September 20, and institutional players are accumulating at lower prices. K33 Research noted that the average mNAV for treasury firms has normalized to 2.8 from a peak of 3.8 in April, indicating a more balanced market 25% of Bitcoin Treasuries Now Trade Below Their BTC Holdings^[6].

Geopolitical and structural challenges persist. Governments and corporations face scrutiny over transparency, while smaller treasury firms struggle with dilutive equity issuance. However, the total value of Bitcoin held in treasuries nears $435 billion, reflecting its growing acceptance as a strategic reserve asset. As the sector consolidates, the focus is likely to shift from speculative metrics like mNAV to fundamentals such as operational efficiency and diversified capital structures.