Bitcoin’s Treasury Revolution: A New Financial Paradigm Unfolds

Crypto treasuries are facing mounting pressure as the market dynamics shift, according to recent analyses. The premiums of digital asset treasury firms are narrowing, with major Bitcoin-focused companies such as Strategy experiencing a continued compression between stock price and net asset values (NAV). Greg Cipolaro, global head of research at New York Digital Investment Group (NYDIG), noted that the compression is driven by a combination of factors, including investor anxiety over future supply unlocks, changes in corporate strategy by digital asset treasury (DAT) management teams, and increased share issuance. As a result, Cipolaro warns that a "bumpy ride" may lie ahead for these firms, especially with many awaiting mergers or public listings that could trigger a wave of selling from shareholders [1].

The issue is exacerbated by the fact that many DATs, including KindlyMD and Twenty One Capital, are currently trading at or below the value of recent fundraises. A drop in share prices could further accelerate selling activity once shares become freely tradable. Cipolaro emphasized that stock buybacks represent a straightforward solution to stabilize share prices, suggesting that companies should allocate some of their raised capital to support buybacks [1]. This strategy aims to reduce supply and, in turn, drive up prices.

Corporate Bitcoin holdings have reached a peak in 2025, with public companies collectively holding 848,100 BTC—approximately 4% of the total Bitcoin supply. Strategy, the largest corporate Bitcoin holder, controls 76% of these holdings, while the remaining 24% is spread across 32 other firms. However, the rate at which these companies are acquiring Bitcoin has slowed. In August, Strategy’s average purchase size dropped to 1,200 BTC, significantly lower than the 14,000 BTC average seen earlier in 2025 [1]. Other companies saw a reduction in Bitcoin purchases as well, with acquisition volumes declining by 86% compared to their March 2025 peak.

The broader adoption of Bitcoin as a corporate treasury asset is reshaping traditional finance, according to reports from Standard Chartered and Binance. Publicly listed companies have increasingly moved beyond speculative interest in digital assets to concrete allocation decisions. The growth rate of corporate Bitcoin holdings has been robust, expanding by 31% in 2024 and nearly doubling in early 2025. Corporate treasuries have outpaced ETFs in Bitcoin purchases for three consecutive quarters, with public companies acquiring 131,000 BTC in Q2 2025 compared to 111,000 BTC by ETFs [2].

This shift is not limited to tech startups. Established firms with mature finance teams are now incorporating Bitcoin into their treasury strategies as a hedge against inflation and a means of diversification. The U.S. Financial Accounting Standards Board has updated accounting guidelines to allow companies to report crypto holdings at fair market value, reducing one of the major obstacles to adoption. Additionally, regulatory clarity provided by the CLARITY Act and other legislative developments has encouraged further institutional interest in digital assets [2].

Analysts project that global public companies could allocate up to $330 billion to Bitcoin over the next five years, up from $80 billion today. Standard Chartered anticipates that Bitcoin could reach $200,000 by year-end, with corporate treasury adoption serving as a key catalyst. The regulatory environment and macroeconomic factors have created conditions where holding Bitcoin is now considered a prudent risk management strategy rather than a speculative move [2].

As the corporate finance landscape evolves, companies are rewriting traditional treasury management approaches. The adoption of Bitcoin as a mainstream asset is not just a trend but a fundamental shift in how firms manage value and inflation. The remaining challenge lies in how quickly companies can adapt to this new paradigm. Those that fail to act may find themselves lagging in an increasingly digital financial ecosystem [2].

Source:

[1] Crypto Treasuries Bumpy Ride Premium NAV Narrow NYDIG (https://cointelegraph.com/news/crypto-treasuries-bumpy-ride-premium-nav-narrow-nydig)

[2] Corporate Crypto Treasuries Bitcoin Mainstream Adoption (https://www.fintechweekly.com/magazine/articles/corporate-crypto-treasuries-bitcoin-mainstream-adoption)