Bitcoin Adoption by Firms to Surge 25% by 2025

Blockware Intelligence has forecasted that at least 36 additional firms will adopt Bitcoin by the end of 2025, marking a 25% increase from the current 141 public companies holding the cryptocurrency. This projection comes as public company interest in Bitcoin continues to gain momentum, with the adoption rate among these entities surging 120% this year. Blockware describes these Bitcoin Treasury Companies as a crucial link between equity and debt markets and digital assets, highlighting Bitcoin's growing role as a strategic treasury asset.

Michael Saylor’s Strategy leads the trend in corporate Bitcoin holdings, with over 597,000 BTC. However, concerns are rising about the long-term sustainability of this debt-fueled strategy. Critics, including analysts from Glassnode and Breed, warn that many Bitcoin-heavy companies could face a “death spiral” during downturns. This phenomenon occurs when firms trading near their net asset value struggle to raise capital as market premiums erode. Despite these concerns, data from Bitwise Asset Management shows that corporate Bitcoin accumulation hit a record high in Q2 of 2025, with 159,107 BTC added during the period.

Partnerships like Animoca Brands and DDC Enterprise suggest that there are broader corporate strategies to extract yield from BTC. Animoca Brands entered into a non-binding memorandum of understanding with DDC Enterprise to manage its Bitcoin holdings and generate yield on up to $100 million worth of BTC. DDC Enterprise, a meal-prep and packaged food company, recently embraced a Bitcoin treasury strategy, planning to acquire 5,000 BTC over the next three years. The partnership aims to bridge the gap between traditional consumers and the world of digital assets, leveraging DDC’s CEO Norma Chu’s ability to appeal to a broad, non-crypto audience.

Strategy co-founder Michael Saylor announced that the company will resume Bitcoin purchases after a brief pause. The move follows a $4.2 billion capital raise and ends a 12-week streak of continuous BTC accumulation. Strategy’s last buy was on June 30, when it bought 4,980 BTC for $532 million, bringing its total holdings to 597,325 BTC, valued at over $70.9 billion. With shares trading at $434 and up 16% this month, Strategy is still below its all-time high of $543 from November of 2024. The company is part of the broader trend where firms are acquiring BTC at a pace faster than it is mined, fueling talk of a looming supply shock. However, some analysts warn this debt-driven buying spree could pose risks to market stability.

Blockware’s analysis indicates that the newest entrants into the Bitcoin treasury space are largely either nascent startups or companies facing financial difficulties. The firm argues that for businesses with low growth prospects or declining core operations, allocating earnings to Bitcoin can be a more straightforward path to generating 40–60% compound annual growth rates than trying to revitalize their existing models. However, some analysts are not so sure about the long-term viability of Bitcoin-heavy treasuries. James Check of Glassnode believes the easy gains from this strategy may already be fading, while venture capital firm Breed warned that only a small number of these companies are likely to avoid the so-called “death spiral.”