Bitcoin News Today: Bitcoin Becomes Core Asset for Major Companies Driven by Policy Shifts and ETF Access

Bitcoin has evolved from a speculative asset to a core component of corporate financial strategies. Over the past four years, and particularly in 2024 and 2025, Bitcoin has transitioned from an experimental hedge to a strategic asset held with intent. This shift is driven by improved regulations, easier investment access, and changing corporate strategies. Companies are increasingly using Bitcoin to shape their business approaches, reflecting a broader acceptance and integration of the cryptocurrency into mainstream finance.

Several key policy changes have facilitated this transition. New rules from the Financial Accounting Standards Board (FASB) allow firms to report Bitcoin at market value, enhancing balance sheet clarity and appeal. The introduction of U.S. spot Bitcoin exchange-traded funds (ETFs) has provided investors with easy access to Bitcoin without the need to store or manage the asset directly. These ETFs have bridged the gap between cryptocurrency and traditional finance, attracting both institutional and retail capital. As a result, companies have begun treating Bitcoin as a core asset rather than just an inflation hedge or experimental reserve, leading to bolder and more aggressive Bitcoin positions.

The report highlights five major companies—Strategy, Marathon Digital, Riot Platforms, Twenty One Capital, and Metaplanet—that collectively hold over 700,000 BTC. These companies are evaluated differently based on their use of Bitcoin, corporate structure, and investor confidence. Strategy leads with 597,325 Bitcoins, worth around $70 billion, making up over half of its market capitalization. The company trades at a strong premium compared to its Bitcoin net asset value (NAV), reflecting investor confidence in its consistent Bitcoin acquisition and strategic use of debt to expand reserves. Investors treat Strategy like a leveraged Bitcoin ETF, with its stock often moving two to three times more than Bitcoin’s price.

Marathon Digital holds 50,000 Bitcoins, with over 85% of its total value tied to the asset. Its stock price aligns closely with the value of its holdings, suggesting a more neutral market view. Marathon is seen more as a mining operator than a firm with a broader Bitcoin strategy, with its stock movements tracking Bitcoin closely but without additional market premium. Riot Platforms, with 19,225 Bitcoins, has about half of its market cap backed by BTC and trades at roughly twice the value of its holdings. Metaplanet holds 15,555 BTC and trades at over three times their value, driven by its early lead in Asia and focus on digital assets. Its stock surged in step with Bitcoin’s 90% rise in 2025, reinforcing its high-beta status.

In contrast, Twenty One Capital holds 37,230 BTC worth over $4.4 billion but trades at a 91% discount to its NAV. This discount is attributed to market doubts over passive holding models and uncertainty around its structure. Beyond corporate ownership, Bitcoin’s realized cap has reached $1 trillion for the first time, with 25% of this value coming in 2025. This indicates a wave of fresh capital moving into the ecosystem. However, this capital is not just showing up on the blockchain. There is a significant move toward off-chain BTC exposure, with retail investors favoring regulated platforms over direct wallet holdings. Over 75% of ETF shares are held through brokerages, reflecting a preference for secure, regulated environments.

Companies like Strategy have become top picks for traders, attracting significant investment. Clearer rules and lower risk have drawn major players like hedge funds, banks, and asset managers into BTC ETFs and related stocks. Vanguard’s stake in Strategy shows the rising institutional interest. Meanwhile, growth among smaller holders has slowed, confirming the rise in traditional financial routes for BTC investment. Investors now lean more on public equities and ETFs rather than holding the asset directly.