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Corporate
treasuries have nearly doubled in the first half of 2025, with public companies holding a total of 244,991 BTC across 134 listed firms. This surge, up from 70 firms in December 2024, marks a significant acceleration in institutional crypto adoption. The trend is being driven by a combination of strategic diversification, investor demand, and—according to some observers—short-term public relations considerations [1].The adoption of Bitcoin as a corporate reserve mirrors earlier institutional moves into gold, with similar motivations including inflation hedging and asset diversification. However, the speed and scope of this shift have raised concerns among analysts that some firms may be using Bitcoin treasury announcements as a reputational tool rather than a long-term financial strategy [1].
Mike Foy, CFO at AMINA Bank, noted that while the move is emblematic of broader institutional interest, the sustainability of this trend will depend heavily on regulatory and market conditions. He emphasized that investors should scrutinize companies’ financial health and management’s expertise in handling crypto assets to determine whether their treasury moves are genuinely strategic or merely optics-driven [1].
Red flags include high leverage, lack of crypto custody experience, and unusual insider stock activity. For example, Windtree Therapeutics used a $60 million
purchase to temporarily boost sentiment, but the move failed to prevent Nasdaq delisting due to minimum bid-price requirements. This case underscores the risk that some corporate crypto allocations are not part of robust treasury strategies but rather an attempt to mask underperformance or attract investor attention [1].While Bitcoin remains the dominant asset in corporate treasuries, some firms are experimenting with
and altcoins, particularly to capture staking rewards and leverage digital product synergies. Ethereum’s programmability and yield-generating capabilities make it an attractive option for companies seeking more dynamic exposure. Ray Youssef, CEO of NoOnes, highlighted these features as key factors in Ethereum’s growing appeal among forward-looking treasury managers [1].Despite the enthusiasm, the sector has not been without risks. Real-world asset (RWA) protocols linked to tokenized assets and Bitcoin exposure experienced $14.6 million in exploits in H1 2025, signaling the need for stronger risk management frameworks as traditional institutions increasingly engage with crypto [3].
In parallel, DBS Bank reported over $1 billion in crypto-linked structured notes in H1 2025, with plans to expand tokenization offerings for institutional investors. This reflects a broader shift as traditional finance entities begin to integrate digital assets into their product suites [2].
Investors and analysts are encouraged to closely monitor corporate disclosures, governance structures, and regulatory developments to distinguish between genuine long-term strategies and short-term PR efforts. As Bitcoin and Ethereum continue to set record highs, the debate over the role of crypto in corporate treasuries is likely to intensify, with implications for both the
market and institutional finance more broadly.Source:
[1] https://en.coinotag.com/corporate-bitcoin-treasuries-nearly-doubled-in-h1-2025-may-reflect-short-term-pr-strategies/
[2] https://www.blockscholes.com/research
[3] https://www.coinglass.com/news

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