Bitcoin News Today: Over 250 Organizations Now Hold Bitcoin as Reserve Asset, Challenging Traditional Finance

Over 250 organizations worldwide now hold Bitcoin as a reserve asset, marking a significant shift in corporate finance strategy. This trend indicates that Bitcoin is increasingly being viewed as a legitimate store of value, moving beyond its previous perception as a speculative asset. The growing adoption of Bitcoin in corporate treasuries challenges traditional practices that have relied on fiat currencies or low-risk instruments like bonds. With persistent global inflation concerns, Bitcoin's fixed supply and decentralized nature appeal to CFOs seeking alternatives to depreciating fiat currencies.

Michael Saylor’s Bitcoin model remains a standout strategy despite the growing number of corporate holders. As the CEO of MicroStrategy, Saylor pioneered this approach by converting his company’s balance sheet to Bitcoin starting in 2020. His method focuses on accumulation over time, conviction in Bitcoin’s long-term value, and using debt and equity to fund BTC purchases. Despite market volatility, this model has proven resilient. Few companies have matched Saylor’s aggressive yet strategic allocation style, making his approach a benchmark for others in the industry.

As more organizations add Bitcoin to their reserves, the treasury model is evolving. Rather than a one-size-fits-all strategy, there is a diversification of approaches. Some firms use Bitcoin as a hedge, while others mimic parts of Saylor’s model without going all-in. The core idea remains that Bitcoin is becoming a strategic asset, and Saylor’s original model continues to act as a benchmark, even as newer variations emerge to meet different risk profiles and goals.

The Bitcoin treasury model faces growing pressure as over 250 organizations now hold BTC reserves. This trend, initiated by Michael Saylor’s Bitcoin strategy in 2020, has evolved into a widely adopted financial playbook. However, the model's reliance on Bitcoin's price volatility exposes these companies to substantial risks. If a company’s stock price declines to or below the value of its underlying Bitcoin, investor confidence can collapse, leading to a potential "death spiral."

The "death spiral" scenario begins with a sharp drop in Bitcoin’s price, reducing a company’s net asset value (NAV). This contraction in market cap tightens access to new capital, forcing companies to sell their Bitcoin into a falling market to meet obligations, further depressing the asset’s price. The report warns that only companies maintaining a strong NAV premium and consistently growing their Bitcoin-per-share holdings can escape collapse. Others may face acquisition or insolvency, prompting further industry consolidation.

Strategy’s Bitcoin strategy remains resilient amidst this growing strain. Under Michael Saylor’s leadership, the company has methodically built a dominant position, holding over half a million BTC by mid-2025, more than half of all Bitcoin held by public companies. Strategy’s stock continues to trade at a significant premium to its Bitcoin NAV, signaling sustained investor confidence based on its disciplined capital strategy.

Strategy employs a balanced BTC equity vs. debt strategy. On the equity side, it has used at-the-market offerings to sell new shares at elevated valuations, recycling proceeds into more Bitcoin without excessive dilution. On the debt side, it issued low-interest convertible notes, which are structured to only convert into stock if Strategy’s price surges. This approach has enabled Strategy to nearly double its BTC holdings every 16-18 months, outperforming other Bitcoin holding companies both in accumulation and market trust.

Strategy has also demonstrated resilience during market downturns. Even amid price shocks and a looming BTC NAV death spiral for some peers, Strategy preserved its NAV premium by clearly communicating with investors, maintaining debt servicing, and opportunistically raising funds through equity rather than distress sales. Looking ahead, Bitcoin treasuries in 2025 are entering a phase of consolidation. Only a handful of companies are likely to maintain their NAV premiums. Weaker players, especially those overleveraged or lacking investor trust, may face acquisition, collapse, or irrelevance. Strategy’s lead and market credibility make it the benchmark. New entrants in the NAV crypto companies category will need to differentiate themselves by offering new value, unique structures, or improved capital efficiency. Simply being a corporate Bitcoin reserve vehicle may no longer be enough.

Meanwhile, the landscape is shifting as ETF and pension fund BTC exposure expands. With traditional finance offering new ways to access Bitcoin, from spot ETFs to institutional custodianship, the appeal of publicly traded Bitcoin proxy stocks could fade. If ETFs gain further traction, they may siphon demand away from companies like Strategy, shrinking the NAV premium and compressing valuations. Still, the long-term thesis remains intact: Bitcoin is a supply-capped crypto asset, and scarcity dynamics will drive value. The question is who can hold through volatility without being forced to sell. Companies with high leverage and weak governance are most at risk. Those relying on equity may dilute, but they’ll survive the next downturn. Bitcoin corporate treasury risks are real, but not insurmountable. Strategy has set a playbook: use capital strategically, maintain investor trust, and stay long-term aligned. For others in the space, survival may depend on how well they can adapt that approach before the next BTC market downturn forecast becomes reality.