Corporate Bitcoin Holdings: A Double-Edged Sword for Markets and Investors

Several companies, such as Strategy Inc. and Metaplanet, are adopting Bitcoin as a treasury reserve, giving traditional investors indirect exposure to crypto. This trend is reshaping markets and has led to companies like Strategy Inc. becoming a proxy stock for Bitcoin. However, the risks are significant, including volatility, accounting challenges, and concentration risk. Shareholder support for capital raises dedicated to Bitcoin purchases is on the rise, but the strategy carries potential downsides.

Several major companies, such as Strategy Inc. and Metaplanet, are adopting Bitcoin as a treasury reserve, providing traditional investors with indirect exposure to cryptocurrencies. This trend is reshaping markets and has led to companies like Strategy Inc. becoming a proxy stock for Bitcoin. However, the strategy comes with significant risks, including volatility, accounting challenges, and concentration risk.

Strategy Inc., formerly known as MicroStrategy, has been at the forefront of this trend. The company, which produces mobile software and provides cloud-based services, has adopted Bitcoin as its primary reserve asset. As of September 2025, it holds 632,457 BTC, equivalent to more than $68 billion [1]. The company's aggressive Bitcoin buying spree has been driven by co-founder Michael Saylor, who has publicly stated that he personally holds 17,732 BTC, currently worth over $1.6 billion [1].

Metaplanet, a Tokyo-listed firm, has also been actively accumulating Bitcoin. The company, which owns and operates a Bitcoin hotel, now holds 20,000 BTC, worth over $2.1 billion at today’s prices [2]. Metaplanet's Bitcoin accumulation strategy faced headwinds after its stock price tumbled over 50% between mid-June and September 2025, but the company has since recovered and continued to add to its Bitcoin holdings [2].

Shareholder support for capital raises dedicated to Bitcoin purchases is on the rise. For example, Marathon Digital Holdings Inc. raised nearly $2 billion via convertible notes, most of which has been used to buy Bitcoin [1]. However, the strategy carries potential downsides. The volatile nature of Bitcoin can lead to significant fluctuations in the value of these holdings, making it difficult for companies to manage their treasuries effectively. Additionally, accounting for Bitcoin on a balance sheet can be complex and may require specialized knowledge.

The trend of companies adopting Bitcoin as a treasury reserve is likely to continue, driven by the belief that Bitcoin has the potential to serve as a store of value and a hedge against inflation. However, investors should be cautious and thoroughly evaluate the risks before allocating capital to these holdings. The potential for volatility, accounting challenges, and concentration risk should be carefully considered.

References:
[1] https://finance.yahoo.com/news/10-public-companies-biggest-bitcoin-193206248.html
[2] https://finance.yahoo.com/news/metaplanet-shares-approve-884-million-122000003.html