Corporate Bitcoin Holdings Surge 22% in 30 Days

In recent months, a growing number of publicly listed companies have announced plans to add Bitcoin (BTC) to their corporate treasuries, sparking both praise and concern. Over a 30-day period ending on June 11, at least 22 entities incorporated Bitcoin as a reserve asset, according to BitcoinTreasuries.net. This trend was popularized by Strategy, formerly known as MicroStrategy, whose aggressive Bitcoin accumulation strategy has inspired a wave of imitators.

While some companies are lauded for their strategic vision, critics argue that others are entering the space with weak financials, using Bitcoin as a lifeline rather than out of long-term belief. Fakhul Miah, managing director of GoMining Institutional, expressed concern about the "copycats" entering the market without proper safeguards or risk management. He warned that if these smaller firms face financial difficulties, it could hurt Bitcoin’s image and potentially trigger a ripple effect.

Standard Chartered Bank issued a warning in a June 3 research report, stating that half of corporate treasuries risk going underwater if BTC falls below $90,000. A 22% drop below average purchase prices could force sell-offs and liquidations. Bitcoin has remained above this danger zone since April 22, but the risk of a price drop remains a concern.

Strategy CEO Michael Saylor began accumulating Bitcoin in August 2020, using various fundraising methods to finance purchases, including stock offerings, convertible debt, and secured loans. The company is now the world’s largest corporate Bitcoin holder with 582,000 BTC in its wallets, as of June 11. Miah noted that Strategy provided a shortcut for corporations without the infrastructure to self-custody Bitcoin, allowing them to gain indirect exposure by buying Strategy’s stock.

In the second quarter of 2025, a new phase of institutional adoption began, with some companies positioning themselves as proxies by adding Bitcoin directly to their corporate treasuries. This trend introduces systemic risks, as a sharp price drop could trigger cascading liquidations. Geoff Kendrick, head of digital assets at Standard Chartered Bank, warned that regulatory and market maturation may erode the premium for Bitcoin proxy stocks.

Most of these Bitcoin treasuries are trading at net asset value (NAV) multiples greater than one, meaning their market capitalization exceeds the value of the Bitcoin they hold. Kendrick attributed this discrepancy to regulatory constraints in some jurisdictions that prevent direct crypto investments or ETFs, making Bitcoin-holding companies a workaround for institutional investors. However, he cautioned that this dynamic may not last as the global regulatory landscape evolves and Bitcoin ETFs become more widely available.

Strategy still holds 71% of Bitcoin in public treasuries, a position built over years through a mix of equity and debt. Many recent entrants have taken on aggressive leverage to buy in at much higher price levels. This concentration of holdings, combined with debt-funded positions, means any sharp move lower in BTC could trigger forced liquidations. Unlike these newer players, Strategy withstood the 2022 crypto crash, when Bitcoin plunged more than 50% — to $15,500 from around $31,000 — without being forced to sell.

Miah highlighted that institutional interest in Bitcoin is no longer isolated to ETFs and indirect exposures, as mining is becoming more attractive. Mining produces virgin Bitcoin — coins with no transaction history — which is valuable to institutions and sovereign entities because it is clean, traceable, and regulator-friendly. However, Bitcoin mining is notoriously competitive, and its rewards are cut in half every four years through a process called halving. The last halving occurred in 2024, and the next is expected in 2028, when the block reward will drop to 1.625 BTC every 10 minutes.

Bitcoin’s growing corporate and ETF adoption also challenges the decentralization of its ownership. At its core, Bitcoin was designed as a decentralized cryptocurrency offering unrestricted access to financial services, regardless of one’s background or situation. However, as adoption spreads, more Bitcoin is being managed by institutions and governments. An estimated group of 228 entities is holding over 16% of the total BTC supply, with public companies holding at least 819,689 BTC, representing 3.9% of Bitcoin’s 21 million supply cap. Private companies control another 292,047 BTC, bringing total corporate ownership to an estimated 5.29% of all Bitcoin.

Samson Mow, Jan3 founder and vocal Bitcoin advocate, argued that this trend does not compromise Bitcoin’s original mission. He noted that Bitcoin was inevitably going to end up in the hands of companies, institutions, and governments because it is valuable. Mow emphasized the importance of educating these entities on what Bitcoin is and why it is different from other assets. Miah added that indirect avenues offer a safer and more regulated way to invest at a time when crypto ownership can pose physical risks to holders. By the end of May, a GitHub repository maintained by Jameson Lopp, chief security officer of Bitcoin custody firm Casa, had logged 29 violent attacks in 2025 targeting crypto holders for their assets, up from 22 incidents recorded in mid-May.