Corporate Bitcoin Holdings Surge 250% Since 2020

Bitcoin has evolved from a speculative investment to a significant component of corporate treasuries. While companies like Strategy and Metaplanet have garnered attention for their substantial Bitcoin purchases, many other firms have quietly added Bitcoin to their balance sheets. These companies span various industries, including technology and healthcare, and have strategically allocated portions of their reserves to Bitcoin, often without public announcements. This low-profile approach reflects a growing trend among businesses aiming to protect against inflation, diversify assets, or align with the digital economy. As of July 4, 2025, 26 companies started holding Bitcoin, bringing the total number of companies with Bitcoin reserves to 250.

Companies are increasingly incorporating Bitcoin into their treasury strategies for several reasons. Bitcoin serves as a potential hedge against inflation and the devaluation of fiat currencies. Unlike traditional money, which can lose value due to monetary expansion, Bitcoin’s fixed supply of 21 million coins makes it an attractive store of value during inflationary periods. Additionally, Bitcoin offers a unique combination of digital scarcity and 24/7 liquidity, providing the growth potential of long-term investments while maintaining the accessibility of short-term assets. The influence of early adopters like Strategy and Tesla has also significantly driven this trend. Since 2020, Strategy has accumulated substantial Bitcoin reserves using stock and debt, inspiring other companies to adopt similar strategies. Treasurers view Bitcoin as a non-correlated asset that enhances portfolio resilience against macroeconomic shocks, supporting governance and diversification goals.

Several public companies have discreetly added Bitcoin to their balance sheets, opting for minimal publicity. BitFuFu, a Singapore-based Bitcoin mining firm listed on Nasdaq, holds 1,709 BTC, which is 40% of its market cap. The company focuses on scaling mining operations through owned and cloud-based infrastructure, aiming for steady BTC accumulation as both mining yield and store of value. Cipher Mining, a US-listed Bitcoin miner with a strong renewable-energy focus, holds 1,063 BTC, which is 40% of its market cap. The company aims to stabilize revenue using BTC, reinvest in green energy projects, and offer ESG-aligned shareholder value through sustainable crypto yield. KULR Technology Group, a US thermal and battery safety tech firm, holds 920 BTC, which is 40% of its market cap. By allocating part of its balance sheet to BTC, KULR mitigates fiat risk, aligns with its innovative image, and showcases confidence in crypto’s long-term security value. Aker ASA, Norway’s industrial investment company, holds 754 BTC, which is 1.7% of its market cap. The company seeks balanced capital allocation through BTC exposure while pursuing sustainability-investment themes. BTC acts as a hedge against inflation/currency fluctuations and underpins the firm’s diversification and value-creation strategies across industrial assets. Meliuz, a Brazilian fintech cashback and services platform, holds 595.7 BTC, which is 45% of its market cap. The company used BTC as a hedge during currency volatility in Brazil while signaling innovation to fintech customers and investors through modern financial strategies. MercadoLibre, Latin America’s leading e-commerce and fintech company, holds 570.4 BTC. BTC exposure complements its fintech ecosystem, enabling integration with Mercado Pago and reinforcing leadership in digital payment innovation and reserve diversification. Samara Asset Group, a Malta-based investment manager, holds 525 BTC, which is 28% of its market cap. BTC aligns with Samara’s digital-asset-focused strategy, intended to reduce exposure to traditional markets and attract crypto-minded investors. Jasmine International PCL, a Thai telecom and data center operator, holds 506.4 BTC, which is 15.9% of its market cap. The company aims to derive crypto revenues, diversify the balance sheet, and scale digital infrastructure in Southeast Asia’s emerging market. Alliance Resource Partners, a US coal producer, holds 481.9 BTC, which is 1.5% of its market cap. The company intends to stabilize earnings during commodity downturns and bolster long-term reserve value amid inflationary pressures. Rumble, a Canadian video-sharing and cloud services platform, holds 210.8 BTC, which is 0.8% of its market cap. The company envisions BTC embedding crypto culture into Rumble’s core, strengthening ties with decentralization-minded users and enhancing financial resilience.

Blockchain analytics firms play a vital role in uncovering public companies’ holdings of Bitcoin that were previously undisclosed. These firms use advanced methods like address clustering, timing correlation, behavioral heuristics, and “dusting” analysis to connect pseudonymous Bitcoin wallets to corporate entities. Address clustering groups wallet addresses by identifying shared patterns, such as coins moving through the same transaction paths or originating from known custodians. Timing correlation matches blockchain transactions with known purchase dates reported in corporate disclosures. Behavioral heuristics and dusting analyze small test transactions and wallet usage patterns to identify ownership indicators. For instance, Arkham Intelligence has traced 87%-97% of Strategy’s Bitcoin holdings by combining wallet clustering and transaction analysis. However, these methods aren’t foolproof and face several challenges, including attribution uncertainty, custody obfuscation, and evolving privacy tactics. Despite these limitations, blockchain analytics significantly improve transparency, providing investors with valuable insights into corporate Bitcoin accumulation.

Matthew Sigel from VanEck warns that some companies face “capital erosion,” where their value decreases despite holding Bitcoin. This occurs when firms issue new stock or take on debt to buy Bitcoin. If a company’s stock price is high, issuing shares can benefit shareholders by raising funds above the net asset value. However, if the stock price falls to or near its NAV, issuance of new shares dilutes value, potentially harming shareholders and leading to capital erosion. If a company’s market capitalization is lower than the value of its Bitcoin holdings, it becomes a concern. This is a peculiar situation that reveals the risk of a company relying too much on Bitcoin for its treasury. It may undervalue a company, particularly if investors lose confidence in its core operations. Moreover, while Bitcoin’s price swings may strengthen a company’s balance sheet during market uptrends, its volatility can harm stock performance and shake investor trust. When a company’s market value falls below its Bitcoin reserves, it may face challenges raising funds through equity or debt, as issuing new shares at low prices reduces the value for existing shareholders.

With the growing acceptance of Bitcoin in business circles, even some risk-averse entities have quietly begun building Bitcoin treasuries. While ultra-conservative firms remain mainly on the sidelines, the number of companies open to accumulating Bitcoin as a backup is consistently growing. Corporate accumulation of Bitcoin removes it from circulation, tightening supply and potentially driving short- to medium-term price spikes. On the other hand, when prices drop, forced sell-offs may amplify volatility. This trend is reshaping corporate treasury models globally. Firms increasingly view BTC as a hedge against inflation, adding a non-correlated asset to their balance sheets. Global adoption now spans mid-market to multinational companies, suggesting a strategic normalization of Bitcoin in treasury operations. Companies accumulating Bitcoin as corporate treasury assets may face regulatory challenges, including compliance with Anti-Money Laundering and Know Your Customer laws. Tax implications, such as capital gains reporting and securities regulations, can complicate adoption. Jurisdictional differences and unclear crypto guidelines may also expose firms to legal risks and penalties. Corporate adoption of Bitcoin as a treasury asset signals mainstream acceptance. It stabilizes market perception and attracts institutional investors. This trend validates Bitcoin’s legitimacy, fostering broader financial integration with market dynamics. Volatile yet strategic, corporate Bitcoin accumulation is shaping macro supply dynamics, redefining treasury models, and adding new layers to market resilience.