The Rise of Bitcoin Treasury Companies

One of the most disruptive trends in global finance is unfolding not in traditional boardrooms or central banks, but on corporate balance sheets. A growing number of publicly traded companies are transforming themselves into Bitcoin treasury companies, organizations that hold significant amounts of Bitcoin as part of their financial strategy. Bitcoin is fast becoming a core reserve asset for corporations seeking growth, resilience, and relevance in an evolving financial landscape.

From software firms like Strategy (formerly MicroStrategy) to political media brands like Trump Media & Technology Group, and even healthcare and energy firms, the corporate adoption of Bitcoin is accelerating. These companies are not just hedging inflation or speculating on price, they are making bold, structural bets on Bitcoin's long-term value and rewriting the rules of corporate finance in the process.

What Is a Bitcoin Treasury Strategy?

A Bitcoin treasury strategy differs from simple “hodling.” While individuals often buy Bitcoin passively as a long-term bet on its value, corporate treasury strategies are more structured, risk-adjusted, and actively managed. These strategies may involve:

• Allocating Bitcoin as a store of value
• Using Bitcoin for strategic branding or innovation signalling
• Employing Bitcoin as a hedge against fiat currency debasement
• Leveraging BTC as collateral or working capital

Unlike traditional reserves—typically held in cash, government bonds, or money market funds—Bitcoin offers asymmetric upside and diversification benefits. But with that potential come higher volatility, regulatory uncertainty, and operational complexity.

Why Companies Are Adopting Bitcoin

Motivations for adopting a Bitcoin treasury strategy vary by company. For some, it’s a hedge against inflation and currency devaluation. For others, it’s a signal to investors that the company is aligned with disruptive innovation. At the Bitcoin Corporate Day 2025 event in Prague, panellists representing Bitcoin treasury companies described Bitcoin as "digital land"—a foundational asset upon which future financial services will be built. They compared accumulating Bitcoin today to buying a piece of Manhattan before the skyscrapers went up, envisioning a new financial paradigm emerging on this digital foundation.

The Strategy Playbook

The most aggressive adopters view Bitcoin not just as a reserve asset, but as a core part of their corporate identity. Take Strategy, the undisputed leader in corporate Bitcoin holdings. Formerly a business intelligence software company, Strategy began buying Bitcoin in 2020 and has since accumulated over 597,325 BTC, more than any nation-state or private firm. Under the leadership of Michael Saylor, the company has raised billions through equity and debt offerings to fund BTC purchases.

Michael Saylor Posting Strategy’s Bitcoin Results on X (Source: X Accout Michael Saylor)

Strategy's key metric is BTC Yield, which measures the rate of increase in Bitcoin per share. The company aims to acquire more Bitcoin without diluting shareholders' holdings. BTC Yield is the period-over-period percentage change in the number of BTCs per share

Bitcoin Miners the Original Treasurers

Before Strategy, Bitcoin miners were the original treasurers. By earning BTC through block rewards, mining companies have long acted as natural treasurers, uniquely positioned at the intersection of infrastructure, energy markets, and monetary policy. Their ability to monetize energy into programmable digital assets positions them as foundational players in the emerging Bitcoin-native financial stack..

Mining firms like MARA Holdings (50,000 BTC), Riot Platforms (19,225 BTC), Galaxy Digital (12,830) and CleanSpark (12,608 BTC) have significant BTC reserves. These companies naturally accumulate Bitcoin over time and often hold it as a strategic asset to smooth revenue during bear markets, fund operations, or signal strength to investors. 

MARA took it a step further and went to raise $700M through convertible notes offering for a BTC purchase. The Bitcoin mining firm utilized around $200 million of the proceeds to repurchase some of its outstanding 2026 convertible notes. The remainder was used to accumulate Bitcoin and support corporate purposes, including expansion, acquisitions, and debt servicing. This turned MARA into the second biggest corporate treasurer behind the Strategy. Riot Platforms and Hut 8 also acquired Bitcoin in addition to mining it. 

BTC holdings public mining companies (Source: Bitcointreasuries.net).

The Next Wave

Since this year a growing number of companies are turning to Bitcoin as an alternative asset for their treasuries, a trend that is accelerating rapidly. According to bitcointreasuries.net, 60 publicly listed companies now hold a combined 852,848 BTC, representing over 4% of all Bitcoin that will ever exist.

In Q2 of 2025, these firms have doubled their holdings, outpacing even the aggressive Bitcoin accumulation of Strategy. Notably, many of these new entrants bought at an average price exceeding $90,000 per BTC, significantly higher than Saylor’s $70,982 average.

Some noteworthy mentions among Bitcoin treasury companies are Twenty One / XXI ($CEP), backed by Tether, Cantor Fitzgerald, SoftBank, and Jack Mallers. A powerhouse lineup, that aims to maximize Bitcoin per share using capital market tools like convertible bonds and preferred equity. The company went public holding 37,230 BTC, making it the 8th-largest treasury holder globally and 3rd-largest public company holder after Strategy and MARA.

More recently, Trump Media & Technology Group (NASDAQ: DJT) also entered the space, announcing plans to raise $2.5 billion to buy Bitcoin—blending financial strategy with political theatre and underscoring how corporate Bitcoin treasuries are expanding beyond tech into broader sectors.

Publicly listed companies holding BTC (Source: Bitcointreasuries.net).

In parallel, platforms like GoMining are enabling professional investors to access mining-linked rewards through fund-based structures such as the Alpha Blocks Fund, offering exposure to Bitcoin’s infrastructure layer without the burden of operational ownership. This complements the treasury trend by providing scalable, yield-aligned alternatives to simply holding spot BTC.

A Global Trend

The rise of corporate Bitcoin treasuries is a global trend. Japan’s Metaplanet made headlines earlier this year by adopting a Bitcoin-focused strategy, echoing Strategy’s approach and signalling growing interest in Asia. New adopters like Canada’s SolarBank and France’s Blockchain Group show that this movement spans not just continents, but also diverse industries, from energy to tech. This points to a broader shift in treasury management, where Bitcoin is increasingly viewed as a long-term strategic asset. As corporate adoption spreads, Bitcoin is moving from niche to mainstream on global balance sheets.

Ethereum Treasuries Emerge as New Frontier

While Bitcoin remains the dominant asset for corporate treasuries, a growing number of companies are turning to Ethereum (ETH) as a strategic alternative, reflecting broader investor appetite for crypto exposure beyond Bitcoin.

SharpLink Gaming is one of the public companies with a dedicated ETH treasury, recently expanding its holdings to 188,478 ETH. Meanwhile, BitMine Immersion Technologies raised $250 million through a private share placement to fund the launch of its own Ether treasury. A major shift came from Bit Digital, which recently raised $150 million via a public offering to support a strategic pivot away from Bitcoin mining and toward Ethereum staking and treasury management. The company now holds 24,434 ETH and 418 BTC, with plans to fully divest from Bitcoin over time. The capital raise represents one of the largest public ETH treasury commitments to date and marks a formal exit from Bitcoin mining, once Bit Digital's core business. While still niche compared to Bitcoin, Ethereum treasuries could represent the next wave in corporate digital asset adoption.

Finance Is Changing: A New Corporate Infrastructure Thesis

Bitcoin treasury companies are reshaping corporate finance, but this shift also signals a deeper transformation in infrastructure strategy. By integrating Bitcoin as both an asset and a signal of future alignment, companies are blending balance sheet resilience with digital-native infrastructure positioning. For miners, asset managers, and capital allocators alike, this convergence of financial and physical infrastructure is defining a new corporate playbook

The balance sheet is no longer just about dollars, it’s about vision. And for a growing cohort of companies, that vision is increasingly measured in BTC.

Nico Smid – Research Analyst, GoMining Institutional.