A growing number of publicly listed companies is announcing plans to add Bitcoin (BTC) to their corporate treasuries, and the trend is beginning to raise eyebrows.
In the 30-day span to June 11, at least 22 entities added Bitcoin as a reserve asset, according to BitcoinTreasuries.net.
The buying spree was popularized by Strategy (formerly MicroStrategy), whose aggressive Bitcoin accumulation blueprint has inspired a wave of imitators.
While some companies are praised for their strategic vision, critics point out that others are entering the space despite weak financials, using Bitcoin as a lifeline rather than out of long-term belief.
“What worries me is the copycats,” Fakhul Miah, managing director of GoMining Institutional, told Cointelegraph.
“There are now other companies trying to create Bitcoin banks without proper safeguards or risk management. If these smaller firms crash, we could see a ripple effect that hurts Bitcoin’s image.”
Standard Chartered Bank warned in a June 3 research report that half of corporate treasuries risk going underwater if BTC falls below $90,000, while a 22% drop below average purchase prices could force sell-offs and liquidations.
Possible reversal on Bitcoin buying pressure
Strategy CEO Michael Saylor began accumulating Bitcoin in August 2020 and has used a range of fundraising methods to finance purchases, including stock offerings, convertible debt and secured loans. The company is the world’s largest corporate Bitcoin holder with 582,000 BTC in its wallets, as of June 11.
“At the time, [spot Bitcoin ETFs] didn’t exist. If you were a corporation without the infrastructure to self-custody Bitcoin, MicroStrategy gave you a shortcut. You could just buy their stock and get indirect Bitcoin exposure,” Miah said.
Bitcoin exchange-traded funds (ETFs) were approved in the US in January 2024, debuting with over $4.5 billion in trading volume. Among the issuers is BlackRock, the world’s largest asset manager. Its iShares Bitcoin Trust recently became the fastest ETF in history to surpass $70 billion in assets under management.
In the second quarter of 2025, a new phase of institutional adoption began. Rather than gaining indirect exposure through Strategy or ETFs, some companies are now positioning themselves as the proxy by adding Bitcoin directly to their corporate treasuries.
Corporate Bitcoin treasuries are fueling demand but introduce systemic risks. A sharp price drop could trigger cascading liquidations, while regulatory and market maturation may erode the premium for Bitcoin proxy stocks, Geoff Kendrick, head of digital assets at Standard Chartered Bank, said in a June 3 note to investors.
Related: Meta’s Bitcoin rejection means Big Tech is still skeptical
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. The British bank’s analyst said that this discrepancy exists because regulatory constraints in some jurisdictions prevent direct crypto investments or ETFs, making Bitcoin-holding companies a workaround for institutional investors.
Kendrick warned that this dynamic may not last. As the global regulatory landscape evolves and Bitcoin ETFs become more widely available, demand for proxy exposure will likely fade. When that happens, companies trading at inflated NAV multiples could see their valuations pressured downward, especially if their core business doesn’t support such premiums.
Bitcoin treasury companies are not Strategy
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.
Not all Bitcoin treasury entrants are as battle-tested as Strategy. 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.
At the time, Strategy’s average Bitcoin purchase price was near $31,000, and it endured significant unrealized losses.
The ability for the new generation of Bitcoin treasury companies to withstand a similar correction remains unproven, and more alternatives are opening up.
Miah said 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. That’s extremely valuable to institutions and sovereign entities because it’s clean, traceable and regulator-friendly. No worries about tainted coins linked to illicit activity,” he said.
Related: Violent crypto robberies on the rise: Six attacks that targeted investors
For some institutions, mining can offer a reliable alternative to adding Bitcoin to their balance sheets. However, Bitcoin mining is notoriously competitive, and its rewards — paid in Bitcoin — 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 mission meets institutional reality
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.
But as adoption spreads, more Bitcoin is being managed by institutions and governments.
Public companies now hold 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.
“I don’t think it compromises Bitcoin’s original mission,” Samson Mow, Jan3 founder and vocal Bitcoin maxi, told Cointelegraph Magazine in a recent interview.
“Inevitably, Bitcoin was going to end up in the hands of companies, institutions and governments because it is valuable, right? This is how it works, and what we can do is try our best to educate them on what Bitcoin is and why it’s different from everything else or anything else that’s come before it.”
Such indirect avenues also offer a safer and more regulated way to invest at a time when crypto ownership can pose physical risks to holders.
“Not everyone wants to self-custody or manage keys. People lose house keys all the time — imagine losing your crypto keys. Some people value peace of mind,” Miah said.
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.
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