Bitcoin treasury companies have peaked

The claim that Bitcoin treasury companies have “peaked” appears to be inaccurate. Based on recent reports and trends, the number of companies, both public and private, adding Bitcoin and other digital assets to their balance sheets is continuing to grow.

Here’s a breakdown of the current situation:

Growth in Numbers: A number of reports indicate a steady increase in corporate Bitcoin adoption. For example, a report from July 2025 states that 125 public companies now hold Bitcoin on their balance sheets, up from 79 in the previous quarter—a 58.23% increase. Another source from the same period suggests that at least 36 more companies are expected to join the list by the end of 2025.

Pioneers and New Entrants: While companies like MicroStrategy (now “Strategy”) have been the pioneers and remain the largest holders, new players are consistently entering the space. A Japanese company, Metaplanet, and a new firm, Twenty One Capital, have made significant purchases, demonstrating that the trend is not limited to a few early adopters.

Strategic Drivers: The reasons for this continued adoption are varied and include:

Inflation Hedge and Diversification: Companies are using Bitcoin as a hedge against inflation and a way to diversify their traditional treasury assets.

Favorable Accounting and Regulatory Changes: The Financial Accounting Standards Board (FASB) has implemented new rules that allow companies to more accurately report the fair market value of their crypto holdings. Additionally, regulatory clarity, such as the approval of spot Bitcoin ETFs in the U.S., has given corporate boards more confidence.

Capital Raising and Shareholder Value: Some companies are using Bitcoin as a strategic asset to drive shareholder value. By issuing debt or equity to acquire more Bitcoin, they are essentially becoming a “levered, high-beta proxy” for the cryptocurrency, which has been appealing to some investors.

Broader Corporate Interest: A survey of North American CFOs conducted in Q2 2025 showed that a significant percentage of finance chiefs at large companies envision using cryptocurrencies for investments or payments in the near future. This suggests that the trend is not limited to a niche group of companies but is gaining traction in the broader corporate world.

In summary, rather than peaking, corporate adoption of Bitcoin appears to be in an accelerating phase, driven by a combination of strategic financial decisions, regulatory developments, and a desire to capitalize on the potential of digital assets.

Capital Raising and Shareholder Value: Some companies are using Bitcoin as a strategic asset to drive shareholder value. By issuing debt or equity to acquire more Bitcoin, they are essentially becoming a “levered, high-beta proxy” for the cryptocurrency, which has been appealing to some investors.

Broader Corporate Interest: A survey of North American CFOs conducted in Q2 2025 showed that a significant percentage of finance chiefs at large companies envision using cryptocurrencies for investments or payments in the near future. This suggests that the trend is not limited to a niche group of companies but is gaining traction in the broader corporate world.

In summary, rather than peaking, corporate adoption of Bitcoin appears to be in an accelerating phase, driven by a combination of strategic financial decisions, regulatory developments, and a desire to capitalize on the potential of digital assets.