Michael Saylor’s 2020 decision to convert his company’s cash into Bitcoin raised plenty of eyebrows. Five years later, it’s become a corporate playbook.
More and more companies are stashing cryptocurrency in their treasure chests, signalling a “long” bet on the increasingly mainstream asset.
These Bitcoin hoarders have amassed 839,000 BTC – worth about $89 billion at the 24 June price of about $106,000 per coin – in the past 5 years. That means that public companies hold about 4.2% of Bitcoin’s total circulating supply.
What began with Strategy’s (formerly MicroStrategy) bold 2020 purchases has blossomed into a full-blown treasury revolution, with companies across many industries racing to add Bitcoin to their balance sheets.
The volume of those investments has rocketed more than 40% since the beginning of the year and expanded the roster of corporate holders from 91 to 136, according to data from Bitcointreasuries.net.
Credit: Bitcointreasuries.net
Geographically, US-based companies dominate, accounting for 91% of public corporate Bitcoin holders, followed by Canada, 3.4%, with Japan and China trailing behind with 1.7% and 1.6% respectively. Excluding Strategy, the US share dips to less than 70%, while Canada rises to 12%, Japan to 5.8%, and China to 5.4%.
Since January, 45 new public companies have entered the Bitcoin arena, together adding 52,156 BTC – equivalent to about $5.5 billion – to the corporate total. The five largest newcomers account for nearly 95% of that influx:
Company leaders hope to mirror Strategy’s remarkable 3,000% stock rally since 2020, believing that convertible-debt financing and other credit strategies can speed up their Bitcoin accumulation. Investors have rewarded these firms with premium valuations, confident they will keep buying as Bitcoin nears new highs. By holding Bitcoin on the balance sheet, companies also signal to shareholders that they are at the forefront of financial innovation.
For many of these firms, Bitcoin isn’t just a bet on price, it’s a way to stand out. In a market where most companies hold cash or bonds, adding Bitcoin is a method of shaping the perception of the company as forward-looking and bold. That alone can attract new investors, especially from the tech and crypto space.
It’s also a financial play. By raising money through stock or convertible bonds while their share price is high, companies can use that capital to buy even more Bitcoin. If prices go up, both the asset and the stock benefit. It’s a feedback loop that’s already paid off for Strategy, and others are hoping to follow the same path.
Some critics, led by short-seller Jim Chanos, argue Bitcoin-treasury companies are overvalued, trading at market caps well above the worth of their actual Bitcoin reserves, while supporters like Michael Saylor argue these firms simply offer direct exposure to digital assets and even pledge share buybacks if prices dip too low. How this debate plays out could shape not only how companies manage their cash reserves but also crypto’s broader acceptance in the global financial system.
With more companies jumping in, the next phase will likely bring tougher rules around reporting, disclosures, and risk controls. But unlike in previous years, the regulatory climate, at least in the US, is shifting in the crypto industry. Recent moves by lawmakers and regulators to clarify digital asset rules have given companies more confidence to hold Bitcoin without fearing sudden policy reversals.
That clarity is likely to encourage even more corporate adoption, especially as Bitcoin continues to gain legitimacy on Wall Street and in Washington. Still, investors will be watching closely to see how these strategies hold up if Bitcoin prices decline. Whether Bitcoin becomes a permanent fixture in corporate treasure chests or fades as a passing trend will depend on how the regulatory landscape evolves, and whether Bitcoin is in a long bull run – not just another sprint that ends in a stumble.
