Corporations have historically placed surplus cash in short-term Treasuries or bank deposits to store value. However, Hougan argued that unprecedented deficits and money creation now push finance chiefs to seek an alternative store of value.
He said:
“They [corporations] need another way to protect their wealth from degradation. And they’re turning to the best horse in that race, which is Bitcoin.”
Hougan added that equity markets have rewarded companies that disclose purchases, reinforcing the appeal of balance-sheet exposure.
According to the report, 116 public firms now control approximately 809,100 BTC as of May 31, up from 312,200 one year earlier. More than 25 companies have revealed new allocations since early April.
Furthermore, the report noted that a fresh all-time price high near $112,000 “renewed corporate FOMO” as boards pursue both upside and inflation protection.
It also cited improving US regulatory signals and 2025 accounting changes that will allow fair-value treatment, removing impairment charges that once discouraged treasurers.
Hougan projected that corporate treasuries could exceed 1 million BTC by 2026 if current purchase rates persist. Meanwhile, Binance Research framed the target as attainable under stable macro conditions and continued regulatory progress.
Additionally, Bitwise CIO expects more cash-rich multinationals to diversify this year, as concerns about dollar debasement remain at the forefront of their minds.
He believes that this will eventually push Bitcoin allocations from a niche practice to a mainstream treasury management norm.
