That total has more than doubled since the start of 2024. It marks a clear shift in how big firms view crypto, not just as a trading asset but as a long‑term treasury play.
Among those 199 entities, 147 public and private companies account for 1.1 million BTC (around $115 billion). Strategy, the pioneer in this space, holds 580,250 BTC—about $60 billion—and trades at a market cap of $104 billion.
Strategy has used three main tools since 2020: issuing convertible debt, running an At‑the‑Market stock program, and plowing free cash flow into spot Bitcoin.
New rivals are copying and tweaking this playbook—letting holders swap coins for stock, buying underpriced firms to turn cash into BTC, and even adding private deals to raise funds.
An extended bear market could test these models. If Bitcoin falls and shares trade at or below NAV, debt‑heavy firms might struggle to refinance when notes come due.
During a recession, margin calls and forced sales may cascade throughout the market, although most of these companies use equity financing mainly.
From September 2021, as soon as El Salvador legitimized BTC as legal tender, corporate demand grew. BlackRock’s launch of IBIT ETF in January 2024 further fueled it, and US President Donald Trump has talked about the economic function of Bitcoin.
Many will fail, and the strongest will buy up weaker rivals. Thankfully, most rely on stock‑based financing, so a few collapses won’t topple the whole market. But those loaded with debt could still pose a wider threat.
Featured image from Mobee, chart from TradingView
