Public firms around the globe have been piling into Bitcoin this year. According to Blockware Intelligence, the number of public companies holding Bitcoin jumped by 120% in 2025.
In the first half of the year, companies big and small added more than 159,107 BTC to their books, setting a new record for corporate crypto purchases.
That figure is roughly 12 times what second‑place MARA Holdings owns, at about 50,000 BTC. Those two alone account for most of the Bitcoin held by public companies.
Blockware points out that many newcomers are either brand new companies or ones that face tough business challenges.
For firms with low growth or shrinking markets, parking cash in Bitcoin at an estimated 40 to 50% compound annual growth rate can look more appealing than running a struggling operation. But that choice comes with its own risks.
Glassnode’s lead analyst James Check sounded an alarm on July 4, warning that the easy upside might already be gone for latecomers. Venture firm Breed outlined a “death spiral” risk for companies trading close to net asset value.
Some crypto traders echoed that view, saying these firms will be tested in the next bear market, especially if NAV premiums start to slip.
For now, the move toward Bitcoin is very real. Larger, well‑capitalized companies may weather the ups and downs better than smaller players.
Investors and analysts will be watching how these treasuries perform when markets cool off. If premiums hold, new entrants could keep the momentum going. If not, some balance sheets may face a rough ride.
Featured image from Pexels, chart from TradingView
