Corporate Bitcoin holdings surge in 2025, but analysts warn of short-term optics play
Corporate adoption of cryptocurrency in treasury management has accelerated sharply in 2025, but questions are emerging about the motives behind these moves.
According to K33 Research, the number of public companies holding Bitcoin (BTC) nearly doubled in the first half of 2025. From December 2024 to June 2025, the figure rose from 70 firms to 134, collectively controlling 244,991 BTC.
Analysts are comparing this trend to historical patterns of corporate gold adoption. “There are clear parallels, particularly around providing a means for investors to access an underlying asset which they may have previously struggled to access,” said Mike Foy, chief financial officer at AMINA Bank.
Foy noted that the sustainability of this trend depends on market conditions and regulatory clarity, adding that early movers could benefit most in jurisdictions with limited access to institutional crypto products.
“Time will tell if this becomes a sustainable trend, but it is clear that strategy has a first mover advantage,” Foy stated.
PR Boost or Long-Term Strategy?
Despite the growth, skepticism persists that some firms may be leveraging crypto reserves as a reputational lifeline rather than a strategic investment.
A recent example is Windtree Therapeutics, which announced a $60 million purchase agreement to initiate a BNB treasury plan, alongside a $500 million equity line of credit and a $20 million stock-purchase pact. The company initially enjoyed a share price boost following the announcement, but its stock later collapsed by more than 90% from its peak, leading to Nasdaq delisting for failing to maintain the $1.00 minimum bid price.
Foy suggested that investors scrutinize management’s risk expertise, leverage levels, focus on core business, and insider share sales to determine if crypto adoption is a genuine strategy or a short-term optics move.
“If any of these seem strange or out of the ordinary, then this is possibly a sign that this isn’t a long-term plan but rather a short-term share price play,” he warned.
Ether and Altcoins Enter the Mix
While Bitcoin remains the dominant treasury asset, firms are exploring Ether (ETH) and select altcoins for their staking potential and partnership opportunities with blockchain foundations.
“Ethereum starts to look like a hybrid between tech equity and digital currency. This appeals to treasury strategists looking beyond passive storage,” said Ray Youssef, CEO of NoOnes.
With 83% of institutional investors planning to increase crypto exposure in 2025, the debate over whether these treasury strategies reflect innovation or desperation is set to intensify.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.