Adoption of cryptocurrency for treasury management by corporations is accelerating quickly. A report from K33 Research indicates that the number of public companies holding BTC nearly doubled in the first half of 2025.
K33 reported that from December 2024 to June 2025, the count of listed companies with Bitcoin (BTC) on their balance sheets rose from 70 to 134, accumulating a total of 244,991 BTC.
This trend is reminiscent of past corporate gold adoption waves. “There are evident parallels, especially in providing a way for investors to access an underlying asset they may have previously found difficult to obtain,” said Mike Foy, chief financial officer at AMINA Bank, in an interview with Cointelegraph.
Foy noted that the sustainability of this movement depends on market specifics and regulatory landscapes. “Only time will reveal if this trend is sustainable, though it’s clear that early strategy implementation holds a first mover advantage,” he added, mentioning that companies in regions with restricted access to institutional crypto products are likely to benefit the most.
Top 10 Bitcoin treasury firms. Source: BitcoinTreasuries.NET
Related: Significant week for crypto treasury firms with an $8B purchasing surge
Crypto treasuries: rescue or final option?
The cryptocurrency treasury trend is also raising concerns that struggling firms may utilize digital assets as a reputational safeguard. Foy acknowledged the temptation for pressured firms.
Recently, Windtree Therapeutics, a biotech firm, announced a $60 million contract with Build and Build Corp. to initiate its BNB treasury plan, complemented by a $500 million equity line of credit and a $20 million stock-purchase agreement to expand its holdings.
The company’s stock witnessed a temporary spike in mid-July with the announcement of the BNB treasury strategy, but has since plummeted over 90% from its peak.
On Tuesday, Nasdaq disclosed that the biotech company would be delisted for failing to meet the $1.00 minimum bid price required under Listing Rule 5550(a)(2).
Foy suggested scrutinizing behavior to identify firms employing crypto treasuries for short-term appearances. He recommended assessing management’s risk expertise, leverage ratios, focus on core business, and insider share sales.
“If any of these indicators appear unusual or abnormal, it could suggest that this isn’t a long-term strategy, but rather a short-term stock price tactic,” he remarked.
Related: Altcoin treasury competition: VERB TON acquisition company announces $780M in assets
Firms exploring Ether, altcoins in treasuries
Though Bitcoin remains the preferred choice for treasuries, companies are starting to explore Ether (ETH) and selected altcoins. The distinction, according to Foy, stems from opportunities for staking rewards and collaborations with blockchain foundations.
Recently, Ray Youssef, CEO of NoOnes, noted that Ethereum’s hybrid nature is attracting treasury managers. “Ethereum resembles a blend of tech equity and digital currency. This appeals to treasury strategists looking beyond mere passive storage,” he stated.
Youssef emphasized that ETH’s staking yield, programmability, and compliance-oriented roadmap make the cryptocurrency attractive to “forward-looking companies, particularly those engaged in the digital economy.”
Magazine: How Ethereum treasury firms might ignite ‘DeFi Summer 2.0’
