The adoption of cryptocurrencies for treasury management by corporations is increasing swiftly. A report from K33 Research indicates that in the first half of 2025, the number of public companies holding BTC nearly doubled.
K33 disclosed that from December 2024 to June 2025, the count of listed companies holding Bitcoin (BTC) on their balance sheets surged from 70 to 134, totaling 244,991 BTC.
This trend is being likened to previous waves of corporate gold adoption. “There are significant parallels, especially in offering investors a means to access an underlying asset that they might have found difficult to reach,” stated Mike Foy, chief financial officer at AMINA Bank, in an interview with Cointelegraph.
Foy mentioned that the sustainability of this movement depends on specific market conditions and regulatory frameworks. “It remains to be seen whether this will evolve into a lasting trend, but it’s apparent that having a first mover advantage plays a crucial role,” he remarked, noting that businesses in regions with restricted access to institutional crypto products are likely to gain the most.
Related: Remarkable week for crypto treasury firms with an $8B buying spree
Crypto treasuries: a lifeline or a last resort?
Interestingly, the crypto treasury trend is also raising doubts that struggling companies might be using digital assets as a means of salvaging their reputations. Foy acknowledged the temptation exists for pressured firms.
Recently, biotech company Windtree Therapeutics revealed a $60 million purchase agreement with Build and Build Corp. to initiate its BNB treasury strategy, followed by a $500 million equity line of credit and a $20 million stock purchase agreement to enlarge its holdings.
The company experienced a temporary surge in mid-July after announcing its BNB treasury strategy, but its shares have since plummeted over 90% from their peak.
On Tuesday, Nasdaq announced that the biotech firm would face delisting for not maintaining the required minimum bid price of $1.00 under Listing Rule 5550(a)(2).
Foy suggested scrutinizing their actions to identify companies that might be using crypto treasury for temporary optics. He recommended assessing management’s risk knowledge, levels of leverage, focus on core activities, and insider stock sales.
“If any of these appear unusual or abnormal, it may indicate that this isn’t a long-term strategy but simply a short-term play on share prices,” he remarked.
Related: Altcoin treasury race: VERB TON acquisition company announces $780M in assets
Companies exploring Ether and altcoins for treasuries
Although Bitcoin continues to dominate treasury holdings, companies are starting to explore Ether (ETH) and select altcoins. According to Foy, the distinction lies in the potential for staking rewards and new collaboration opportunities with blockchain foundations.
Last month, Ray Youssef, CEO of NoOnes, stated that Ethereum’s hybrid appeal is attracting treasury managers. “Ethereum begins to resemble a hybrid between technology equity and digital currency. This is attractive to treasury strategists looking beyond mere passive storage,” he noted.
Youssef added that ETH’s staking yield, programmability, and compliance-oriented roadmap have made the cryptocurrency enticing to “progressive companies, particularly those already engaged in the digital economy.”
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