Corporate adoption of cryptocurrency in treasury management is accelerating, with the number of listed companies holding Bitcoin nearly doubling in the first half of 2025. Yet analysts caution that for some struggling firms, digital assets may be more of a public relations manoeuvre than a long-term financial strategy.
Bitcoin Holdings Surge Among Public Companies
A new report from K33 Research shows that between December 2024 and June 2025, the number of public companies with Bitcoin on their balance sheets climbed from 70 to 134. Collectively, these firms now hold 244,991 BTC, worth around $114,744 per coin at current prices.
The rapid growth has been compared to earlier waves of corporate gold adoption. According to Mike Foy, chief financial officer at AMINA Bank, Bitcoin treasuries offer investors indirect access to digital assets they might otherwise struggle to obtain. “There are clear parallels, particularly around providing a means for investors to access an underlying asset,” Foy said.
He added that while the strategy offers a first-mover advantage, its sustainability will ultimately depend on market conditions and regulatory frameworks. Companies in regions where institutional crypto products are limited may gain the most from adopting such policies.
Treasury Strategy or Reputation Rescue
Despite the surge in adoption, concerns are mounting that some firms are using crypto reserves as a way to project strength rather than as a sound financial plan. “The temptation exists for firms under pressure,” Foy acknowledged, noting that management expertise, leverage levels and insider trading patterns can help reveal whether a treasury move is genuine or cosmetic.
The case of Windtree Therapeutics illustrates these risks. The biotech firm announced a $60 million agreement with Build and Build Corp. in July to begin a BNB treasury plan, followed by a $500 million equity line of credit and a $20 million stock-purchase pact. The announcement briefly lifted its shares, but the rally collapsed soon after. Windtree’s stock has since fallen more than 90% from its peak, and Nasdaq this week confirmed the company will be delisted for failing to maintain the $1 minimum bid price.
According to Foy, such outcomes underline the importance of assessing whether crypto treasuries are being used as a lifeline for struggling businesses or as a long-term diversification strategy.
Firms Explore Ether and Altcoins
While Bitcoin remains the dominant choice for treasuries, companies are beginning to test other digital assets. Ether and selected altcoins are drawing interest, with treasury managers citing staking yields and partnership opportunities with blockchain foundations as advantages.
Ray Youssef, chief executive of peer-to-peer platform NoOnes, believes Ethereum’s versatility is a major draw. “Ethereum starts to look like a hybrid between tech equity and digital currency. This appeals to treasury strategists looking beyond passive storage,” he said. Youssef highlighted ETH’s staking yield, programmability and compliance-friendly development roadmap as reasons why it is increasingly attractive to companies operating in the digital economy.
A Trend Under Watch
The doubling of corporate Bitcoin treasuries in just six months underscores growing institutional interest in digital assets. Yet, the mix of genuine adoption and questionable short-term plays means investors are being urged to assess company strategies carefully. As Foy noted, time will reveal whether crypto treasuries become a sustainable trend or remain, for some firms, little more than a reputational lifeline.
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