Bitcoin’s role on company balance sheets is growing fast. According to a report , 199 entities now hold 3 million BTC, worth about $315 billion. That total has more than doubled since the start of 2024. It marks a clear shift in how big firms view crypto, not just as a trading asset but as a long‑term treasury play. Corporate Bitcoin Holdings Surge Among those 199 entities, 147 public and private companies account for 1.1 million BTC (around $115 billion). Strategy, the pioneer in this space, holds 580,250 BTC—about $60 billion—and trades at a market cap of $104 billion. That gives it a Multiple on Net Asset Value (MNAV) of 1.7× today. Investors once paid up to 2× NAV for Strategy’s shares, reflecting confidence in its ability to grow BTC‑per‑share faster than anyone else. Valuing Pure Play Treasury Firms When a firm’s main business is holding Bitcoin , its shares need to outperform Bitcoin itself. That premium, known as MNAV, depends on faith in management and clear execution plans. Strategy has used three main tools since 2020: issuing convertible debt, running an At‑the‑Market stock program, and plowing free cash flow into spot Bitcoin. New rivals are copying and tweaking this playbook—letting holders swap coins for stock, buying underpriced firms to turn cash into BTC, and even adding private deals to raise funds. Debt Risks Loom Large An extended bear market could test these models. If Bitcoin falls and shares trade at or below NAV, debt‑heavy firms might struggle to refinance when notes come due. That could force them to sell Bitcoin into a downtrend, pushing prices lower. Smaller companies without Strategy’s scale will face higher borrowing costs and tougher terms. During a recession, margin calls and forced sales may cascade throughout the market, although most of these companies use equity financing mainly. Wider Industry Influence From September 2021, as soon as El Salvador legitimized BTC as legal tender, corporate demand grew. BlackRock’s launch of IBIT ETF in January 2024 further fueled it, and US President Donald Trump has talked about the economic function of Bitcoin. Now, new players from Japan’s Metaplanet to US‑based GameStop are rolling out treasury plans. Purpose‑built firms like Twenty One Capital and reverse‑merger entrants such as Strive and Nakamoto have staked their futures on Bitcoin. More Companies To Enter The Market? Experts expect more crypto treasury companies to emerge—covering assets like Solana and Ethereum as well. Early names include DeFi Development Corp with 420,000 SOL and SharpLink Gaming, which raised $425 million for ETH holdings. Many will fail, and the strongest will buy up weaker rivals. Thankfully, most rely on stock‑based financing, so a few collapses won’t topple the whole market. But those loaded with debt could still pose a wider threat. Featured image from Mobee, chart from TradingView
