Yigit Taha OZTURK 
Institutional interest in Bitcoin continues to surge. According to a Q3 2025 market report by Blockware Intelligence, at least 36 additional public companies are expected to add Bitcoin to their balance sheets before the year ends. This marks a roughly 25% increase from the current 141 companies with Bitcoin holdings.
Bitcoin Holdings by Public Firms Up 120% in 2025
Blockware, the research arm of Blockware Solutions, reported a 120% rise in the number of publicly listed companies holding BTC in 2025 alone. Many of these firms are either new market entrants or struggling businesses looking for alternative value storage methods.
The firm explains that companies with stagnating growth find it easier to commit retained earnings to Bitcoin, targeting compound annual growth rates of 40–60% without bearing traditional operational risks.
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Data from BitcoinTreasuries.net shows that MicroStrategy leads the space with 597,325 BTC, holding nearly 12 times more than the second-largest holder, mining firm MARA Holdings with 50,000 BTC.
Analysts Caution Against Over-Reliance on Bitcoin Treasury Strategy
Despite the rapid expansion, not all experts are optimistic. Glassnode’s lead analyst James Check recently warned that the window for easy gains might be closing. On July 4, he expressed doubts about the long-term viability of the Bitcoin treasury model, saying that many firms might face liquidity challenges if NAV premiums decline.
A recent report by venture capital firm Breed echoed this sentiment, stating that only a handful of companies will survive the upcoming volatility. The report added that these treasury-heavy firms could play a critical role in the next crypto downturn.
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