Almost 200 corporations now maintain billions in Bitcoin, however a brand new report cautions that just a few can keep away from the risks of a possible dying spiral.
Bitcoin’s (BTC) company adoption is accelerating quick, with almost 200 entities now holding over 3 million BTC on their steadiness sheets. However as new gamers appear to hurry in, solely those that can skillfully develop their Bitcoin holdings per share usually tend to survive the dangers forward.
As of Could 2025, about 199 entities reportedly maintain 3.01 million BTC, roughly $315 billion at present costs. Amongst these, 147 corporations — each non-public and public — maintain round 1.1 million BTC, valued at $115 billion. And this isn’t static. Since early 2024, Bitcoin held by such entities has greater than doubled.
The story right here isn’t nearly accumulation, however about how corporations whose predominant function is to carry Bitcoin are being valued in another way, say analysts at Breed.VC. Consider these as Bitcoin holding corporations — Technique is the poster baby. A brand new report highlights that for these companies, survival and success rely on commanding what’s referred to as the A number of on Web Asset Worth, or shortly MNAV. Basically, it is a premium traders pay above the Bitcoin worth on the books.
Wait and see
However this premium, the report explains, “hinges on trust in and execution by the core team.” It’s not nearly proudly owning Bitcoin; traders need to see these companies execute a playbook that grows Bitcoin holdings per share quicker than anybody may by merely holding Bitcoin on their very own.
Technique at the moment dominates with about 580,000 BTC, over half of all corporate-held Bitcoin, valued round $60 billion. But its market capitalization sits at $104 billion, giving it an MNAV of about 1.7 instances. Traditionally, Technique’s 2x MNAV has been the gold commonplace. The report outlines three predominant levers Technique has used since 2020:
- Issuing convertible debt with low coupons, which converts to fairness provided that the share worth jumps considerably, defending shareholders from dilution except efficiency warrants it.
- Operating at-the-market inventory issuance applications, permitting them to promote new shares when the value exceeds MNAV after which dollar-cost common into extra Bitcoin.
- Reinvesting all free money move from legacy companies into shopping for spot Bitcoin.
Others are watching and studying. New entrants are adopting and tweaking this method, some even enabling Bitcoin holders to swap cash for shares with out triggering capital positive aspects, or buying undervalued companies and turning that worth into Bitcoin. Others pursue distressed Bitcoin litigation claims or increase capital through PIPE offers, apparently navigating regulatory gray areas to their benefit.
The roster of Bitcoin treasury gamers is rising quick. Over 40 corporations have introduced Bitcoin treasury methods within the first half of 2025 alone, elevating tens of billions to again these strikes. These companies come from throughout: Metaplanet from Japan is capitalizing on low rates of interest there, Semler Scientific and GameStop within the U.S. have pivoted their treasuries, and pure-play companies like Twenty One Capital — backed by Tether and Cantor — are additionally within the combine.
Contagion threat
But, regardless of all of the optimism, the report cautions that “nothing in finance is bulletproof,” particularly on this area. Technique itself confronted a brutal stress check throughout the 2022–23 bear market. Bitcoin’s worth plummeted 80%, the MNAV premium collapsed, and capital dried up. Although the corporate survived, the menace is evident.
An prolonged bear market mixed with looming debt maturities may power companies to promote Bitcoin to satisfy obligations, probably triggering a vicious cycle of worth drops and compelled gross sales. This threat is claimed to be significantly acute for newer corporations missing Technique’s scale and repute. They usually increase capital on harder phrases with greater leverage, which in downturns may speed up margin calls and distressed promoting, amplifying market strain.
The report predicts that “when failures inevitably hit, the strongest players are likely to acquire distressed companies and consolidate the industry.”
“Fortunately, contagion risk is muted because most financing is equity-based; however, companies that rely heavily on debt pose a greater systemic threat.”
Breed.VC
Wanting forward, the Bitcoin treasury firm mannequin seems to be simply getting began, and never just for Bitcoin. The playbook is already spreading to different crypto property. For instance, Solana has DeFi Improvement Corp, which holds over 420,000 SOL and is valued round $100 million, and Ethereum has SharpLink Gaming, which raised $425 million in a spherical led by Consensys.
The report expects this pattern to develop globally, with extra corporations chasing greater leverage to amplify success. Nevertheless, it additionally foresees that “most will fail.” In that shakeout, solely a handful will keep an enduring MNAV premium via “strong leadership, disciplined execution, savvy marketing, and distinctive strategies.”
In brief, the sport is evolving. Bitcoin treasury companies aren’t simply holders anymore as they’re changing into their very own breed of corporations, entities that should show talent and self-discipline to outperform the market they spend money on.
