Bitcoin Could Appear on 36 More Corporate Balance Sheets by Year-End, Report Finds

Summary: The number of publicly traded companies holding Bitcoin has surged in 2025, with blockchain research firm Blockware Intelligence predicting further growth. At least 36 additional firms are expected to adopt Bitcoin by the end of the year, signaling accelerating institutional interest.

Rising Tide of Corporate Bitcoin Adoption

According to Blockware’s Q3 2025 market report, the number of public companies holding Bitcoin (BTC) increased by 120% this year, reaching 141 total. With an additional 36 firms potentially adopting BTC before 2026, corporate Bitcoin holders are on track for a 25% rise from current figures.

Firms across sectors added over 159,000 BTC during the first half of the year alone, setting a new record in corporate Bitcoin accumulation. This growing cohort of “Bitcoin Treasury Companies” now serves as a bridge between traditional finance and digital assets.

Industry Leaders Maintain Dominance

MicroStrategy, led by prominent Bitcoin advocate Michael Saylor, remains the largest holder among public companies with 597,325 BTC on its books—over 12 times the holdings of second-place MARA Holdings, which holds approximately 50,000 BTC.

These two companies alone represent the lion’s share of Bitcoin held by public firms, underscoring a concentration of crypto exposure among early and aggressive adopters.

Concerns Mount Over Risk and Sustainability

While adoption continues, Blockware notes a trend among new entrants—many are either recently formed entities or firms in declining industries. For these businesses, allocating capital into BTC—often pitched as yielding a 40–50% compound annual return—may seem more attractive than operating in saturated markets.

However, such strategies come with significant volatility risk. On July 4, Glassnode’s lead analyst James Check warned that bullish momentum might be waning for latecomers. Additionally, venture firm Breed highlighted a potential “death spiral” for firms trading close to their net asset value, especially in bearish market conditions.

Outlook for Corporate Crypto Treasuries

Despite rising caution, the corporate push into Bitcoin appears to be gaining traction. Analysts suggest that larger, well-capitalized companies may be better equipped to manage market downturns, while smaller entrants could face pressure if BTC prices slide or NAV premiums collapse.

The next few quarters will be pivotal in determining the success of these corporate crypto bets. If performance holds and market sentiment remains strong, more companies may follow suit. Otherwise, a more volatile road may lie ahead for Bitcoin-backed balance sheets.

Featured image from Pexels, charts from TradingView and Bitcoinist