Blockware Intelligence predicts that by the top of 2025, a minimum of 36 extra public firms can have added Bitcoin to their steadiness sheets.
“That is just the start. Within the subsequent 6 months, we count on a minimum of three dozen extra public firms so as to add Bitcoin to their treasury,” Blockware mentioned in its Q3 2025 market replace report. This might symbolize round a 25% improve from the present complete of 141 public firms holding Bitcoin (BTC), in response to the agency’s knowledge.
2025 sees a 120% surge in public firms adopting Bitcoin
The intelligence unit, which is the analysis arm of Blockware Options, a Bitcoin mining firm, reported that in 2025 alone, the variety of publicly traded firms holding Bitcoin on their steadiness sheets surged 120%. “Bitcoin Treasury Corporations are the aforementioned ‘bridge’ connecting fairness and debt markets to Bitcoin,” the agency added.
In line with BitcoinTreasuries.web knowledge, Michael Saylor’s Technique leads the pack with 597,325 BTC, holding roughly 12 occasions greater than the second-largest holder, Bitcoin mining agency MARA Holdings, which has 50,000 BTC.
Nonetheless, Blockware mentioned that the rising variety of firms becoming a member of the ranks is both newly established or going through operational challenges.
“The company Bitcoin adoption race is generally being spearheaded by model new firms or dying firms you’ve by no means heard of.”
Blockware mentioned this isn’t essentially a detrimental. “Corporations with struggling core companies (low progress, dying markets) have a a lot simpler time recognizing the simplicity of investing retained earnings into BTC and incomes 40 to 60% CAGR with out the operational dangers of working a enterprise,” Blockware mentioned.
Analyst just lately made warning in opposition to corporations adopting Bitcoin treasury
“The market is sending a robust sign: securitized Bitcoin publicity is right here to remain,” the agency added.
Bitwise Asset Administration just lately reported that company curiosity in Bitcoin reached new highs within the second quarter of 2025, with firms including a file 159,107 BTC to their steadiness sheets.
Nonetheless, not everyone seems to be optimistic in regards to the important variety of firms adopting Bitcoin.
Glassnode lead analyst James Examine just lately warned that the simple upside could already be behind new firms coming into the house.
Associated: Bitcoin worth more likely to hit $130K earlier than critical revenue taking kicks in
“My intuition is the Bitcoin treasury technique has a far shorter lifespan than most count on,” Examine mentioned on July 4.
On June 29, enterprise capital agency Breed argued in a report that only some Bitcoin treasury firms will stand the take a look at of time and keep away from the vicious “dying spiral” that can influence BTC holding firms that commerce near web asset worth (NAV).
In the meantime, crypto dealer Saint Pump mentioned in a publish on X that “I’m additionally fairly assured they’ll play a key position within the subsequent bear market.”
“The music stops when the NAV premium begins to slowly fall (and even flip detrimental with ATMs), and raises turn into smaller or fail altogether,” the dealer added.
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