Main Points ：
- Blockware Intelligence Forecast: By the end of 2025, at least 36 additional publicly traded companies will add Bitcoin to their balance sheets, a 25% increase from today’s 141 firms.
- 2025 Adoption Surge: The total number of Bitcoin-holding public companies jumped 120% this year alone, driven by both emerging and struggling firms seeking high returns.
- Record Q2 Purchases: In Q2 2025, corporations acquired a record 159,107 BTC (≈ $17.2 billion at ~$108,000/BTC), bringing total holdings to 847,000 BTC (≈ $91 billion).
- Top Holders Lead the Way: Michael Saylor’s MicroStrategy leads with 597,325 BTC (
$64.4 billion), over 12× the 49,940 BTC ($5.4 billion) held by Marathon Digital (MARA). - Warning Signs: Glassnode lead analyst James Check warns the easy gains may already be gone for latecomers: “My instinct is the Bitcoin treasury strategy has a far shorter lifespan than most expect…”.
1. Blockware Intelligence’s Market Forecast
Blockware Intelligence, the research arm of Blockware Solutions, forecasts that the number of publicly traded companies holding Bitcoin will swell by at least 36 firms, from the current 141 to roughly 177 by December 31, 2025. This projection represents a 25% increase in corporate Bitcoin adoption over the next five months.
“This is just the beginning. Within the next six months, at least three dozen new public companies will incorporate Bitcoin as a treasury reserve,” the firm noted in its Q3 2025 market update.
Blockware emphasizes that these “Bitcoin Treasury Companies” serve as a crucial bridge connecting traditional equity and debt markets to the digital-asset realm. While early adopters are well-known names, the surge is predominantly fueled by newly formed or underperforming firms seeking 40–60% compound annual growth without operational risk.
2. Unprecedented Q2 2025 Corporate Buying
Corporate appetite for Bitcoin reached new heights in the second quarter of 2025. Publicly traded firms added a record 159,107 BTC, valued at over $17.2 billion (assuming an average price of $108,000/BTC), bringing total corporate holdings to 847,000 BTC (≈ $91 billion).
- 23% QoQ Increase: Q2 purchases represented a 23.13% jump compared to Q1.
- 4% of Supply: Corporate reserves now account for approximately 4% of Bitcoin’s 21 million supply.
- 46 New Entrants: The number of publicly traded Bitcoin holders rose by 46, a 58% increase from 79 in Q1 to 125 by quarter end.
This record-setting activity not only underscores Bitcoin’s growing role as an inflation hedge but also signals a strategic shift in corporate treasury management.
3. Leading Corporate Bitcoin Treasuries
Among treasury companies, MicroStrategy (Strategy) stands supreme with 597,325 BTC ($64.4 billion), roughly 12× the Bitcoin held by Marathon Digital (MARA) at 49,940 BTC ($5.4 billion). Other notable newcomers include:
| Company | BTC Held | Approx. Value (USD) |
|---|---|---|
| MicroStrategy (MSTR) | 597,325 | $64.4 billion |
| Marathon Digital (MARA) | 49,940 | $5.4 billion |
| Twenty One (XXI) | 37,230 | $4.0 billion |
| Sequans Communications | 370 | $40 million |
| Metaplanet (Metaver 例) | 13,350 | $1.4 billion |
4. Chart: Corporate Adoption Trajectory
Below is a timeline illustrating the rapid rise in the number of public companies holding Bitcoin, from Q2 2025 through the forecasted year-end figure.
(This chart was generated to depict corporate adoption growth. Data points: Q2 2025 – 125; Mid Q3 2025 – 141; End 2025 Forecast – 177.)
5. Voices of Caution
Not all experts share unbridled optimism. James Check, lead analyst at Glassnode, cautioned on July 4 that the easy upside may have passed for new entrants.
“My instinct is the Bitcoin treasury strategy has a far shorter lifespan than most expect, and for many new entrants, it could already be over,” Check warned.
He emphasized that first-mover advantage and unique value propositions will define survival, not mere participation in the trend. His concerns are echoed by venture capital firm Breed, which warned of a “death spiral” risk for companies trading near their Bitcoin net asset value (NAV). Crypto trader Saint Pump added that these firms could face severe funding challenges in the next bear market if NAV premiums shrink or turn negative.
6. Implications for Investors and Businesses
- Strategic Hedge: Bitcoin’s adoption as a treasury reserve underscores its maturation as a corporate hedge against inflation and macroeconomic volatility.
- Market Saturation Risk: With over 21 new entrants in the past month alone, saturation may erode premiums and deter later entrants.
- M&A Prospects: Weak treasury firms may become acquisition targets for stronger players seeking to consolidate holdings.
- Regulatory Focus: Increased adoption invites greater regulatory scrutiny of corporate Bitcoin reserves, potentially influencing accounting standards and reporting requirements.
Conclusion
The corporate embrace of Bitcoin has accelerated dramatically in 2025, with forecasts pointing to a 25% increase in public companies holding BTC by year-end. Record purchases in Q2 underscore Bitcoin’s transition from speculative asset to strategic treasury reserve, led by giants like MicroStrategy and Marathon Digital. Yet as market saturation intensifies, experts warn that latecomers will face stiff challenges, and only firms with clear differentiation and sustainable models will thrive. For investors and corporate treasurers alike, the message is clear: timing, strategy, and conviction will dictate success in the evolving landscape of Bitcoin treasury strategies.
