Blockware Intelligence predicts that by the end of 2025, at least 36 more public companies will have added Bitcoin to their balance sheets.
“This is just the beginning. In the next 6 months, we expect at least three dozen more public companies to add Bitcoin to their treasury,” Blockware said in its Q3 2025 market update report. This would represent around a 25% increase from the current total of 141 public companies holding Bitcoin (BTC), according to the firm’s data.
Public company Bitcoin adoption surges 120% in 2025
The intelligence unit, which is the research arm of Bitcoin mining company Blockware Solutions, reported that in 2025 alone, the number of publicly traded companies holding Bitcoin on their balance sheets surged 120%. “Bitcoin Treasury Companies are the aforementioned ‘bridge’ connecting equity and debt markets to Bitcoin,” the firm added.
According to BitcoinTreasuries.net data, Michael Saylor’s Strategy leads the pack with 597,325 BTC, holding approximately 12 times more than the second-largest holder, Bitcoin mining firm MARA Holdings, which has 50,000 BTC.
However, Blockware said that the increasing number of companies joining the ranks is either newly established or facing operational challenges.
“The corporate Bitcoin adoption race is mostly being spearheaded by brand new companies or dying companies you’ve never heard of.”
Blockware said this isn’t necessarily a negative. “Companies with struggling core businesses (low growth, dying markets) have a much easier time recognizing the simplicity of investing retained earnings into BTC and earning 40 to 60% CAGR without the operational risks of running a business,” Blockware said.
Analyst warns companies considering Bitcoin
“The market is sending a strong signal: securitized Bitcoin exposure is here to stay,” the firm added.
Bitwise Asset Management recently reported that corporate interest in Bitcoin reached new highs in the second quarter of 2025, with companies adding a record 159,107 BTC to their balance sheets.
However, not everyone is optimistic about the significant number of companies adopting Bitcoin.
Glassnode lead analyst James Check recently warned that the easy upside may already be behind new companies entering the space.
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“My instinct is the Bitcoin treasury strategy has a far shorter lifespan than most expect,” Check said on July 4.
On June 29, venture capital firm Breed argued in a report that only a few Bitcoin treasury companies will stand the test of time and avoid the vicious “death spiral” that will impact BTC holding companies that trade close to net asset value (NAV).
Meanwhile, crypto trader Saint Pump said in a post on X that “I’m also pretty confident they’ll play a key role in the next bear market.”
“The music stops when the NAV premium starts to slowly fall (or even turn negative with ATMs), and raises become smaller or fail altogether,” the trader added.
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