Thomas Daniels
Corporate treasuries are increasingly embracing Bitcoin as a strategic reserve asset, with more than 60 adopters now collectively controlling approximately 3.2% of the total Bitcoin supply. According to a recent report by Standard Chartered, these companies together own around 673,897 BTC.
This trend marks a significant acceleration in institutional interest. In just the past two months, the Bitcoin holdings of over 60 corporate entities have doubled—from under 50,000 BTC to nearly 100,000 BTC. This growth pace has surpassed that of Strategy (formerly MicroStrategy), which added 74,000 BTC during the same period.
Despite the optimism, Standard Chartered’s head of digital asset research, Geoff Kendrick, cautions that this wave of corporate adoption carries inherent risks. The report reveals that 58 of the 61 corporate treasuries analyzed have net asset value (NAV) multiples exceeding 1, suggesting that market valuations are currently outpacing the intrinsic value of their holdings.
Kendrick warns that as current market inefficiencies—such as limited investor access and conservative investment processes—are gradually resolved, corporate Bitcoin treasuries may become sources of selling pressure and volatility. This risk is further magnified by the price levels at which many companies are entering the market. Half of the firms have an average Bitcoin acquisition cost above $90,000, considerably higher than the $70,023 per BTC average held by Strategy.
The strategic buildup continues with new entrants. Canadian renewable energy developer SolarBank recently announced a Bitcoin treasury strategy and has taken steps to secure custody and liquidity solutions. Likewise, Blockchain Group, based in Paris, acquired $68 million worth of Bitcoin, and Norwegian crypto brokerage K33 raised $6.2 million to establish its own holdings.
Despite volatility concerns, Strategy remains firm in its approach. Co-founder Michael Saylor affirmed that the company’s capital structure is designed to withstand a prolonged 90% decline in Bitcoin prices, minimizing risk for most stakeholders.
Prominent figures in the crypto industry echo a similar sentiment. Former Binance CEO Changpeng Zhao emphasized the necessity of risk-taking in innovation, stating that “not taking risks is a risk in itself.”
As corporate treasuries deepen their commitment to Bitcoin, the broader financial landscape must prepare for both the opportunities and potential disruptions this trend may bring.
