Since 2020, the crypto market—led by Bitcoin—has been undergoing a fascinating transformation: from a playground for innovation enthusiasts, it is quickly becoming a recognized financial instrument held on the balance sheets of major public corporations, hedge funds, fintech giants, and companies from media to manufacturing. This new wave, spearheaded by Strategy (formerly MicroStrategy), opened the door for other companies to view Bitcoin as an investment alternative, an inflation hedge, and even a PR strategy in the global capital markets.
A June 2025 report by Yahoo Finance (based on Coinkite and BitcoinTreasuries.net) maps out the phenomenon, presenting accurate figures: over 80 public companies now hold more than 3.4% of all bitcoins in circulation.

Strategy (MicroStrategy): From Software Developer to Public Bitcoin Fund
Strategy’s story is perhaps the most prominent indicator of this revolution. Michael Saylor, CEO, began converting more and more of the company’s balance sheet from cash and government bonds to Bitcoin as early as 2020. The result: as of June 2025, Strategy holds 580,955 bitcoins—a stash now worth tens of billions of dollars. In practice, a significant part of the company’s market value is tied to the price of Bitcoin, and it essentially functions as a publicly traded bitcoin trust—with massive leverage, repeated bond offerings, and capital raises aimed at buying more coins.

What Drives This Strategy?
Saylor summed up the approach: “Bitcoin is a hedge against inflation, economic instability, and centralized banking. It’s the only way to protect company value in an era of rampant money printing.”
In his footsteps, dozens of other public companies—from mining (MARA Holdings, Riot Platforms, CleanSpark), fintech (Block/Square, Coinbase Global), and energy (Galaxy Digital) to media (Trump Media & Technology Group, GameStop)—have jumped on the bandwagon. These companies leverage a mix of debt issuance, capital raises, and existing profits to buy Bitcoin and present it as a core asset.

By the Numbers: Where Is the Bitcoin?
Beyond Strategy, other notable holders include:
MARA Holdings (48,137 BTC)
Twenty One Capital (31,500 BTC)
Riot Platforms (19,211 BTC)
Galaxy Digital Holdings (12,830 BTC)
CleanSpark (12,101 BTC)
Hut 8 Mining (10,273 BTC)
Coinbase Global (9,267 BTC)
Block (formerly Square, 8,584 BTC)
Tesla (Elon Musk, 11,509 BTC—though the company has sold some of its stake)
Metaplanet (Japan, 7,800 BTC)
GameStop (4,700 BTC)
…and dozens more across technology, mining, e-commerce, media, and energy.
In total, public companies now hold over 3.4% of the global bitcoin supply—a trend that has surged by over 160% since 2023 alone.

The Financial Model: Hedging, Leverage, and Market Signaling
Why are companies entering Bitcoin in such numbers?
The motivations vary:
Hedging against inflation (especially in markets with weak currency confidence or high dollar interest rates)
Appealing to younger, crypto-friendly investors
Return potential—the asset is volatile but has been among the best-performing of the past decade
Accounting flexibility (in some jurisdictions, bitcoin is registered as an intangible asset, offering certain tax incentives)
A desire for innovation and branding as “digital pioneers”

However, the model comes with significant risks—from the sharp volatility of the currency to regulatory uncertainty and unresolved accounting questions.

Winners, Disappointments, and Cautionary Tales
Not every company that leapt onto the Bitcoin trend has benefited. Notable examples include Trump Media & Technology Group and GameStop—both saw their stock price rise after announcing bitcoin purchases, but soon after, shares dropped about 10% due to shifting market sentiment or bitcoin price swings.

Strategy, despite the immense gains of 2021–2024, has also experienced sudden drawdowns when bitcoin prices tumbled. The market has learned: success depends not only on bitcoin’s price but also on prudent leverage management, regulatory compliance, and investor transparency.

Regulation and Accounting Challenges: Is Bitcoin for Every Public Company?
Bitcoin’s entry onto public company balance sheets has caused a stir among securities and accounting authorities. In some jurisdictions—especially the US—the SEC requires full disclosure of purchase strategies, leverage terms, and the real impact of currency fluctuations on profits. Moreover, managing the risks is a major challenge, since bitcoin isn’t as liquid or insured as a standard bank deposit.

Additionally, the impact on company earnings can go both ways: in periods of capital gains, companies benefit from revaluations, but in downturns, company value—and in leveraged cases, solvency—can suffer severely.

Global Impact: Is Bitcoin Really Becoming the New Standard?
The data show a sharp rise in the number of public companies adopting the “Bitcoin Standard.” The trend is expanding into Europe, Japan, South America, and even Israel. Still, most large corporations prefer to remain on the sidelines, sticking with dollars, bonds, or gold as more conservative holdings.

As lawmakers address regulatory questions—especially around reporting, risk management, and shareholder protection—this trend will likely accelerate. The result: global capital market behavior, stock valuations, and risk perception may be fundamentally reshaped.

Is Bitcoin Replacing the Dollar? Looking Ahead
While many still view bitcoin as a temporary hedge, the mass adoption by public companies hints at a potential “de-dollarization”—at least for a small part of corporate reserves. If the trend continues, investors, analysts, and regulators will need to develop new tools for assessing crypto exposure, perhaps even unique indices to track company bitcoin holdings alongside those for bonds and gold.