According to Blockware Intelligence, the trend of corporate Bitcoin adoption is far from over. In its Q3 2025 market update, the firm projected that at least 36 additional publicly listed companies will add Bitcoin to their balance sheets before the year concludes.
“We’re just getting started,” the report stated. “Over the next six months, we anticipate a wave of adoption, with roughly three dozen more public firms integrating Bitcoin into their treasuries.” If realized, this would reflect a 25% rise from the current figure of 141 public companies holding BTC, based on Blockware’s internal data.
Corporate Bitcoin Holdings Soar in 2025
Blockware Intelligence — the research division of mining firm Blockware Solutions — highlighted a 120% jump in public companies adopting Bitcoin in 2025 alone. It sees these entities as critical conduits connecting traditional financial markets to digital assets. “These treasury firms form the bridge between equities, debt instruments, and Bitcoin,” the report noted.
As per figures from BitcoinTreasuries.net, MicroStrategy continues to dominate with an enormous 597,325 BTC — a stash over 12 times greater than that of the second-largest holder, MARA Holdings, which holds 50,000 BTC.
Interestingly, the newest wave of adoption is being led by either recently founded companies or firms facing significant operational headwinds. “Most of these adopters are either brand new or companies with fading relevance,” Blockware observed.
Still, this trend isn’t viewed as inherently negative. “Businesses with declining growth often find it easier to pivot. By reallocating retained earnings into BTC, they aim to achieve 40–60% CAGR, without the burden of running a legacy operation,” the firm explained.
Growing Momentum — But Not Without Caution
The broader market appears to be signaling long-term interest in Bitcoin exposure through public equities. Bitwise Asset Management recently reported that Q2 2025 marked a new record, with public companies acquiring 159,107 BTC for their treasuries.
However, some analysts remain skeptical about the sustainability of this strategy. James Check, lead analyst at Glassnode, voiced concerns that the window for easy returns may have already closed for new entrants.
“I think the Bitcoin treasury narrative won’t last nearly as long as people expect,” he said on July 4.
Similarly, a June 29 report by venture firm Breed warned that only a few of these treasury-focused companies are likely to endure. Many could enter a downward spiral, especially those trading near their net asset value.
Crypto trader Saint Pump echoed this sentiment on X, suggesting these firms may play a pivotal role during the next bearish phase. “Once the NAV premium erodes — or turns negative — fundraising dries up, and the music stops,” he wrote.
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