Cryptocurrency is having a big year. From new regulatory frameworks to growing institutional interest, digital assets are continuing to evolve beyond the early adopter phase. The recently passed GENIUS Act marks a shift toward governmental oversight for stablecoins, creating new guardrails for how they’re issued, managed, and used.
While stablecoins are gaining traction for payments, another crypto use case has emerged: Bitcoin as a corporate treasury asset. It’s a move that started with a few bold players in 2020 but has since gained traction.
What is a Bitcoin Treasury and Why Would a Company Want One?
Simply put, a Bitcoin treasury means that a company has decided to hold Bitcoin as part of its financial assets. Instead of keeping any extra cash in USD (or other currencies) or investing it in traditional ways like bonds or stocks, they’re putting some of that money into Bitcoin and holding it long-term.
Why do this? For some, Bitcoin’s fixed supply (only 21 million Bitcoins will ever exist) and decentralized nature make it appealing as a hedge against inflation or as a long-term store of value, often being referred to as “digital gold”. Others see it as a way to diversify their balance sheet, signal innovation, or become early adopters in an increasingly digital financial landscape.
Bitcoin’s all-time highs in 2025 shifted many companies’ views, positioning crypto more as a strategic asset than a speculative one. One of the earliest and most vocal adopters is Strategy (formerly MicroStrategy), which is widely recognized for pioneering this approach. They shifted much of their focus from enterprise software to building and managing a long-term Bitcoin position.
Companies Holding Bitcoin Today
While Bitcoin treasuries are still far from mainstream, a growing number of publicly traded companies–primarily in tech and finance–have added Bitcoin to their balance sheets in recent years. Some are heavily invested in the long-term potential of digital assets. Others are curious and are exploring it more cautiously as a form of diversification.
A few notable names include:
- Strategy (formerly MicroStrategy) – Began buying Bitcoin in 2020 and is now the largest corporate holder, with around 628,946 BTC valued at over $76 billion. Bitcoin has become central to the company’s identity and strategy.
- Tesla – Entered the market in early 2021 with a $1.5 billion purchase and briefly accepted Bitcoin for vehicle sales. They currently hold around 11,509 BTC valued at $1.4 billion. Tesla treats Bitcoin as a strategic reserve rather than a core business focus.
- Block (formerly Square) – Started buying Bitcoin for its corporate treasury in late 2020. They currently hold 8,692 BTC valued at $1 billion. Block holds Bitcoin for both investment and to integrate into its Cash App platform, reflecting CEO Jack Dorsey’s belief in Bitcoin’s role in the future of finance.
- Coinbase – They hold Bitcoin as part of operational reserves and as a strategic asset. As a major exchange, they also facilitate large-scale BTC custody and trading for institutions. They currently hold 11,776 BTC valued at $1.4 billion.
- GameStop – Began holding Bitcoin in May 2025, now owning 4,710 BTC valued at $566 million. GameStop’s CEO said the purchase was driven by macroeconomic concerns, highlighting Bitcoin’s fixed supply and decentralized nature as potential protection against certain risks.
Bitcoin treasuries haven’t yet gained traction with traditional B2B companies. But that raises an interesting question: could they?
Is There a B2B Opportunity?
Most Bitcoin treasury holders today are publicly traded companies, though some private firms are also participating. These companies often view Bitcoin as aligning with their brand, resonating with their customers, or fitting their digital-first strategies. Traditional B2B manufacturers and distributors have largely stayed on the sidelines.
There are a few possible reasons for this. Bitcoin’s price volatility, unclear regulatory treatment, and complex accounting rules make corporate boards more cautious. Many B2B companies also lack internal expertise or infrastructure to manage digital assets and tend to focus on more traditional capital allocation strategies that align closely with their core business.
That said, the potential is there. For global B2B exporters and importers, Bitcoin could act as a hedge against foreign exchange volatility or cross-border payment delays. Industrial firms with substantial cash reserves might use it as a modern store of value.
Whether Bitcoin treasuries will gain traction beyond the early adopters–or fade away as a passing fad–remains to be seen. But one thing is clear, the conversation around digital assets and corporate finance is only just beginning.