Bitcoin is no longer viewed as exclusively a speculative asset. In recent years, it has taken center stage in the financial plans of several leading public companies.
Key Policy Changes Fuel Corporate Adoption
A series of key developments over the past two years have made it easier, safer, and more practical for companies to adopt Bitcoin. Significant changes include new FASB rules allowing firms to report Bitcoin at market value, improving balance sheet clarity and asset appeal. The emergence of Bitcoin-based exchange-traded funds (ETFs) has enabled investors to access the asset without needing to store it directly. These funds bridge the gap between cryptocurrency and Wall Street, attracting both institutional and retail capital.
Company Structures and Bitcoin Use
The report highlights several major companies, such as Strategy, Marathon Digital, and Riot Platforms, that control over 700,000 BTC. Among them, Strategy leads with 597,325 bitcoins, representing over half of its market capitalization. The company is often viewed as a leveraged Bitcoin ETF, as its stock moves 2 to 3 times faster than Bitcoin's price. Marathon holds 50,000 BTC and is perceived more neutrally in the market, while Riot and Metaplanet demonstrate interesting dynamics based on their structures and Bitcoin usage.
Broader Trends in Bitcoin Exposure
According to Glassnode, Bitcoin's realized cap has reached $1 trillion, with 25% of this amount added in 2025, indicating a surge of new capital into the crypto ecosystem. Retail investors now prefer registered platforms for purchasing Bitcoin, reflecting an overarching trend towards safer investments via public companies and ETFs instead of direct wallet holdings.
Bitcoin, initially seen as a hedge asset, is becoming an essential strategic element in the corporate sector. This shift highlights the growing interest and trust in cryptocurrency among major companies and investors.
