Key Takeaways:

As institutional adoption deepens, Bitcoin is undergoing a significant repricing moment. A new wave of corporate buyers is accelerating this trend, and the numbers are staggering. According to Blockware Intelligence, over three dozen new publicly traded companies may soon join the Bitcoin treasury movement, signaling a broader shift in how businesses approach financial resilience.

According to a recent Q3 2025 market update report, Blockware Intelligence announced that the amount of public company that holds Bitcoin has increased from 64 as at the start of the year to 141 – a 120% increment in six months only. Now, the company estimates that it will rise by another 36 companies in the next half-year — which could mean there will be more than 175 public companies holding Bitcoin before the end of 2026.

This fast surge in corporate BTC holdings is testament to the change in perception as to the role of Bitcoin: no longer just an alternative investment, it is increasingly seen as a strategic treasury reserve.

While institutional inflows via spot Bitcoin ETFs are well documented, accumulating around 120,000 BTC year-to-date, corporate balance sheets now hold over 247,000 BTC in 2025 alone, more than doubling that figure.

“The market is sending a strong signal: securitized Bitcoin exposure is here to stay.”, Blockware Intelligence

The principal drivers of corporate Bitcoin adoption is the search for an escape from yields on treasury management that have gone flat in traditional inflation hedging. With interest rates, including in the United States, still lower than the inflation, many companies are looking for new places to park their retained earnings.

Companies in low-growth sectors or those facing potential decline, appear particularly open to Bitcoin as an alternative asset. Blockware notes that “struggling companies or new entrants” are the most aggressive buyers. These firms are betting that BTC’s historical compound annual growth rate (CAGR) of 40–60% outweighs the risks tied to its volatility.

Relative to introducing a risky line of business or restructuring a business, purchasing Bitcoin gives exposure with upside potential that may be disproportionate to its business complexity. It’s a wager on financial engineering, rather than market competition.

A key signal that is informing Blockware’s prediction is the Market Cap to Realized Cap Ratio (MVRV). During previous surges in Q1 and Q4 2024, the ratio peaked at around 2.7. As of mid-2025, with a Realized Cap of $959 billion, this implies a potential market cap of $2.58 trillion, equivalent to a Bitcoin price of approximately $125,000.

Blockware offers three end-of-year scenarios for BTC pricing:

These numbers underscore the bullish backdrop driving corporate confidence in Bitcoin as a long-term store of value.

While public companies are adding BTC to their balance sheets, Bitcoin miners are thriving too. Despite increased network difficulty, the hashprice, a measure of mining profitability has climbed roughly 23% year-over-year.

Miners benefit from an environment where Bitcoin price appreciation outpaces difficulty adjustments, thanks in part to limited global infrastructure scaling.

“It’s easier to bid BTC than it is to build data centers,” Blockware explains. This imbalance is expected to persist until at least the 2028 halving.

With more public companies vacuuming BTC supply, and miners showing a willingness to HODL for longer, the small float set aside for retail and smaller institutions only continues to go down.

In Q2 2025, a total of 159,107 BTC entered corporate treasuries in the highest quarter on record, recent data from Bitwise Asset Management showed. At this rate, the corporate demand could soon match the mining issuance in total, especially after the halving.

Some analysts caution that this could ultimately result in a supply-side squeeze, in the event that demand for BTC exceeds that available on exchanges. Others, like Glassnode’s James Check, urge caution, warning that the “easy upside” may already be behind for newer entrants. However, early adopters such as MicroStrategy and MARA Holdings continue to double down, with MicroStrategy alone holding 597,325 BTC, by far the largest public stash.