As crypto ETFs flood the market with easier ways to buy Bitcoin, companies that built their entire strategy around hoarding digital coins are suddenly facing tough questions. These corporate crypto treasuries now hold about 848,100 Bitcoin worth roughly $130 billion, representing 4% of all Bitcoin ever created. But their special place in the market is getting squeezed.
Think of it like this: imagine you were the only pizza place in town, so people paid extra just to get pizza from you. Then suddenly, five new pizza shops opened up next door offering the same thing for less money. That’s basically what’s happening to companies like MicroStrategy, which owns over 582,000 Bitcoin worth about $62 billion.
The growth numbers tell an interesting story. Corporate treasuries grew their holdings by 31% throughout 2024 and nearly doubled in early 2025. Public companies bought about 131,000 Bitcoin in just the second quarter of 2025 alone.
Meanwhile, crypto ETFs have exploded to around $200 billion in total assets by August 2025, with BlackRock’s Bitcoin ETF approaching $100 billion all by itself.
Here’s where things get tricky for these Bitcoin-hoarding companies. They used to trade at premium prices because they were one of the few regulated ways to get Bitcoin exposure. Now that ETFs offer the same thing more simply, many corporate treasury stocks are trading at discounts compared to their actual Bitcoin holdings. Illiquidity concerns arise since shareholders cannot redeem Bitcoin directly from these companies, creating inherent valuation disadvantages.
About 28 large public companies currently hold crypto treasuries, though some estimates suggest 135 when counting smaller players. These firms are scrambling to prove they’re worth more than just the coins they own. New accounting standards now allow companies to report their crypto holdings at fair market value, making it easier to include these assets on balance sheets.
Some are expanding into other cryptocurrencies like BNB and Solana. Others are looking at mergers to cut costs and gain scale. During market volatility, maintaining proper diversification strategies becomes crucial for companies heavily concentrated in digital assets.
The challenge is real but not impossible. Companies that can grow their crypto holdings per share while managing operational costs might still thrive. However, those that simply bought Bitcoin and hoped for the best are discovering that the market has moved beyond basic digital coin collecting strategies.
