Introduction
Bitcoin treasury companies have changed how TradFi interacts with digital assets. What began with Strategy’s decision to reallocate its treasury into Bitcoin has evolved into a global phenomenon that, by August 2025, encompasses 156 publicly traded companies holding nearly 950,000 BTC valued at more than $100 billion.
These companies now account for over 5% of Bitcoin’s circulating supply, placing them among the most influential participants in market liquidity and price formation. Their aggregated buying power has, at times, absorbed multiple times the daily new supply of Bitcoin, making them both market drivers and market risks.
The corporate strategies behind these treasuries vary, but the core model is consistent: raise capital and deploy that capital directly into Bitcoin. Some companies use additional treasury management techniques, such as options or yield generation, to amplify exposure.
Others simply adopt a buy-and-hold stance. The outcome is the same in both cases: they create a high-beta equity proxy for Bitcoin within regulated markets, offering investors access to digital asset exposure without the complexities of custody or direct ownership. This has positioned these companies as a de facto bridge between traditional capital markets and the crypto ecosystem.
The ecosystem supporting these companies has expanded in parallel. Custodians, brokerages, and major banks are capturing fee revenue by servicing corporate Bitcoin holdings, embedding the asset deeper into the financial system.
However, this expansion is now without strain. Valuation pressures are mounting, with a record 27% of these companies now trading at market capitalizations below the value of their Bitcoin holdings.
This metric, referred to as mNAV, raises questions about sustainability: companies below this threshold face shrinking ability to raise new capital, and in extreme cases may be pressured to liquidate reserves.
Conditions like this could set off reflexive loops, where falling Bitcoin prices erode equity valuations, trigger dilution or debt concerns, and potentially force asset sales that further depress the market. These risks make it critical to evaluate whether Bitcoin treasury companies represent a durable financial innovation or an amplifying force of systemic volatility.
In this report, CryptoSlate will dive deep into the mechanics of these companies, the positive contributions they have made to Bitcoin’s market structure, and the vulnerabilities that could emerge if the cycle turns.
The goal is to provide a data-driven assessment of what defines a Bitcoin treasury company today, why they have become a major feature of the capital markets, and what their presence means for the future stability and growth of the crypto market.
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