Bitcoin as a Corporate Treasury Asset
Over the past five years, Bitcoin (BTC) has become a key reserve asset for companies and governments. Regulators have created rules that support digital asset innovation while protecting investors. This shift has made Bitcoin more than just a speculative asset. Many institutions now see it as a strategic part of treasury management.
However, Bitcoin inflows into corporate treasuries have dropped recently. Data from SoSoValue shows weekly net inflows fell from $2.57 billion in early August to $33.74 million by October 20.
Bitcoin Treasury Holdings and Major Companies
Despite the drop in inflows, total Bitcoin held by companies remains strong. Currently, about 865,350 BTC are held, worth nearly $96 billion. Thirty-seven non-mining companies hold Bitcoin treasuries.
- Michael Saylor’s Strategy leads with 640,418 BTC, valued at $70.94 billion.
- XXI holds 43,500 BTC, worth $4.82 billion.
- MetaPlanet owns 30,823 BTC, valued at $3.41 billion.
- Other holders include Bitcoin Standard Treasury Company, Bullish, and Tesla.
Strategy began buying Bitcoin in 2020, viewing it as “digital gold” and a hedge against inflation and currency risks. Michael Saylor called Bitcoin “the greatest store of value” in a February 2025 interview.
Reasons for the Decline in Bitcoin Treasury Inflows
The fall in Bitcoin inflows is not random. Karim AbdelMawla, senior researcher at 21Shares, says companies face higher capital costs, stricter regulations, and shareholder approval challenges. Early adopters like Strategy are locking in profits, reducing new purchases.
There is also growing interest in yield-generating cryptocurrencies like Ethereum (ETH) and Solana (SOL). These altcoins offer access to decentralized finance (DeFi) platforms, attracting institutional funds.
Bitcoin spot ETFs, approved in January 2024, have attracted $61.54 billion in inflows this year. These ETFs provide easier access and tax benefits compared to holding Bitcoin directly in corporate treasuries.
AbdelMawla expects subdued Bitcoin treasury buying until clearer macroeconomic conditions emerge. Factors that could boost demand include seasonal Q4 strength, increased ETF inflows, and potential interest rate cuts.
Expert Views on Bitcoin Treasury Trends
Jamie Elkaleh, Chief Marketing Officer at Bitget Wallet
Elkaleh sees the current pullback as a buying opportunity. He advises investors to diversify into Bitcoin ETFs and other cryptos like Ethereum to reduce risks. He recommends dollar-cost averaging and education for long-term growth.
He suggests retail investors use hedging strategies, such as options or stablecoins, to protect against short-term drops. Elkaleh believes Bitcoin’s role as a treasury asset will support long-term value.
Ricardo Santos, CTO at MANSA
Santos says the downtrend is due to Bitcoin’s price drop, competition from ETFs, and high funding costs. He notes that many companies are more cautious but still see Bitcoin as a valid reserve asset.
He expects the slowdown to end by year-end, with possible rallies in 2026. ETF inflows and improved liquidity could drive renewed interest. Santos advises retail investors to buy dips, hold assets securely, and use hedging tools if needed.
Karim AbdelMawla, Senior Researcher at 21Shares
AbdelMawla recommends retail investors stay invested but adjust strategies. He suggests diversifying with gold, bonds, and income-generating crypto assets. Dollar-cost averaging and using spot ETFs can reduce risks.
He views the current pullback as a chance to reposition portfolios strategically. Maintaining 5-10% Bitcoin allocations and balancing with other assets helps manage volatility.
