According to data from Bitcoin Treasuries, there are a total of 204 institutions that hold Bitcoin as of May 23, 2025, with more than 50% of entities being public companies. In the past month, there have been 11 new companies adopting $BTC into their treasuries.

Most recently, Strategy announced plans to issue to $2.1 billion in Series A Perpetual Preferred Stock. The funds generated from the sale will be used for general corporate purposes, which may include acquiring more Bitcoin. As the largest corporate holder of BTC, Strategy holds more than 214,000 $BTC or equal to over $23.6 billion.