Blockware Intelligence forecasts that by the end of 2025, at least 36 other public companies will have added Bitcoin to their balance sheets.
“This is just the beginning. In the next 6 months, we expect at least three dozen public companies to add Bitcoin to their treasury,” said Blockware in its Q3 2025 market update report. This would represent an increase of about 25% compared to the current total of 141 public companies that hold Bitcoin (BTC), according to the company's data.
2025 sees a 120% increase in public companies adopting Bitcoin
The intelligence unit, which is the research arm of Blockware Solutions, a Bitcoin mining company, reported that in 2025 alone, the number of publicly traded companies holding Bitcoin on their balance sheets increased by 120%. “Bitcoin Treasury Companies are the ‘bridge’ mentioned that connects equity and debt markets to Bitcoin,” the company added.
According to data from BitcoinTreasuries.net, Michael Saylor's strategy leads the group with 597,325 BTC, holding approximately 12 times more than the second largest holder, the Bitcoin mining company MARA Holdings, which owns 50,000 BTC.
However, Blockware stated that the increasing number of companies joining the ranks is either newly established or facing operational challenges.
“The race for corporate adoption of Bitcoin is largely being led by new companies or companies on the verge of extinction that you have never heard of.”
Blockware said that this is not necessarily negative. “Companies with core businesses in trouble (low growth, dying markets) find it much easier to recognize the simplicity of investing retained earnings in BTC and achieving 40 to 60% CAGR without the operational risks of running a business,” said Blockware.
Analysts recently issued a warning against companies adopting Bitcoin treasury
“The market is sending a strong signal: securitized exposure to Bitcoin is here to stay,” the company added.
Bitwise Asset Management recently reported that corporate interest in Bitcoin reached new highs in the second quarter of 2025, with companies adding a record 159,107 BTC to their balance sheets.
