At least 36 additional public companies are expected to add Bitcoin to their balance sheets by the end of 2025, according to a new report from Blockware Intelligence, the research arm of Bitcoin mining firm Blockware Solutions. The projection marks a 25% increase from the current count of 141 Bitcoin-holding public companies.
“This is just the beginning,” Blockware stated in its Q3 2025 market update. “Bitcoin treasury companies are the bridge connecting equity and debt markets to Bitcoin.”
The number of public companies adopting Bitcoin has already surged 120% this year, fueled by increasing acceptance of Bitcoin as a treasury asset. Market leader MicroStrategy holds 597,325 BTC—more than 12 times the holdings of the next largest holder, Marathon Digital (MARA), which owns 50,000 BTC.
However, Blockware noted a trend: the bulk of new entrants are either newly formed or struggling firms seeking alternative strategies. “Companies with low-growth or dying business models are quicker to recognize the appeal of BTC as a high-performing treasury reserve,” the firm explained, citing potential 40–60% compound annual growth rates without the overhead of traditional operations.
Despite growing interest, some analysts remain cautious. Glassnode’s James Check warned that the “easy upside” for corporate Bitcoin strategies may have already passed. Similarly, VC firm Breed suggested only a handful of Bitcoin treasury companies will survive future market downturns.
Bitwise Asset Management recently reported a record 159,107 BTC added to corporate treasuries in Q2 alone, underscoring the increasing institutional exposure to digital assets.
As Bitcoin trades above $118,000 and corporate adoption accelerates, Blockware says the market is sending a clear message: “Securitized Bitcoin exposure is here to stay.”
