The trend of companies using cryptocurrencies in financial management is rapidly growing. According to a report by K33 Research, the number of publicly listed companies holding Bitcoin nearly doubled in the first half of 2025.
K33 reports that from December 2024 to June 2025, the number of companies holding Bitcoin increased from 70 to 134, with a total holding of 244,991 Bitcoins.
This trend is compared to the early wave of corporate adoption of gold. Mike Foy, CFO of AMINA Bank, stated that this provides a pathway for investors who previously had no access to the underlying assets.
Foy believes that long-term sustainability depends on the market and regulatory environment, noting that the strategy has a clear first-mover advantage.
Related: $80 billion procurement wave from crypto warehouse companies
Crypto Reserves: Lifeline or Last Ditch Effort?
However, this trend has also raised questions, as some struggling companies may view digital assets as a lifeline for their reputation. Foy acknowledges that this temptation indeed exists.
Last month, biotech company Windtree Therapeutics announced the purchase of $600,000 in BNB and signed a $5 million equity credit line. The company briefly gained traction after announcing a new reserve plan, but its stock price subsequently fell by over 90%.
On Tuesday, Nasdaq announced that the company was delisted for failing to maintain minimum bid.
Foy suggests checking their risk management, leverage levels, and management behavior; any abnormalities may indicate that the strategy is only aimed at short-term gains.
Related: Altcoin Reserve Race: Companies Announce $780 million in Assets
Companies Test Ethereum and Altcoin Reserves
Although Bitcoin remains the primary choice, companies are starting to test Ethereum and some altcoins. Foy states that this is due to its potential staking returns and new collaborative opportunities with blockchain technology.
CEO Ray Youssef points out that the mixed appeal of ETH is attracting managers. ETH's staking yield, programmability, and compliance roadmap make it attractive to companies concerned about the future.
Magazine: How Ethereum Reserve Companies Triggered DeFi Summer 2.0
