More and more companies are using cryptocurrencies as treasury assets. In the first half of 2025, the number of publicly traded companies that held Bitcoin on their balance sheets nearly doubled. Some analysts say that even though this growth is happening quickly, some companies that are having trouble may be using their crypto holdings more to save face than as a long-term investment.
Bitcoin’s Growing Popularity in Treasury Management
K33 Research says that between December 2024 and June 2025, the number of public companies that held Bitcoin (BTC) reserves rose from 70 to 134, for a total of 244,991 BTC. People are comparing this rise to earlier waves of companies adopting gold, which opens up new ways for investors to get to the underlying digital assets. The long-term success of this trend depends on certain market and regulatory conditions. Companies that are the first to enter markets where institutional crypto products are hard to get will have an advantage.
Last Chance or Lifeline?
People are also skeptical about the move to crypto treasuries. Experts like Mike Foy at Amina Bank say that some companies may use their crypto reserves mostly for a short-term PR boost when the market is bad. The biotech company Windtree Therapeutics made news recently with a $60 million BNB treasury strategy that briefly raised its stock price. But when it was later delisted from Nasdaq for not keeping up with minimum bid prices, its stock fell by more than 90% from its peak. Analysts say that to find out if crypto adoption is really a long-term strategy or just a short-term trend, you should look closely at management’s risk knowledge, leverage, core business focus, and insider trading activity.
ETH and other altcoins join the debate in the Treasury
Bitcoin is still the most popular choice, but some businesses are starting to look into Ether (ETH) and some altcoins. Ethereum’s programmability, staking yields, and roadmap that makes it easy to follow the rules have made it popular with treasury managers who are looking to the future. ETH offers a hybrid appeal, straddling tech equity and digital currency, making it attractive for digital-economy firms and those seeking additional collaboration opportunities with blockchain foundations.
Crypto treasuries are on the rise, but distinguishing between transformational strategy and fleeting PR tactics is increasingly vital. As more firms embrace Bitcoin and Ethereum reserves, careful due diligence will determine whether the move delivers lasting value or merely short-term market attention.
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