In recent years, a transformative financial strategy has emerged in corporate treasury management: the adoption of Bitcoin as a primary reserve asset.
This approach, pioneered by Strategy (formerly MicroStrategy) under the leadership of Michael Saylor, has redefined how companies preserve capital and pursue growth.
By leveraging Bitcoin’s unique properties as a store of value, corporations worldwide are increasingly integrating it into their balance sheets, a trend that is gaining momentum across global markets. This article explores the rise of Bitcoin treasury companies, their financial strategies, and the remarkable growth they have achieved!
The concept of a Bitcoin treasury company was popularized by MicroStrategy, now rebranded as @Strategy, under the guidance of Executive Chairman Michael Saylor.
In August 2020, Strategy made headlines by allocating $250 million of its corporate cash to Bitcoin, marking it as one of the first publicly traded companies to adopt the cryptocurrency as a treasury reserve asset.
Since then, Strategy has amassed over 580,000 BTC using a weekly DCA, valued at approximately $62 billion as of May 2025, making it the world’s largest corporate Bitcoin holder.
Saylor’s strategy is rooted in the belief that Bitcoin is a superior store of value compared to fiat currencies, which are subject to inflation and central bank policies.
By using a combination of excess cash, equity offerings, and low-interest convertible debt, Strategy has funded its Bitcoin acquisitions while maintaining financial flexibility.
This approach has proven highly effective, with Strategy’s stock soaring 2,919% since August 2020, outperforming tech giants like Nvidia, Tesla, and Microsoft, as shown in the chart below.
The company’s “21/21 Plan”, announced in January 2025, aims to raise $42 billion over three years to further expand its Bitcoin holdings, demonstrating its commitment to this strategy.
The success of Strategy has inspired a wave of companies worldwide to adopt Bitcoin as a treasury asset, with the trend gaining momentum across major stock exchanges.
On the website bitcointreasuries.net, you can explore real-time data with more detail, including the number of companies holding BTC, a ranking of these companies, and other relevant metrics.
As of May 2025, the site lists 148 companies, both public and private, holding Bitcoin worth over $100 billion. Notable examples include:
H100 Group (Sweden) @H100Group: Listed on the NGM Nordic SME Exchange, H100 Group became Sweden’s first publicly listed Bitcoin treasury company in May 2025, purchasing 4.39 BTC for $475,000. This move aligns with Sweden’s digital innovation ethos, boosting its stock by 1.37% post-announcement (Crypto News)
Metaplanet (Japan) @Metaplanet_JP: Tokyo-based Metaplanet holds 7,800 BTC as of May 2025, funded through bonds and warrants, with plans to reach 10,000 BTC by year-end. Its stock has surged fivefold, reflecting strong market support (Bitcoin Magazine).
Méliuz (Brazil) @MeliuzBitcoin: In May 2025, Méliuz became Brazil’s first Bitcoin treasury company, investing $28.4 million in 320.25 BTC. Its stock rose 2.5x since March, driven by increased liquidity from R$4 million to R$45 million daily (Reuters).
GameStop (United States) @gamestop: On this Wednesday (May 28, 2025), GameStop announced the purchase of 4,710 BTC, valued at approximately $512 million, following a $1.5 billion convertible debt offering at 0% interest, finalized in April 2025. This move, inspired by Strategy, aims to diversify its $5.5 billion cash reserves amid declining retail sales. GameStop’s stock rose 4.4% in pre-market trading post-announcement, reflecting investor enthusiasm despite a 23% drop from its peak due to market concerns over debt and volatility (CoinDesk, Investing.com).
Other Examples: Jet King Infotrain (India), Mara Holdings (U.S.), and The Blockchain Group (France) are some examples of companies that also have embraced Bitcoin treasury strategies, each tailoring the approach to their regional markets and regulatory environments.
Financially speaking, the Bitcoin treasury strategy is highly effective for several reasons, primarily due to its ability to leverage low-cost capital and Bitcoin’s potential for asymmetric returns. Here’s why this approach is gaining so much traction:
Low or Zero-Interest Debt: Companies like Strategy have utilized convertible bonds and equity offerings to raise capital at minimal cost. For instance, Strategy’s recent debt issuances carry interest rates as low as 0% to 0.625%, significantly reducing the cost of borrowing. This low-cost capital is then used to acquire Bitcoin, which has historically outperformed traditional assets, generating substantial returns.
Hedge Against Inflation: In an era of rising global debt and monetary expansion, Bitcoin’s fixed supply of 21 million coins makes it an attractive hedge against inflation. Companies adopting this strategy aim to preserve purchasing power and protect shareholder value in inflationary environments.
Asymmetric Returns: Bitcoin’s historical performance has outpaced most traditional assets, offering companies the potential for significant long-term gains. Strategy’s Bitcoin holdings have generated a year-to-date gain of $8 billion in 2025, with a Bitcoin yield of 12% since January 2025.
Diversification and Resilience: By diversifying away from fiat currencies, companies reduce exposure to single-currency risks and central bank policy shifts. Bitcoin’s uncorrelated nature makes it a valuable addition to corporate treasuries, enhancing financial resilience.
Market Performance: Companies adopting Bitcoin treasury strategies have seen remarkable stock growth. Strategy’s stock, for example, has become a proxy for Bitcoin, attracting investors seeking exposure to the cryptocurrency without directly holding it. Similarly, Metaplanet’s market capitalization has increased fivefold since adopting its Bitcoin strategy.
While the Bitcoin treasury strategy has proven effective, it is not without risks. Bitcoin’s price volatility poses a significant challenge, with critics warning that a sharp decline could strain companies’ balance sheets, particularly those heavily leveraged.
For instance, Michael Saylor has acknowledged that a 90% Bitcoin price drop sustained for several years could impact Strategy’s shareholders.
Regulatory uncertainty and custodial risks also remain concerns, as companies must navigate complex legal landscapes and ensure secure storage of their Bitcoin holdings.
As a leading Norwegian cryptocurrency exchange, NBX is well-positioned to support the growing trend of Bitcoin treasury companies. By offering secure trading, custody solutions, and professional-grade tools, NBX enables businesses and institutions to confidently integrate Bitcoin into their financial strategies.
Norway’s progressive stance on digital assets, exemplified by NBIM’s investment in Strategy, underscores the country’s role as a hub for cryptocurrency innovation.
NBX’s commitment to regulatory compliance and robust security measures makes it an ideal partner for companies exploring Bitcoin treasury strategies, whether through direct Bitcoin purchases or exposure to Bitcoin-focused firms like Strategy.
From Strategy’s early Bitcoin allocation to recent entries by GameStop, Méliuz, Metaplanet, and H100 Group, the use of Bitcoin as a treasury asset is changing how companies manage capital. What began as a niche idea is now a strategy adopted across multiple sectors and regions.
For investors, holding shares in these companies offers indirect exposure to Bitcoin without the need to manage wallets or deal with private keys. It’s a way to participate in Bitcoin’s performance through traditional equity market.
NBX continues to support this trend by offering infrastructure that helps businesses access Bitcoin securely and in compliance with European regulations. As adoption grows, NBX is well-positioned to serve companies exploring this approach to treasury management.If you enjoyed this article and want to see more content like this, follow us on social media and check out our previous posts on the blog https://nbx.com/en/blog!
