Listed Companies Holding Bitcoin Nearly Double in H1 2025, K33 Research Shows

Key Takeaways:The number of publicly listed companies holding Bitcoin (BTC) rose from 70 to 134 in the first half of 2025.Collectively, these firms now hold 244,991 BTC, according to K33 Research.Analysts compare the trend to the early wave of corporate gold adoption.Sustainability depends on regulation, market conditions, and management expertise.Corporate Bitcoin Adoption AcceleratesA new report by K33 Research reveals that corporate adoption of Bitcoin is accelerating in 2025. In the first half of the year, the number of listed firms holding BTC almost doubled from 70 to 134, with combined reserves reaching 244,991 BTC.The data underscores the growing role of digital assets in corporate treasury management, as firms increasingly view Bitcoin as both a hedge and a strategic reserve. Analysts note that this trajectory resembles the early stages of gold adoption by corporations decades ago.Market & Regulation Shape the TrendAccording to Mike Foy, CFO of AMINA Bank, the sustainability of this wave depends on market conditions and regulatory clarity. He emphasized that firms must carefully balance exposure with their core business focus:“It’s critical to assess management’s risk expertise and strategic goals when evaluating these holdings,” Foy said.The report highlighted Windtree Therapeutics as a cautionary case. While the company’s stock briefly surged on news of its BNB purchase plan, shares later collapsed by more than 90%, underlining the risks of poorly executed treasury strategies.Beyond Bitcoin: ETH Gains AttentionWhile Bitcoin remains the primary focus, some listed firms are beginning to experiment with Ether (ETH) and select altcoins. Strategists say ETH’s dual role as a reserve asset and DeFi utility token makes it attractive, though adoption remains in the exploratory phase.Corporate adoption of Bitcoin is growing rapidly in 2025, with holdings nearing a quarter million BTC across listed firms. While comparisons to gold adoption highlight long-term potential, analysts caution that regulatory frameworks and company-specific risk strategies will ultimately determine whether the trend matures or falters.