Corporate adoption of crypto in financial management is growing rapidly. According to a report by K33 Research, in the first half of 2025, the tally of public companies with BTC almost doubled.
K33 revealed that between December 2024 and June 2025, the number of listed companies with Bitcoin (BTC) on their balance sheet rose from 70 to 134, earning a total of 244,991 BTC.
This trend is compared to previous waves of corporate gold adoption. “There are clear similarities, especially in providing a way for investors to access underlying assets that they previously struggled to access,” Amina Bank’s Chief Financial Officer Mike Foy told Cointelegraph.
Foy said the sustainability of the movement depends on the details of the market and the regulatory environment. “There’s time to see if this will become a sustainable trend, but it’s clear that the strategy has the advantages of the first mover,” he noted, adding that companies in jurisdictions where access to institutional crypto products are restricted are the most profitable.
Top 10 Bitsin Finance Company. Source: bitcointreasuries.net
Related: Monster Week for Crypto Treasury Firms, which bought $8 billion
Crypto Treasuries: Lifeline or Last Remedies?
In particular, the Crypto Treasury trends promote skepticism that struggling companies may be using digital assets as their reputational lifelines. Foy acknowledged that there is a temptation from companies under pressure.
Last month, Biotech Firm Windtree Therapeutics disclosed a $60 million purchase agreement with Build and Build Corp., launching a BNB financial plan, followed by expanding its $500 million shares and $20 million share purchase agreement.
The company enjoyed a brief boost in mid-July when it announced its BNB financial strategy, but since then its stock has dropped more than 90% from its peak.
On Tuesday, NASDAQ announced that the biotechnology company would be repealed after it failed to maintain the required $1.00 minimum bid price under Rule 5550(a)(2).
Foy proposed to examine the behaviour of finding companies using the Department of Cryptocurrency for short-term optics. He advised to check management risk expertise and focus on leverage levels, core business and insider stock sales.
“If any of these seem strange or unconventional, this is probably a sign that this is not a long-term plan, but a short-term stock price play,” he said.
Related: Altcoin Treasury Race: Verb Ton Acquisition Company announces $780 million assets
Companies test ether, Ministry of Finance altcoins
Bitcoin remains the dominant choice of the Ministry of Finance, but companies are beginning to experiment with ether (ETH) and selected altcoins. According to Foy, the difference lies in the possibility of wagering new collaboration opportunities between rewards and blockchain fundamentals.
Last month, NOONES CEO Ray Youssef said Ethereum’s hybrid appeal is attracting financial managers. “Ethereum begins to look like a hybrid of high-tech equity and digital currency, which appeals to financial strategists who look beyond passive storage,” he said.
Youssef said ETH’s dye yields, programmaticity and compliance-friendly roadmap made cryptocurrencies attractive to “future-looking companies, especially those already involved in the digital economy.”
magazine: How Ethereum Finance Companies Can Cause “Defi Summer 2.0”
