Almost 200 companies now have billions in Bitcoin, but a new report warns that only a few can avoid the dangers of a possible death spiral.
Bitcoin (BTC) Corporate adoption is rapidly accelerating, with almost 200 entities that now have more than 3 million BTC in their balance sheets. But as the new players seem to hurry, only those who can skillfully grow their Bitcoin holders per action are more likely to survive the risks ahead.
As of May 2025, approximately 199 entities have 3.01 million BTC, approximately $ 315 billion at current prices. Among these, 147 companies, both private and public, have around 1.1 million BTC, valued at $ 115 billion. And this is not static. Since the beginning of 2024, Bitcoin in the hands of such entities has more than duplicate.
The story here is not just about accumulation, but about how companies whose main objective is to maintain Bitcoin is valued differently, they say Breed.VC analysts. Think about this as Bitcoin’s holders companies – Strategy He is the child poster. A new report It emphasizes that for these companies, survival and success depend on ordering what is called multiple about the value of net assets, or shortly Mnav. Essentially, this is a premium payment that investors pay above the Bitcoin value in the books.
Wait and look
But this cousin, explains the report, “depends on the trust and execution of the central team.” It is not just about being the owner of Bitcoin; Investors want to see these companies execute a play book that cultivates Bitcoin holdings for faster action that anyone could simply keep Bitcoin on their own.
Currently, the strategy dominates with approximately 580,000 BTC, more than half of all the company’s bitcoin, valued around $ 60 billion. However, its market capitalization is at $ 104 billion, which gives it a MNAV of approximately 1.7 times. Historically, the 2x Mnav strategy has been the gold standard. The report describes three main levers strategies used since 2020:
- Issue convertible debt with low coupons, which becomes capital only if the price of the action jumps substantially, protecting the shareholders from the dilution unless the yield guarantees it.
- Execute shares of shares in the market, which allows them to sell new shares when the price exceeds the MNAV and then the average cost in dollars in more bitcoin.
- Reinvert the entire free cash flow of inherited companies in the purchase of Bitcoin.
Others are looking and learning. The new participants are adopting and adjusting this approach, some even allow Bitcoin holders to exchange currencies for shares without activating capital gains, or acquiring undervalued businesses and converting that value into Bitcoin. Others pursue claims of Bitcoin litigation in difficulties or collect capital through pipe agreements, apparently navigating their regulatory gray areas for their benefit.
The Bitcoin Treasury players list is growing rapidly. More than 40 companies have announced Bitcoin’s treasure strategies in the first half of 2025 alone, which increases tens of billions to support these movements. These companies come from everywhere: Metaplanet of Japan is taking advantage of the low interest rates there, Semler Scientific and Gamestop in the United States have turned their treasure bonds, and pure playing companies such as Twenty One Capital, backed by Tether and Cantor, are also in the mixture.
Risk of infection
However, despite all optimism, the report warns that “nothing in finances is bulletproof proof,” especially in this space. The strategy itself faced a brutal stress test during the 2022–23 bearish market. The price of Bitcoin collapsed from 80%, the premium MNAV collapsed and the capital dried. Although the company survived, the threat is clear.
An extended bears market combined with the imminent maturity maturities could force companies to sell Bitcoin to fulfill the obligations, which potentially triggered a vicious circle of price drops and forced sales. It is said that this risk is particularly acute for the newest companies that lack the scale and reputation of the strategy. They often collect capital in more hard terms with greater leverage, which in recessions could accelerate margin calls and sale in difficulties, amplifying market pressure.
The report predicts that “when failures inevitably reach, the strongest players are likely to acquire companies in difficulties and consolidate the industry.”
“Fortunately, the risk of infection is silenced because most financing are based on capital; however, companies that depend largely on debt represent a greater systemic threat.”
Race.vc
Looking towards the future, the Bitcoin Treasury Company model seems to be starting, and not just for Bitcoin. The play book is already spreading to other encryption assets. For example, Solana has defi development corp, which holes more than 420,000 sun and about $ 100 million are valued, and Ethereum has Sharplink games, which increase $ 425 million in a round directed by consensys.
The report expects this trend to grow worldwide, with more companies that pursue a greater leverage to amplify success. However, it also foresees that “most will fail.” In that shaking, only a handful will maintain a lasting MNAV cousin through “strong leadership, disciplined execution, intelligent marketing and distinctive strategies.”
In short, the game is evolving. Bitcoin Treasury companies are no longer only holders, since they are becoming their own generation of companies, entities that must demonstrate skill and discipline to overcome the market in which they invest.
