Unlocking New Strategies for Treasury Management

13 min readApr 16, 2025

Why Bitcoin is Good for Corporations

“Bitcoin is the apex property of the human race. It’s the best treasury asset because it’s digital, global, and nobody can take it from you.” Michael Saylor

Since its creation in 2009, Bitcoin has matured into a distinct asset class poised to reshape the global financial and monetary system. Over the past five years, its evolution has accelerated, driven by growing institutional adoption. Far from a speculative trend, Bitcoin has captured Wall Street’s attention, with spot Bitcoin ETFs launched in 2024 unlocking billions in investment and signaling mainstream acceptance. As of April 2025, with a market cap approaching $2 trillion and trading near $85000, Bitcoin stands as a powerful tool for corporate treasuries, offering a hedge against inflation and a strategic reserve for forward-thinking firms.

Bitcoin as a Treasury asset

Strategy (formerly MicroStrategy) (NASDAQ: MSTR)

Micro Strategy, officially rebranded to “Strategy” on February 5, 2025, a publicly-traded software company turned Bitcoin powerhouse, which serves as a prime example of the potential benefits of Bitcoin. Under the leadership of CEO Michael Saylor, the company has transformed its balance sheet to include a staggering 531,644 BTC as of 14 April 2025 — practically ten times the amount held by the next largest corporate holder. This pivot to Bitcoin has driven Strategy’s stock price high, showcasing the asset’s power not only as a store of value but also as a growth engine. MicroStrategy funds its Bitcoin purchases through convertible debt and equity sales, allowing for rapid accumulation but introducing significant financial risk. Its stock price remains closely tied to Bitcoin, effectively making the company a leveraged bet on the cryptocurrency.

Michael Saylor initiated the company’s Bitcoin treasury strategy in 2020 during a pivotal moment for the business. At that time, “MicroStrategy” was a traded business intelligence and software company facing stagnant revenue growth and low returns on its large cash reserves. With interest rates near zero and inflation eroding the purchasing power of cash, Saylor sought an alternative store of value. He found Bitcoin to be the most attractive option, viewing it as “digital gold” with superior properties for long-term wealth preservation.

Key Reasons Behind Strategy’s Bitcoin Strategy

Financial Struggles: The company had been experiencing slow revenue growth and was searching for ways to enhance shareholder value. Holding large cash reserves ( ( ($500M at the time) with minimal yield posed a risk due to inflation.
Bitcoin as a Hedge Against Inflation: Saylor became convinced that Bitcoin was the best asset for preserving value over time, given its fixed supply of 21 million coins and decentralized nature. In 2020 COVID spurred massive money printing — with US M2 money supply jumping by over $4 trillion. He saw it as a hedge against currency devaluation and a better alternative to traditional assets like bonds or cash.
Institutional Adoption of Bitcoin: Around this period, institutional interest in Bitcoin was growing, with companies like Tesla and Square also starting to allocate portions of their treasury to Bitcoin. Saylor saw this as an opportunity for Strategy to position itself ahead of the trend.

- March 30, 2025: Purchased 22,048 BTC for $1.92 billion ($86,969/BTC), reaching 528,185 BTC.

Source; https://x.com/microstrategy/status/1356293888990973952?s=46

Outcome & Impact

Strategy has become the largest corporate holder of Bitcoin, consistently adding to its holdings.
The company has become highly correlated with Bitcoin’s price, attracting both tech investors and crypto enthusiasts.
Saylor stepped down as CEO in 2022 to focus more on the Bitcoin strategy’s part of the business while remaining Executive Chairman.

This bold move transformed Strategy from a struggling software company into a Bitcoin proxy investment, significantly impacting its market perception and stock performance.

Strategy inspired others to join the space building a case for Public Listed corporations to adopt Bitcoin Treasury strategies.

According to the latest data from Bitwise Asset Management, a leading crypto index fund manager, Bitcoin adoption among public companies has hit a new all-time high. In Q1 2025, publicly traded firms collectively held over 688,000 BTC, a 16.1% increase from the previous quarter. This amount now accounts for 3.28% of Bitcoin’s total fixed supply of 21 million.

This surge signals growing institutional confidence in Bitcoin as a strategic treasury asset. As more companies explore alternatives to traditional cash reserves, the data shows a clear trend: Bitcoin is steadily gaining ground as a long-term store of value on corporate balance sheets.

Strategic Rationale Behind Bitcoin Adoption

Public companies holding Bitcoin have adopted different strategies based on their business models and financial objectives. Some have fully transformed their corporate identity around Bitcoin, while others use it as a strategic reserve asset or an extension of their core business operations. In the early days, Bitcoin was primarily held by miners who mined and accumulated it, embracing the “HODL” mindset. Strategy paved the way for a wave of corporate adoption that followed in its footsteps.

MARA Holdings Inc. (NASDAQ: MARA)

MARA Holdings, one of the largest Bitcoin mining firms, currently holds 47,531 BTC, underscoring its commitment to integrating Bitcoin into its core operations. As a miner, the company naturally retains a portion of the Bitcoin it generates, historically branding itself as a “digital asset bank” by aiming to HODL as much as possible.

However, MARA has also had to sell a significant share of its mined Bitcoin to cover operational costs, particularly during the 2022 bear market. Despite this, it has consistently maintained a growing reserve. The company held 8,090 BTC in January 2023, which grew to 15,741 BTC in 2024, and has nearly tripled to 47,531 BTC as of its latest press release.

MARA continues to balance Bitcoin sales for expansion, primarily to increase its hash rate, while building its reserves as a long-term investment.

Riot Platforms Inc. (NASDAQ: RIOT)

Riot Platforms is the third-largest public Bitcoin holder, with 18, 255 BTC as of its April 3, 2025, update. Like MARA, RIOT integrates Bitcoin into its business strategy, but it has historically taken a more conservative approach, primarily selling Bitcoin to fund operations and expand its Texas mining site.

However, by late 2024, Riot shifted to a more aggressive accumulation strategy — likely in response to improving market conditions. The company’s holdings grew from 7,648 BTC in January 2024 to 19,234 BTC in 2025, more than doubling its Bitcoin exposure.

CleanSpark Inc. (NASDAQ: CLSK)

CleanSpark, a Bitcoin mining and energy company, holds 11,559 BTC as of its latest update. Its strategy focuses on operational efficiency, sustainable energy practices, and strategic expansion across the United States.

CleanSpark began accumulating Bitcoin in 2023 and, like other mining companies, ramped up its holdings aggressively over the past year. Its reserves grew from 3,573 BTC in January 2024 to 11,559 BTC, nearly tripling in just a year.

Hut 8 Corp (NASDAQ: HUT)

Hut 8, a major Bitcoin mining firm, holds 10,264 BTC as of February 2025. Similar to other mining companies, $HUT’s largest BTC reserve comes from mining operations. However, the company recently announced the purchase of Bitcoin using its cash reserves. Of the total holdings, 9,106 BTC was accumulated through mining operations, while 990 BTC was recently purchased with cash at an aggregate price of approximately $100 million, averaging around $101,710 per Bitcoin.

HIVE Digital Technologies Ltd. (NASDAQ: HIVE)

HIVE Digital Technologies, a Bitcoin mining company, holds 2,620 BTC. Compared to other mining companies, HIVE has taken a more conservative approach to its Bitcoin holdings strategy. At the end of 2020, the company owned 1,813 BTC, and over the following four years, its holdings fluctuated as it periodically sold Bitcoin to finance mining operations and expansions.

Until 2024, HIVE’s Bitcoin holdings saw only modest growth. However, this year saw the company more actively expand its reserves, increasing its holdings from around 2,000 BTC to 2,620 BTC. This represents significant growth, and with Hive’s operations in Paraguay recently completed the company is set to scale more.

Tesla Inc. (NASDAQ:TSLA)

Tesla announced its Bitcoin investment in February 2021, purchasing 42,902 BTC for approximately $1.5 billion and stating it would accept Bitcoin as payment for its vehicles. The move was widely seen as a major endorsement of cryptocurrency by a leading tech company, driving Bitcoin’s price higher.

However, in May 2021, Tesla reversed its stance, citing environmental concerns over Bitcoin mining’s high energy consumption, particularly its reliance on fossil fuels like coal. By July 2022, the company sold 75% of its holdings, reducing its Bitcoin reserves to 10,725 BTC.

Coinbase Global Inc. (NASDAQ:COIN)

Coinbase, one of the largest cryptocurrency exchanges, has been holding Bitcoin and other cryptocurrencies since its founding in 2012. The company views its crypto investments as long-term holdings to support the crypto economy and ecosystem. In 2021, Coinbase updated its investment strategy, committing $500 million of its cash and cash equivalents to a diverse portfolio of crypto assets. It also pledged to allocate 10% of its quarterly net income to this portfolio, making it the first publicly traded company to hold a variety of crypto assets, including Ethereum, Proof of Stake assets, and DeFi tokens, alongside Bitcoin. The company currently holds approximately 9,000 BTC.

Block Inc. (XYZ:US)

Block, formerly known as Square, holds 8,363 BTC. Its investment in Bitcoin aligns with its broader expansion into digital payments and financial technology. The company’s Bitcoin strategy has been strongly driven by CEO Jack Dorsey, who in recent years has become what the crypto industry might call a Bitcoin maximalist.

Block initially purchased 4,709 BTC in 2020 for an aggregate price of $50 million, later expanding its holdings in 2021. Since then, its Bitcoin holdings have remained unchanged, resulting in a relatively low average purchase price of approximately $28,800 per Bitcoin.

Semler Scientific Inc. (NASDAQ:SMLR)

Semler Scientific, a healthcare company, recently joined the list of public companies holding Bitcoin. The company announced in May last year that it had adopted Bitcoin as its primary treasury reserve asset and acquired 581 BTC for an aggregate price of $40 million.

According to the company, its board evaluated various uses for its cash, including acquisitions, but ultimately decided that holding Bitcoin was the best option. Semler Scientific continued expanding its Bitcoin holdings in the following quarters, reaching 3,192 BTC as of its most recent announcement this month. The company acquired these holdings for a total of $280.4 million, at an average purchase price of $87,854 per Bitcoin.

A growing corporate trend? Bitcoin Treasury as a new investment company category.

Bitcoin treasury is on the increase, with companies from multiple industries adding the digital asset to its balance sheet. The reasoning is clear as indicated in this thread on X from Bitcoin for Corps:

View the full thread here.

The newcomers into the BTC for treasury movement have made bold statements with their inclusion of Bitcoin, and the path ahead is one to continue to observe as governments as well corporations look toward Bitcoin for its ability to withstand current economic turmoil with losing its value.

Case Study 1: KULR Technology Group (NYSE: KULR)

KULR Technology Group, a company specializing in battery safety and thermal management solutions, holds 668 BTC as of March 2025. This investment underscores KULR’s belief in Bitcoin as a long-term asset, complementing its focus on cutting-edge technology. By diversifying its treasury into Bitcoin, KULR positions itself alongside other innovative firms leveraging digital assets as a hedge against macroeconomic uncertainties. The move signals confidence in Bitcoin’s role as a financial safeguard while aligning with KULR’s broader vision of embracing transformative technologies.

Case Study 2: Metaplanet (TSE: 3350) — Japan’s Bitcoin Powerhouse

Background: A former hotel operator turned “Bitcoin Treasury Company,” Metaplanet announced its strategy on April 8, 2024, holding 4,52 BTC.
Strategy: Uses zero-interest bonds (e.g., ¥4.5 billion in December 2024) and stock rights (¥10 billion) to stack BTC, aiming for 10,000 BTC by end-2025. Partners with Hoseki for custody transparency.
Stock Price Impact:
April 2024: ¥90 (~$0.60 USD).
Peak (December 2024): ¥4,240 (~$28 USD).
March 28, 2025: ¥2,295 ($15 USD).
Gain: ~2,450%–3,500% (varies by source).
Analysis: Metaplanet’s 1,175% outperformance of the Nikkei 225 in 2024 showcases BTC’s appeal amid yen depreciation (34% drop since 2021). Its smaller size fuels percentage gains, but debt reliance mirrors Strategy’s high-stakes bet.

Latest Adopter: GameStop (NYSE:GME) — The Meme Stock Pivot

Background: GameStop announced a $1.5 billion BTC buy via convertible notes on March 25, 2025, aiming to revitalize its retail model with a MicroStrategy-inspired strategy.
Strategy: GameStop plans to deploy its $4.8 billion cash pile (February 2025) and future raises into BTC and stablecoins, buoyed by Q4 earnings of $131.3 million.
Stock Price Impact:
March 24, 2025: ~$20/share.
March 28, 2025: $22.40/share (up 1.4% daily, 11.7% since announcement).
Context: 25% weekly dip earlier reflects meme stock volatility.
Analysis: GameStop’s early surge taps into its meme stock fanbase and BTC hype, but its untested execution and retail struggles suggest a high-risk, high-reward play. A sustained rally hinges on BTC’s price and investor trust.

How is Bitcoin considered?

Bitcoin is classified differently across jurisdictions, impacting how corporations can adopt it.

Bitcoin’s regulatory treatment varies globally, shaping corporate treasury strategies. In the United States, the Commodity Futures Trading Commission (CFTC) classified Bitcoin as a commodity in September 2015 (CFTC v.Coinflip) not a security. This clarity, reinforced by the 2024 spot Bitcoin ETF approvals, simplifies corporate adoption, allowing firms like Strategy to hold Bitcoin on balance sheets without securities-level oversight.

Additionally, anti-money laundering (AML) and know-your-customer (KYC) regulations are generally not required for Bitcoin transactions unless they involve financial institutions or exchanges. Corporations must navigate IRS tax reporting and FinCEN’sAML/KYC rules for transactions involving exchanges.

In contrast, the United Kingdom treats Bitcoin as a“cryptoasset” under the Financial Conduct Authority (FCA), with stringent AML/KYC requirements since the 2020 adoption of the EU’s 5th Anti-Money Laundering Directive (5AMLD). The Financial Conduct Authority (FCA) enforces strict compliance, making corporate adoption more challenging. Companies must ensure transparency and regulatory compliance before holding Bitcoin as a treasury asset.

As of April 2025, these contrasts explain why US companies lead in Bitcoin adoption, while UK counterparts tread cautiously, balancing innovation with regulatory demands. Saying that some are beginning to explore treasury strategies, joining a shift that promises lasting value for those who plan wisely.

In the UK, Smarter Web Companies is the first public firm to come to market recently and to hold Bitcoin underscores this global shift’s arrival.

The Benefits of Diversification

Bitcoin offers companies a powerful way to diversify their treasury strategies, extending beyond simply holding it as a reserve, as Strategy has demonstrated. Bitcoin is much more than a new investment asset class: in 2008, Satoshi Nakamoto introduced Bitcoin as a peer-to-peer digital cash system. Bitcoin can find innovative uses like vendor payments, employee rewards, or cross-border transactions.

Diversifying with Bitcoin enables firms to protect value and embrace a forward-looking financial approach. Adopting Bitcoin brings them new opportunities to transfer value and perform secure and transparent payments within and outside of the organisation.

There are obviously still challenges from different fronts and regulations are being made but in our view the opportunities outweigh the risk of ignoring these assets.

Now adopting a Bitcoin treasury strategy isn’t a step every company should take- it’s not a trend to follow without careful consideration. The decision must align with your business objectives, financial strategy, and investor expectations. Engaging an advisor well-versed in Bitcoin and capital markets is essential to assess your company’s needs and develop a plan focused on long-term stability. You’ll also need reliable partners, including banks, on- and off-ramp platforms for transactions, secure custody solutions, and insurance to manage risks. Equally important is a clear communication strategy to keep shareholders and stakeholders informed. Thorough planning is critical to ensure such a strategy succeeds and supports your company’s goals.

The Time for Action

If your company holds significant cash reserves, you might consider Bitcoin as a way to preserve capital and enhance value — provided you believe in its long-term potential. However, it’s essential to remember that shareholders have a say in such strategic decisions.

Start with Education

Understanding Bitcoin is the first step. Engage with industry leaders, analyze case studies, and consult with your advisors to gain a solid foundation.

Build Key Relationships

Bitcoin adoption requires a new financial infrastructure, including custodians, secure storage solutions, and efficient on- and off-ramps. Developing strong connections with trusted partners is crucial for a smooth transition.

Seek Expert Guidance

Navigating Bitcoin as a corporate treasury asset isn’t straightforward. That’s why working with experienced advisors who are well-informed and understand the complexities of the crypto space is essential for success.

Conclusion

Bitcoin’s ascent as a corporate treasury asset offers companies a bold path to safeguard value and embrace innovation, driven by its capped supply, immutability, and decentralized design — qualities delivering unmatched returns for sixteen years. From Strategy’s $40 billion milestone since 2020 to firms in the US, Hong Kong, India, and Brazil, global adoption grows, fueled by the CFTC’s 2015 commodity ruling and 2024’s spot Bitcoin ETFs. Recent US steps toward a Strategic Bitcoin Reserve in 2025 further signal its staying power. Success, though, hinges on meticulous planning-expert advisors, secure custody, and clear communication to align with investor goals.

At Cassiopeia PR and IR, with over a decade advising international public listed companies and eight years in Bitcoin and Crypto industry, we’re keen to guide UK firms through this opportunity, ensuring they have the right connection and their PR and IR strategy resonate with markets and media. Interested PLCs can reach Stefania@cassiopeia-ltd.com

ENDS