Bitaigen Research A silent capital revolution is sweeping corporate treasuries around the world, reflecting the shift of digital assets from the fringe to the mainstream.
As of July 2025, several listed companies on the A‑share market have already placed Bitcoin on their balance sheets, with holdings ranging from a few dozen coins to tens of thousands, and the overall trend is one of rapid growth.
Undeterred by price volatility, Strategy (formerly MicroStrategy) kept buying Bitcoin. In the past week the firm spent USD 2.46 billion to acquire Bitcoin—its third‑largest single purchase in dollar terms since it began accumulating the cryptocurrency five years ago.
SEC filings show that the company bought 21,021 Bitcoin between July 28 and August 3, raising its total holding to 628,791 coins. At today’s market price, this batch of digital assets is valued at over USD 71 billion.
When Bitcoin first emerged, traditional finance often dismissed it as a “geek toy” or a “speculative bubble.” By 2025, however, listed companies worldwide are incorporating it into their balance sheets at an unprecedented pace. Italy’s largest bank, Intesa Sanpaolo, quietly purchased 11 Bitcoin; Japan’s Metaplanet publicly announced that it treats Bitcoin as a strategic reserve asset; GameStop has transformed from a video‑game retailer into a digital‑asset holder—corporate Bitcoin strategies have moved from fringe experiments to financial mainstream.
The latest data show that by July 2025, 141 listed companies globally hold Bitcoin, a 120 % increase over the previous year. Even more striking, corporate Bitcoin purchases in the first half of the year total 245,000 coins, up 375 % year‑over‑year and more than twice the volume bought by ETFs.
This silent capital revolution is reshaping the underlying logic of global asset allocation.
In the context of digital assets increasingly entering the corporate mainstream, this article surveys the Bitcoin holdings and positioning logic of multiple A‑share listed companies. We will analyze from an industry perspective why these firms continue to increase exposure amid volatile markets, and what potential impacts Bitcoin assets may have on financial statements, helping investors grasp the new capital trend.
1. Panorama Scan: Deeply Divergent Corporate Holding Patterns
2025 has become the pivotal year for the explosion of crypto reserves among listed firms. Data indicate that 26 new companies added Bitcoin to their balance sheets in June alone, pushing the total number of enterprises holding crypto assets worldwide past 250. The top 100 Bitcoin‑holding public companies collectively own 959,798 BTC, worth USD 109,416,972,000 (approximately CNY 7,801.4 billion).
Leading Titans Form a “Bitcoin Hegemony”
- Strategy (formerly MicroStrategy): Holds 628,791 Bitcoin, valued at roughly USD 71.87 billion, representing more than 70 % of all corporate Bitcoin holdings—a “walking Bitcoin ETF.”
- MARA Holdings: One of the United States’ largest mining firms, holding 50,000 Bitcoin, valued at about USD 5.787 billion, employing a dual‑track approach of mining and holding.
- XXI: Holds 43,514 Bitcoin, valued at about USD 4.974 billion.
- Bitcoin Standard Treasury: Holds 30,021 Bitcoin, valued at about USD 3.431 billion.
- Riota Platforms, Inc.: Holds 19,239 Bitcoin, valued at about USD 2.199 billion.
- Trump Media & Technology Group Corp: Holds 18,430 Bitcoin, valued at about USD 2.107 billion.
- Metaplanet (Japanese listed company): Holds 17,595 Bitcoin, valued at about USD 2.011 billion, becoming the largest Asian corporate holder and successfully replicating the “MicroStrategy model.”
- Galaxy Digital Holdings Ltd: Holds 17,102 Bitcoin, valued at about USD 1.955 billion.
- CleanSpark, Inc.: Holds 12,703 Bitcoin, valued at about USD 1.452 billion.
- Coinbase Global, Inc.: Holds 11,776 Bitcoin, valued at about USD 1.346 billion.
New Entrants Spark a Cross‑Industry Wave
- Traditional Finance Breakthrough: Italy’s biggest bank, Intesa Sanpaolo, bought 11 Bitcoin, signaling the banking sector’s entry.
- Retail Transformation: After announcing a Bitcoin strategy, GameStop rapidly acquired 4,710 coins, setting a record for speed of conversion.
2. Triple Logic: The Essence of Corporate Bitcoin Strategies
1️⃣ Financial Logic – A Noah’s Ark for the Inflation Era
Against a backdrop of fiat over‑issuance and U.S. sovereign debt surpassing USD 37 trillion, corporate chief financial officers are seeking safe harbors. Apple’s CFO once remarked, “Holding Bitcoin isn’t about speculation; it’s about building a shield against fiat devaluation.” Bitcoin’s scarcity (a fixed supply of 21 million coins) makes it an ideal hedge. Average corporate unrealized gains range from 49 % to 243 %, with Block Corp achieving a 243 % return on a cost basis of USD 30,405, far outpacing traditional asset returns.
2️⃣ Market Logic – The Valuation‑Reconstruction Magic Wand
When Strategy’s share price moves in lockstep with Bitcoin price (correlation exceeding 90 %), the capital markets are signaling acceptance of a new valuation paradigm. Strategy CEO Michael Saylor calls this phenomenon the “Bitcoin‑driven valuation multiplier” – holding Bitcoin not only improves the balance sheet but also attracts younger investors, creating a positive feedback loop for the stock price. Bitcoin’s low correlation with conventional financial assets also optimizes portfolio risk structures.
3️⃣ Strategic Logic – A Ticket to the Web 3.0 Era
Coinbase custodial data show that over 60 % of listed companies that bought Bitcoin subsequently launched NFT or smart‑contract initiatives, positioning Bitcoin as a bridgehead into the Web 3.0 ecosystem:
- Microsoft leverages its Bitcoin holdings to support virtual‑world land acquisitions.
- Walmart employs blockchain for product traceability.
- Tesla integrates Bitcoin payments with its energy‑business operations.
The boundary between traditional industries and the crypto economy is dissolving. Phoenix Group’s Q2 performance validates the approach: supported by crypto reserves, its share price rose more than 72 % between April and June, ranking among the top five performers on the Abu Dhabi Securities Exchange.
3. Value Foundations: The Underlying Support for Bitcoin
Major institutions such as Standard Chartered and VanEck have recently upgraded their Bitcoin price forecasts, targeting a 2025 price band of USD 180,000–250,000. HC Wainwright took a more aggressive stance, lifting its target from USD 145,000 to USD 225,000.
Bitcoin’s ultimate value anchor is becoming clearer: as sovereign‑debt risk climbs and fiat‑currency credibility wavers, Bitcoin’s algorithmically guaranteed scarcity and decentralized architecture turn it into a novel trust carrier. Three core drivers underpin this development:
1️⃣ The Ultimate Expression of Digital Scarcity
Bitcoin’s supply is capped at 21 million, and the halving mechanism every four years tightens scarcity. After the 2024 halving, block rewards fell to 3.125 coins, pushing the annual inflation rate below 1 %—a scarcity level that now exceeds gold. Bitwise data indicate that corporate Bitcoin purchases in 2025 (196,000 coins) are 3.3 times the new supply generated that year (≈60,000 coins), widening the supply‑demand gap.
2️⃣ Decentralized Trust Machine
Bitcoin’s distributed ledger creates a value‑transfer channel that requires no intermediaries. Its SHA‑256 cryptographic algorithm guarantees immutability, while thousands of globally distributed nodes provide resilience far beyond centralized systems. When traditional banks face geopolitical constraints, Bitcoin offers cross‑border enterprises an uncensorable value‑transfer route—for example, Middle‑East firms using Bitcoin to circumvent dollar sanctions and settle international trade.
3️⃣ Frontier of Technological Innovation
2025 marks several pivotal upgrades in Bitcoin’s technical ecosystem:
- Lightning Network: Enables up to millions of transactions per second with near‑zero fees.
- Post‑Quantum Cryptography: Defensive layers against quantum‑computing threats are entering testing phases.
- Cross‑Chain Interoperability: Rootstock brings Ethereum‑compatible smart‑contract functionality to Bitcoin.
These upgrades shift Bitcoin from a pure store of value toward a functional asset.
4. Outlook: Three Trends Shaping Future Corporate Holdings
Institutional capital is flowing in at unprecedented scales. In 2024, net inflows into spot Bitcoin ETFs reached USD 32 billion. Continued accumulation by giants such as BlackRock and Fidelity could push ETF‑managed assets to USD 190 billion in 2025, a structural shift that reduces the daily freely tradable Bitcoin supply by roughly 3.5 times.
*Note: Crypto gains may be taxable in many jurisdictions; investors and corporations should consult local tax regulations.*
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*All fiat references are expressed in United States dollars (USD). Cross‑border fiat transfers should follow SEPA, SWIFT, or other internationally recognized payment networks.*
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