Bitcoin Becomes Corporate Treasury Favorite, ETH, SOL, XRP Far Behind: Report

A growing number of publicly traded companies are turning to Bitcoin (CRYPTO: BTC) as a treasury reserve asset, with total corporate holdings surging to more than 809,000 BTC by the end of May 2025, according to Binance's latest monthly market report.

What Happened: While favorable U.S. accounting changes and the surge in spot Bitcoin ETF inflows have fueled this trend, Binance analysts caution that the rising dependency on crypto holdings could create systemic risks if prices reverse.

"More than 25 new public companies disclosed BTC holdings in May," the report states, adding that "cumulative BTC holdings by public companies rose to a new all-time high of 809,555 BTC."

That marks a dramatic jump from the roughly 312,000 BTC held by corporates just a year ago.

The trend is being driven by multiple catalysts: improved regulatory clarity in the U.S., fair-value accounting updates effective this year, and strong performance of ETFs like BlackRock's iShares Bitcoin Trust (NASDAQ:IBIT), which alone holds over 305,000 BTC.

"Accounting rule changes implemented in 2025 allowed U.S. firms to measure digital assets at fair value, removing impairment restrictions," the Binance report notes.

Also Read: Bitcoin Adoption Makes 2025 A ‘Watershed Year’ For Crypto, Bitwise CEO Hunter Horsley Says

Why It Matters: But the surge in treasury allocation to Bitcoin is also creating valuation challenges.

"We observed that most of the public companies have seen positive equity price action following the announcements, especially when compared to those who had already disclosed," the report states. "However, most of these names trade at a significant premium to their reported BTC holdings."

Binance analysts warned that as corporate equity valuations become increasingly correlated with Bitcoin prices, "a sharp reversal in BTC price can negatively impact their balance sheets and increase downside volatility."

The report also highlights the expanding scope of corporate crypto adoption, noting that some firms have begun to include Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), and XRP (CRYPTO: XRP) in their treasuries.

However, Bitcoin remains the dominant asset: "Bitcoin holdings accounted for more than 94.6% of the total corporate crypto holdings."

Binance analysts the trend to continue, projecting: "We expect corporate BTC holdings to grow past 1M BTC before the end of 2026, with tech firms, asset managers, and ETFs as the primary contributors."

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