Big Companies Are Quietly Loading Up on Bitcoin — 48 New Treasuries in 3 Months: What Do They Know?

The number of public companies holding Bitcoin has surged 38% in just three months, marking one of the fastest waves of corporate adoption in the asset’s ￰3￱ to Bitwise Asset Management’s Q3 Corporate Bitcoin Adoption report , 172 publicly traded firms now hold Bitcoin, with 48 new entrants joining between July and ￰4￱ CEO Hunter Horsley described the data as “absolutely remarkable,” noting in a post on X that both individuals and corporations “want to own Bitcoin.” Absolutely ￰5￱ Q3 alone: ￰6￱ number of public corporations that own BTC increased 38% ￰7￱ amount of BTC these 172 pub cos own increased 20% to over 4.8% of all Bitcoin People want to own ￰8￱ do too. ￰0￱ — Hunter Horsley (@HHorsley) October 14, 2025 The report, which draws from BitcoinTreasuries.

NET, found that corporate Bitcoin holdings now exceed 1.02 million BTC, representing roughly 4.87% of the total ￰9￱ combined value of these holdings has climbed to $117 billion, a 28% increase from the previous quarter, driven by both price appreciation and aggressive ￰10￱ Next Chapter of Corporate Bitcoin: Smaller Firms, Bigger Conviction Bitwise’s data revealed that public companies purchased an additional 176,762 BTC in the third quarter alone, equivalent to about 17% of all corporate holdings.). A quarter of all public companies holding Bitcoin now trade at market values below the worth of their BTC holdings. #Bitcoin #BTC ￰1￱ — ￰11￱ (@cryptonews) September 17, 2025 Data from K33 Research shows that 26 of the 168 tracked Bitcoin-holding firms have an mNAV below 1.0, meaning their market capitalizations are worth less than the Bitcoin on their balance ￰12￱ ￰13￱ among the most visible examples of this ￰14￱ Tokyo-listed company, which holds 30,823 BTC worth around $3.4 billion, now trades at an mNAV of 0.99, below its asset ￰15￱ shares have fallen roughly 70% since June highs .

Metaplanet's mNAV hits 0.99, trading below $3.4B Bitcoin reserves as one in four treasury firms are trading at discount, with corporate buying down 95% since July. #Metaplanet #Bitcoin ￰2￱ — ￰16￱ (@cryptonews) October 14, 2025 Analysts say the pullback reflects a cooling of the earlier “Bitcoin stockpiling euphoria.” Other companies, including NAKA, Twenty One, Semler Scientific, and The Smarter Web Company, have also dropped below their ￰17￱ smaller firms struggle to maintain premiums, the largest players like Strategy continue to anchor the space. Strategy’s mNAV has declined from 3.89x in late 2024 to about 1.26x , limiting its ability to issue new shares for further Bitcoin ￰18￱ acquisition pace has slowed, but the firm still holds over $24 billion in unrealized gains at a cost basis of $74,000 per coin.