199 institutions hold a total of 3.01 million Bitcoins, and some companies face debt risks.

According to the Nick D. Garcia report, as of May 2025, a total of 199 entities around the world hold bitcoins on their balance sheets, totaling 3.01 million. These institutions mainly make Bitcoin purchases through equity financing. According to the report, some companies that rely heavily on debt face lower MNAV premiums during bear markets, especially during debt maturities. However, since most institutions use the equity financing model, the overall contagion risk is relatively limited.

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