Corporate Bitcoin Treasury Doubled in the Last 12 Months

Corporate treasury Bitcoin holdings have doubled in the last 12 months, according to data shared by Bitwise executive Bradley Duke. Duke, the co-founder of ETC Group and Head of Europe for Bitwise, noted that this is just the beginning of Bitcoin adoption.

According to the data, BTC holdings in corporate treasury went from 262,632 BTC as of 2023 Q4 to 590,649 by 2024 Q4. It has now increased to 591,158 BTC, and Duke expects the adoption rate to increase substantially in 2025.

Corporate Bitcoin Treasury (Source: Bitwise)

He said:

“I believe we are just at the beginning of corporate treasury adoption and fully expect massive growth in this area in 2025.”

His expectations might not be far from reality, given how many companies have planned to increase their holdings this year. Japan’s Metaplanet, which currently holds around 1,762 BTC, has already said it will increase its holdings to 10,000 BTC in 2025.

Meanwhile, other companies have already acquired BTC to meet their 2025 target. Energy management firm Kurltechnologg recently bought an additional 213.43 BTC for $21 million and increased its Bitcoin holdings to 430.61 BTC.

MicroStrategy leads corporate Bitcoin holdings

Despite several other companies’ acquisitions, MicroStrategy accounts for most of the corporate Bitcoin purchases in 2024. It recently announced its last Bitcoin purchase in 2024, an acquisition of 1,070 BTC for $101 million at an average price of around $94,000 per BTC. The company now holds 447,470 BTC, which it bought for $27.97 billion.

Overall, MicroStrategy spent $22 billion last year to buy over 258,000 BTC. This means the Michael Saylor-led company alone was responsible for around 80% of all corporate BTC acquisitions in 2024, creating $14.06 billion in shareholder value for the year.

Although the company appears to have paused Bitcoin acquisition for a while, many expect it will soon resume its buying spree, particularly after it announced a $2 billion capital raise. The MicroStrategy acquisition is part of its target to spend $42 billion acquiring BTC over the next few years.

Meanwhile, many expect the company’s Bitcoin stockpile to give it a massive advantage now that the new Financial Accounting Standards Board (FASB) Fair Value accounting rules will become applicable. Under the rules, companies can measure crypto at its current price and update it for each reporting period.

According to Bitcoin advocate Bitcoin Overflow, the massive appreciation in the value of MicroStrategy Bitcoin holding will now be evident under this rule.

He wrote:

“Assuming $MSTR’s recent buy was completed by Dec 31st, its 447,470 total bitcoin have currently appreciated $3.85B so far in Q1. With FASB FV accounting kicking in, that’s $642M per day in earnings for Q1 so far.”

Perhaps due to this reason and the resurgence in the value of BTC, MSTR stock is also rebounding after falling 45% from its peak. It is already up 30% year to date, with its market cap now reaching $93 billion, enough to send it back into the list of the top 100 companies by market cap.

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