The corporate interest in BTC treasury is increasing, but at a slow pace.
BTC strategic reserves are fashionable among government actors.
The first week of May 2025 was held Bitcoin for Corporationsannual Strategy event, in Orlando, Florida. Originally an appendix of Microstrategy World (A conference focused on business analytics software that Strategy produces), BTC for Corporations this year had more audience than the main conference.
The company passed this year through a process of rebrandingin which he changed his name from Microstrategy to Strategy; its colors from red and white to orange with black; all its iconography to a focused on AI and Bitcoin; and opened a New website dedicated exclusively to provide information about their financial instruments. As part of this, he also opened a merchandising store With the company’s logo and created a petableos called Maxi.
In addition to the influx of public and the amount of merchandising That was sold during the conference, another thing that surprised us those who worked at Strategy was the presence of a group called True Northwhich we knew nothing so far. True North is not affiliated with the company. It is first and foremost a podcast and investor club that disseminates and analyzes Bitcoin -based financial strategies and Strategy actions, Mstr.
Incipient and Win-Win
It still seems precipitated to talk about Fomo in the business world. Some companies that add Bitcoin to their reservations are appearing. The most sound was 21 capital, with Jack Mallers at the head, announcing that he intends to overcome Strategy. However, that this is a new company and not an existing company that went up to the Bitcoin train, is a paradigmatic event. However, it is also paradigmatic that groups such as True North and instruments derived from Strategy actions appear as Strategy MSTY and MSTX There is a clear corporate interest by instruments in BTC, but a resistance to buying the currency directly by financial and legal structures.
At the end of last year, Michael Saylor tried to convince Microsoft executives to perform a BTC treasury strategy similar to Strategy’s, but they rejected it. Because of that, Saylor dedicated them part of a talk At the conference, reaffirming their conviction that large technology companies will have to turn to Bitcoin as a capital form sooner or later.
If we look What companies have BTC And in what quantities, we observe that Strategy leads the ranking by far, with BTC 568,840; While the second company, Marathon (a BTC mining company) has BTC 48.237, less than a tenth. The following have even less. In other words, The total BTC in the hands of companies that are quoted in the stock market is 738,682, of which 77% is Strategy. Today Strategy represents almost all the corporate adoption of BTC. In the case of The ETFthe largest is Ishares de Blackrock with BTC 625,054.4, a little more than Strategy. It is followed by Fidelity with BTC 199,229.1, and less than half of those that Strategy has.
Therefore, we can say that Strategy maintains a dominant position among companies with BTC treasury and at the moment there is no other company that is following its steps. As I said previously, It is still early to talk about corporate fomobut it is notorious that there is beginning to be a clear interest in this world in the first cryptocurrency.
Instead, there seems to be a feeling of Fomo and a race between different jurisdictions for buying BTC. Since Donald Trump assumed as president of the United States. Uu. The term “Bitcoin strategic reserve” became fashionable. The state of New Hampshire approved a resolution to create one of these reservations, and the United Arab Emirates signed a memorandum With Crypto.com to accept payments in BTC and other cryptocurrencies.
Returning to Strategy, the company maintains a dominant position and yet makes great efforts for other companies to do the same. This is because the company considers that Bitcoin’s treasury is not so much a zero sum competition but rather a Win-Win scenario. If other companies begin to buy BTC, they boost their upward price, benefiting all other companies that bind Bitcoins.
Future perspective and risks
When a company treasures Bitcoins, it does so in the long term. Strategy strategy is to monopolize BTC and sell volatility in the financial market through different products. 21 Capital is following its steps and plans to offer similar products, in addition to financial services such as loans supported in BTC (since it is a financial company, Strategy no).
What detractors Strategy They fear (or hope) is that a bearish market forces the company to liquidate its booking, causing a vicious circle that throws the price of BTC below, forcing the company to liquidate more. A liquidation as such does not exist Because Strategy’s BTC reserve is not collateral for a loan. That is, there is no leverage position as such that it is automatically liquidated whether Bitcoin fell below a certain price.
What there is is a company that takes debt with fixed rate bonds, for which you have to pay interest. Capital flows to the company to the extent that Bitcoin continues to rise in value. It is true that the company with its main business, the sale of software, could not pay the total obligations (interest), so it resorts to the Restructuring (Take new debts to pay old debts).
The more companies, governments and others begin to monopolize BTC, The risk of a collapse is reduced, it does not increase. Instead of considering that companies must diversify their assets and not be all in BTC, we can consider how BTC is healthier to be diversified between many companies and governments through the world.
In the event that a private event affected a country or a company and was forced to sell BTC to repair damage, the rest of companies and governments could buy that supply and the price would not fall so drastically. Of course in the market there are chain effects, which can end up affecting everyone. But in principle, it would be healthier for Bitcoin and for these giants of the BTC treasury that more actors would enter the scene.
Discharge of responsibility: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of cryptootics. The author’s opinion is informatively and under no circumstances constitutes an investment recommendation or financial advice.
