An increasing number of companies publicly listed announces plans to add Bitcoin (BTC) For corporate cabinet, and the direction began to raise eyebrows.
In a period of 30 days to June 11, at least 22 entities added Bitcoin as a backup asset, according to Bitcointreasuries.net.
The purchase boom has been circulated through the strategy (previously known as Microstrategy), which has an aggressive bitcoin accumulation scheme Inspire a wave of imitators.
While some companies were praised for their strategic vision, critics indicate that others enter space despite the financial weakness, using Bitcoin as a life line Instead of leaving the long -term belief.
“What worries me is the imitation.”
“There are now other companies trying to create Bitcoin banks without appropriate guarantees or risk management. If these smaller companies are disrupted, we may see a ripple effect that hurts the Bitcoin image.”
Standard Chartard warned in a research report on June 3 that half of the underwater cabinet risk if BTC decreases to less than $ 90,000, while a 22 % decrease less than average purchase prices can force sales and references.
A possible reflection on the pressure of buying bitcoin
Michael Celor, CEO of the Strategy Company, began the accumulation of Bitcoin in August 2020 and used a set of Methods of collecting donations to finance purchasesIncluding stock offers, convertible debts and guaranteed loans. The company is the largest bitcoin holder in the world with 582,000 BTC in its governor, as of June 11.
“at that time , [spot Bitcoin ETFs] It was not present. If you are a company without a baccalaureate infrastructure for self -fraud, Microstrategy gave you a shortcut. You can just buy their shares and get indirect exposure to bitcoin.
The Bitcoin exchange boxes (ETFS) were It was approved in the United States in January 2024For the first time with more $ 4.5 billion in trading volume. Among the sources Blackrock, the largest asset manager in the world. Ishares Bitcoin Trust has recently become the fastest ETF in history to overcome it $ 70 billion in management assets.
In the second quarter of 2025, a new stage of institutional adoption began. Instead of acquiring indirect exposure through strategy or traded investment funds, some companies now put themselves as an agent by adding bitcoin directly to the locker bonds to companies.
Bitcoin bonds for companies provide the demand but to introduce regular risks. Jeff Kendrick, head of digital assets at Standard Charterd Bank, said in a note on June 3 to investors that sharp prices can lead to successive qualifications, while organizational maturity and maturity in the market may lead to the erosion of the bitcoin agent installment.
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Most of this cabinet is traded in Bitcoin in complications of the value of net assets (NAV) greater than one, which means that its market value exceeds the value of bitcoin they keep. British bank analyst said that this contradiction exists due to organizational restrictions in some judicial states Preventing direct encryption investments or traded investment fundsWhich makes Bitcoin-THnking a solution for institutional investors.
Kindrik warned that this dynamic may not last. With the development of the global organizational scene and Bitcoin’s investment funds are available on a wider scale, the demand for the agency is likely to fade. When this happens, companies that are trading in enlarged NAV complications can see their assessments below, especially if their basic work does not support these installments.
Treasury companies in Bitcoin is not a strategy
The strategy still holds 71 % of bitcoin in public treasury bonds, a position that has been built over years through a mixture of stocks and debts. Many new participants have taken a financial lever to buy at much higher price levels.
This concentration of possessions, along with debt -funded situations, means that any sharp step in BTC can lead to forced liquidation.
Not all arrivals from the cabinet in Bitcoin are tested in the battle like the strategy. Unlike these new players, the strategy took over 2022 Crafts of encryptionWhen Bitcoin decreased by more than 50 % – to 15,500 dollars from about $ 31,000 – without forcing the sale.
At that time, the average Bitcoin strategy purchase price was near $ 31,000, and carried great unrealized losses.
The ability of the new generation of treasury companies in Bitcoin to withstand a similar correction is not installed, and more alternatives are opened.
Mia said that the institutional interest in Bitcoin is no longer isolated from the inventory funds and indirect exposure, as mining has become more attractive.
He said: “The virgin bitcoin mining produces mineral currencies that have no treatment. This is very important for sovereign institutions and entities because they are clean, can be tracked and a friend of the regulator. Don’t worry about polluted metal currencies associated with illegal activity.”
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For some institutions, mining can provide a reliable alternative to adding Bitcoin to their public budgets. However, bitcoin mining is badly competitive, and its rewards – paid in bitcoin – are cut in half every four years through a process called half.
The last half happened in 2024, and it is expected to be the next in 2028, when the mass bonus decreases to 1.625 BTC every 10 minutes.
Bitcoin mission meets the institutional reality
Bitcoin’s growing and ETF adoption also defies decentralization in its ownership. In essence, Bitcoin is designed as a Central Central Current Currency that provides unrestricted access to financial services, regardless of the background or individual position.
But with the spread of adoption, more bitcoin is managed by institutions and governments.
Public companies now have at least 819,689 BTC, which represents 3.9 % of the maximum supply of Bitcoin. Other private companies control 292,047 BTC, up to the total ownership of companies to an estimated 5.29 % of all Bitcoin.
“I don’t think it is harmful to the original Bitcoin mission,” said Samson Mww, founder of Jan3 and Bitcoin Maxi, Cointelgraph magazine in A. A recent interview.
“Inevitably, Bitcoin would have ended in the hands of companies, institutions and governments because they are of value, isn’t it? This is the way you work, and what we can do is do our best to educate them on the essence of Bitcoin and why it differs from anything else or anything else that comes before that.”
These indirect means also provide a safer and more organized way to invest at a time when encryption ownership can form a material risk of bearers.
“Not everyone wants to burn or manage the keys. People lose the keys to the house all the time-imagine that you lose your encryption keys. Some people appreciate the peace of mind.”
By the end of May, Gaytap storehouse Jameson Loop, chief security officer at Bitcoin Custody Casa, recorded 29 violent attacks in 2025 to target encryption holders on their assets, up from 22 accidents recorded in mid -May.
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