Are struggling firms using crypto reserves as a PR lifeline?

Corporate Bitcoin treasuries nearly doubled in H1 2025, but analysts warn some firms may be using crypto reserves as a short-term PR boost.

Corporate adoption of crypto in treasury management is growing rapidly. In the first half of 2025, the tally of public companies holding BTC nearly doubled, according to a report from K33 Research.

K33 revealed that between December 2024 and June 2025, the number of listed firms with Bitcoin (BTC) on their balance sheets climbed from 70 to 134, amassing a total of 244,991 BTC.

The trend is drawing comparisons to earlier waves of corporate gold adoption. “There are clear parallels, particularly around providing a means for investors to access an underlying asset which they may have previously struggled to access,” Mike Foy, chief financial officer at AMINA Bank, told Cointelegraph.

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