Blockware Predicts 36 More Firms Will Buy Bitcoin in 2025

Strategy, led by Michael Saylor, continues to dominate this trend, now holding over 597,000 BTC. While other companies are also expanding their Bitcoin treasuries, concerns are rising about the long-term sustainability of this debt-fueled strategy. Critics, including analysts from Glassnode and Breed, warn that many Bitcoin-heavy companies could face a “death spiral” during downturns. Meanwhile, partnerships like Animoca Brands and DDC suggest that there are broader corporate strategies to extract yield from BTC.

Companies Accelerate Bitcoin Accumulation

Public company interest in Bitcoin is gaining a lot of momentum, and Blockware Intelligence forecasts that at least 36 additional firms will adopt the cryptocurrency by the end of 2025. This projected increase would represent a 25% rise from the current 141 public companies holding Bitcoin. 

According to Blockware’s Q3 2025 market update, the adoption rate among public companies already surged 120% this year, thanks to Bitcoin’s growing role as a strategic treasury asset. The firm describes these Bitcoin Treasury Companies as a vital bridge linking equity and debt markets with digital assets.

Rise of Bitcoin treasury companies (Source: Blockware)

Michael Saylor’s Strategy dominates corporate Bitcoin holdings with 597,325 BTC, dwarfing MARA Holdings’ 50,000 BTC. However, Blockware pointed out that the newest entrants into the Bitcoin treasury space are largely either nascent startups or companies facing financial difficulties. The firm argues that for businesses with low growth prospects or declining core operations, allocating earnings to Bitcoin can be a more straightforward path to generating 40–60% compound annual growth rates than trying to revitalize their existing models.

While Blockware is still bullish about its belief that securitized Bitcoin exposure is becoming a permanent fixture in the financial landscape, some analysts are not so sure. James Check of Glassnode believes the easy gains from this strategy may already be fading and doubts the long-term viability of Bitcoin-heavy treasuries. 

Similarly, venture capital firm Breed warned that only a small number of these companies are likely to avoid the so-called “death spiral,” which is a phenomenon where firms that trade near their net asset value struggle to raise capital as market premiums erode. Crypto trader Saint Pump has similar concerns, and suggested that Bitcoin treasury firms may exacerbate the next bear market, particularly when net asset value premiums shrink and capital raises begin to falter.

Despite the different views, data from Bitwise Asset Management reveals that corporate Bitcoin accumulation hit a record high in Q2 of 2025, with 159,107 BTC added during the period. Whether this trend is the beginning of a new corporate asset strategy or a short-lived experiment remains to be seen.

Animoca Partners with DDC for Bitcoin Strategy

Web3 powerhouse Animoca Brands entered into a non-binding memorandum of understanding with DayDayCook (DDC) Enterprise to manage its Bitcoin holdings and generate yield on up to $100 million worth of BTC. The deal is part of the growing trend among companies to seek strategic ways of leveraging their crypto reserves, particularly thanks to Bitcoin’s rising status as a corporate treasury asset.

Partnership advantages (Source: Press release)

DDC Enterprise is a meal-prep and packaged food company that recently embraced a Bitcoin treasury strategy. It revealed in May that it plans to acquire 5,000 BTC over the next three years. It began its journey with the purchase of 21 BTC that same month. Now, the company is taking a step further by partnering with Animoca to help manage and potentially grow the digital wealth under its oversight.

Animoca Brands co-founder and executive chairman Yat Siu pointed to DDC’s CEO Norma Chu as a key reason behind the partnership. Siu appreciates Chu’s ability to appeal to a broad, non-crypto audience, which will help bridge the gap between traditional consumers and the world of digital assets. He also believes her unique ability to navigate both Western and Eastern markets is crucial given the prominence of China in the global crypto adoption landscape.

The partnership was made during a time of renewed optimism around Bitcoin as a treasury reserve. Some well known people in the industry like Blockstream CEO Adam Back declared that corporate BTC strategies could become the new ”altseason” for traders. In a recent post on X, Back urged investors to shift focus from altcoins to BTC or corporate treasuries holding BTC. 

Strategy Resumes Bitcoin Buying

Meanwhile, Strategy co-founder Michael Saylor announced that the company will resume Bitcoin purchases after a brief pause last week. The move follows a $4.2 billion capital raise and ends a 12-week streak of continuous BTC accumulation. Strategy’s last buy was on June 30, when it bought 4,980 BTC for $532 million, bringing its total holdings to 597,325 BTC. This is valued at over $70.9 billion.

With shares trading at $434 and up 16% this month, Strategy is still below its all-time high of $543 from November of 2024. The company is part of the broader trend where firms are acquiring BTC at a pace faster than it is mined, fueling talk of a looming supply shock. However, some analysts warn this debt-driven buying spree could pose risks to market stability.

Author Adam Livingston explained that Strategy’s aggressive accumulation has been averaging over 2,000 BTC per day, This outpaced the monthly production of all miners, which stands at around 13,500 BTC. He described the firm’s actions as a “synthetic halving,” and suggested that Strategy could soon emerge as a dominant financial force in the Bitcoin economy.