In Q3 2025, bitcoin will emerge as a pillar of companies' financial strategies. With 1.02 million bitcoins held by 172 listed companies, the crypto queen is moving beyond the speculation stage to become an essential store of value. Deciphering a revolution in progress.
In brief
- As of Q3 2025, 172 companies now hold 1.02 million bitcoins, representing 4.87% of the total supply and an increase of 40% from the previous quarter.
- Strategy, MARA Holdings and XX1 are leading bitcoin adoption, with strategies ranging from aggressive accumulation to gradual integration.
- Despite volatility and regulatory risks, bitcoin is emerging as a store of value and a diversification tool for businesses.
Q3 2025: The historic rise of bitcoin in institutional portfolios
The third quarter of 2025 marks a turning point for bitcoin. Indeed, public companies holding bitcoin now represent almost 40% of the total, or 172 companies, compared to far fewer three months ago. Additionally, the total volume increased to 1.02 million bitcoins, or 4.87% of the total supply. An increase of 20.87% in just three months, for a valuation exceeding $117 billion.
Companies no longer just observe: they act. In Q3 2025, 48 new companies added bitcoin to their balance sheet, a record. Among them, historical players like Strategy, which strengthened its position with 40,000 additional bitcoins. But also newcomers, attracted by the liquidity and growth potential of the market. This dynamic reflects growing confidence in BTC as a safe haven asset and diversification tool.
The bitcoin giants: who owns what and why?
Among the 172 companies holding bitcoin in 2025, some stand out for the scale of their reserves. Strategy, with 640,031 bitcoins, remains the undisputed leader, followed by MARA Holdings (53,250 BTC) and XX1 (43,514 BTC). These actors adopt varied strategies:
- Aggressive accumulation for Strategy;
- Mining and targeted acquisition for MARA;
- Gradual integration for XX1.
Their motivation? A combination of hedging against inflation, speculation on rising prices, and financial innovation. With 48 new players in crypto treasury in the last 3 monthsthe movement accelerates. Metaplanet, a Japanese company, embodies this trend in Asia, where bitcoin is increasingly seen as a strategic asset. With 30,823 bitcoins, it shows how Asian companies are tackling the subject. This, in response to unstable local monetary policies.
The record acquisition of 176,762 bitcoins in Q3 2025, mainly by American and Asian companies, underlines this race for adoption. Companies no longer just hold bitcoin: they integrate it into their economic model. Whether to attract investors, optimize their cash flow, or position themselves as pioneers in a booming market.
BTC: a legitimate corporate asset or a risky bet?
Despite its growing adoption, bitcoin remains a volatile and controversial asset. Its detractors point to the brutal fluctuations in its price, such as the 20% fall recorded in 2024, or the regulatory uncertainties, particularly in the United States and Europe. For companies, these risks are not trivial: they can impact their stock market valuation and their credibility with traditional shareholders.
However, the benefits are real. BTC offers a hedge against the depreciation of fiat currencies, a strong argument in a context of persistent inflation. It also allows companies to differentiate themselves, by attracting investors and talents sensitive to technological innovations. Some companies, like Tesla, have already demonstrated how bitcoin can serve as a tool for communication and growth.
Bitcoin is entering a new era dominated by corporations, with reserves exceeding one million units. Between historic opportunity and calculated risk, its adoption poses a fundamental question: are we witnessing the emergence of a new financial standard, or a speculative bubble with no future?
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