Bitcoin is no longer just a speculative asset reserved for curious investors. Over the past four years, he has taken a central place in the financial strategies of some of the largest global public companies. According to recent data from Nansen Research, a notable change occurred, in particular in 2024 and 2025, when Bitcoin went from experimental coverage to a strategic asset held intentional. This development is explained by a strengthened regulatory framework, access to simplified investment and changing corporate strategies. It manifests itself in particular among companies which integrate Bitcoin in different ways in their economic model.
In short
- Bitcoin goes from an asset of coverage to a central asset in the business strategy, driven by new rules and clearer investment roads.
- Strategy, Riot, Marathon, Metaplanet, and Twenty One Capital hold more than 700,000 BTC with various market premiums.
- The capitalization of Bitcoin achieved 1,000 billion dollars, 25 % of which were added in 2025, which testifies to the arrival of new capital in the ecosystem.
Key policy changes stimulate adoption by companies
A series of key developments in the past two years has made the adoption of Bitcoin easier, safer and more practical for businesses.
Here is what has changed – and why is important:
- The new FASB rules allow companies to count Bitcoin at its fair value, which improves the clarity of the balance sheets and strengthens its appeal.
- The Bitcoin Stock Exchange (ETF) Fund in the American cashier has offered investors easy access without the need to store or manage the asset directly.
- The ETFs have filled the gap between the crypto and Wall Street, attracting both institutional and detail capital.
- Companies have started to consider Bitcoin as a central asset, and not only as coverage against inflation or an experimental reserve.
- Confidence in long -term value has led companies to take more daring and aggressive bitcoin positions.
The structure of companies and their use of Bitcoin strengthen the confidence of investors
The report highlights five large companies, strategy, digital marathon, Riot Platforms, Twenty One Capital, and Metaplanet, who together control more than 700,000 BTC. Although they all hold large quantities, the market each assesses differently, depending on the use of bitcoin, the structure of the company and the confidence of investors.
Strategy leads this group with 597,325 bitcoins, worth around $ 70 billion. This represents more than half of its total market capitalization. However, the company is negotiated with a strong bonus compared to the net value of assets (VNA) in Bitcoin. According to Nansen, the market seems to promote the constant acquisition of Bitcoin by Microstrategy, its strategic use of debt to extend the reserves and its clear positioning around Bitcoin.
Consequently, investors treat the company as a lever -effect Bitcoin ETF, its action often moving two to three times more than the price of bitcoin.
Digital marathon, holding 50,000 bitcoins, has more than 85 % of its total value linked to this asset. Despite this, the course of its action closely follows the value of its assets, which suggests a more neutral vision of the market. Nansen's analysis indicates that Marathon is more perceived as a mining operator than a company with a broader Bitcoin strategy. The movements of its action closely follow Bitcoin, without an additional market bonus.
Riot Platforms, with 19,225 bitcoins, has about half of its market capitalization supported by the BTC. However, it is negotiated about twice the value of its assets. In addition, Metaplanet holds 15,555 BTC and is negotiated more than three times their value, carried by its early advance in Asia and its focus on digital assets. Its action has increased sharply in parallel with the increase of 90 % of Bitcoin in 2025, strengthening its high beta status.
On the other hand, Twenty One Capital holds 37,230 BTC worth more than $ 4.4 billion, but is negotiated with a 91 % discount on its VNA. Nansen attributes this to the doubts of the market concerning passive detention models and uncertainty around its structure.
Wider trends in Bitcoin exposure
Beyond business property, Glassnode reports that Bitcoin's achieved capitalization has reached $ 1,000 billion for the first time. 25 % of this value came in 2025, indicating a wave of new capital entering the ecosystem.
However, this capital is not only manifested on the blockchain. The search for Nansen notes a significant movement towards exposure to the BTC outside the chain. Retail investors now prefer regulated platforms to direct portfolios. In fact, more than 75 % of ETF shares are held via brokers, reflecting a preference for secure and regulated environments.
Companies like Strategy have become major choices for traders, attracting more than $ 42 million in a day at the end of 2024. Lighter rules and a reduced risk attracted important players such as hedge funds, banks and asset managers in BTC ETFs and associated actions. The participation of $ 9 billion from Vanguard in Strategy shows the growing interest of institutions.
In addition, the growth of Wallets On-Chain, especially among the smallest holders, has slowed down. This confirms the rise in traditional financial roads for investment in BTC. Investors are now based more on public actions and ETFs rather than holding the assets directly.
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