Bitwise Reports 48 New BTC Treasuries Added in Just Three Months

Over just three months, 48 public companies added to their balance sheets, marking one of the quickest waves of corporate adoption viewn in recent years. This is according to Bitwise’s Q3 Corporate BTC Adoption Report, which draws on data from BTCTreasuries.NET. 

Between July and September, the number of public firms holding BTC surged by 38%, rising from 124 to 172 such companies.  The total corporate BTC holdings now exceed $117 billion, including over 1 million , which accounts for roughly 4.87% of the total supply in circulation. 

Bitwise CEO Hunter Horsley described the trend as “absolutely remarkable,” noting that it reflects a shift from speculation to strategic treasury allocation: “People want to own BTC. Companies do too.”  According to analysts, the accumulation is not limited to large names: more mid-sized firms are quietly entering the space, often via over-the-counter ) deals to avoid slippage and market disruption. 

Still, a few institutions dominate the holdings: (formerly MicroStrategy) continues to lead with 640,250 BTC, while holds over 50,000 BTC.  Analysts interpret these numbers as a sign that institutional confidence in BTC is deepening even in the face of volatility. 

This surge in corporate adoption carries several implications:

• Reduced trade-Side Liquidity: As more BTC enters corporate treasuries, fewer coins are available for trading, potentially increasing price sensitivity to demand shifts.
• Legitimacy for Crypto in Finance: When publicly traded firms commit to BTC, it signals increasing acceptance of digital assets as a mainstream treasury tool.
• Strategic Long-Term Play: Many of these firms are not investing for short-term gains but repositioning their balance sheets in anticipation of crypto’s evolving role in corporate finance.

However, risks remain, including regulatory uncertainty, execution challenges, and the inherent in BTC itself. But so far, the Q3 report suggests that corporate adoption is accelerating, not retreating.

As more companies join the fray, this wave may spark a feedback loop: rising legitimacy leads to more adoption, which reduces float, further amplifying scarcity dynamics. The Bitwise data thus offers more than just a snapshot; it may be a turning point in how traditional firms embrace digital assets.

Corporate BTC Adoption Hits a Tipping Point

The latest Bitwise report underscores a pivotal shift in BTC’s trajectory from a speculative asset to a recognized corporate reserve instrument. With 48 new companies adding BTC to their balance sheets in just three months, institutional confidence in digital assets appears stronger than ever.

This steady wave of adoption signals that BTC is evolving into a mainstream treasury alternative, driven by its scarcity, liquidity, and resistance to inflation. As more public and private firms embrace it, the resulting supply contraction could intensify upward price pressure and cement BTC’s role as a long-term strategic asset.