Are Crypto Treasuries A PR Lifeline?

Key Takeaways

• Corporate crypto treasuries doubled in the first half of 2025, now totaling over 244,000 BTC across public firms.

• While many companies adopt crypto as a hedge or strategic asset, some may use it as a PR tactic during financial distress.

• Red flags like insider selling, high leverage, and lack of crypto expertise can indicate short-term intentions.

• Ethereum and altcoins are gaining interest due to staking, programmability, and strategic blockchain integrations.

• The trend has long-term potential, but sustainability depends on regulation, market maturity, and internal financial discipline.

Corporate Crypto Treasuries Nearly Doubled

According to a recent report by K33 Research, the number of publicly listed companies holding Bitcoin (BTC) on their balance sheets grew significantly in the first half of 2025.

Source: K33 Research

Between December 2024 and June 2025, that figure rose from 70 to 134 companies, collectively holding 244,991 BTC.

This surge mirrors historical patterns in corporate gold adoption, offering investors indirect exposure to scarce assets. Mike Foy, CFO of AMINA Bank, said:

“There are clear parallels, particularly around providing a means for investors to access an underlying asset which they may have previously struggled to access.”

Why The Sudden Rise In Crypto Treasuries?

Foy believes the growing appeal of crypto treasuries stems from first-mover advantage and favorable conditions in specific jurisdictions. In Mike’s words:

“Time will tell if this becomes a sustainable trend, but companies operating in regions with limited access to institutional crypto products may see the greatest benefit.”

Crypto Treasuries: Smart Hedge Or Desperate Hail Mary?

Despite the apparent success of crypto adoption, some observers are skeptical.

There’s growing concern that underperforming companies might be using crypto reserves as a short-term PR strategy rather than a well-planned financial move.

Top 10 Bitcoin Treasury Holders (June 2025)

While exact rankings fluctuate, platforms like BitcoinTreasuries.net provide updated lists of the top corporate holders.

These typically include tech-forward firms and fintech companies that seek to align with the evolving digital asset ecosystem.

The Top 10 Bitcoin Treasury Companies

Source: BitcoinTreasuries.NET

Case Study: Windtree Therapeutics & The BNB Strategy

In July 2025, Windtree Therapeutics, a biotech firm, announced a bold plan to build a BNB-based treasury. The move included:

• A $60M purchase agreement with Build and Build Corp.

• A $500M equity line of credit

• A $20M stock purchase pact

Initially, the market responded positively. However, Windtree’s share price plummeted over 90% within weeks, and Nasdaq delisted the firm for failing to meet minimum bid requirements.

Spotting PR-Driven Treasury Plays

Foy suggests several red flags that may indicate a firm is using crypto treasuries as a reputational crutch:

• Lack of experience with crypto risk management

• Excessive leverage

• Weak focus on core operations

• Sudden insider share sales

Exploring Beyond Bitcoin: ETH & Altcoin Treasuries

While Bitcoin remains the dominant asset in crypto treasuries, an increasing number of firms are exploring ETH and select altcoins.

Ethereum’s Appeal To Treasury Managers

Ray Youssef, CEO of NoOnes, points to Ethereum’s hybrid nature as a key attraction. He noted:

“Ethereum starts to look like a mix between tech equity and digital currency.”

This dynamic makes it ideal for companies looking to:

• Earn staking rewards

• Support blockchain collaboration

• Align with compliance-friendly ecosystems

Ray added:

“Forward-looking companies, especially those in the digital economy, see ETH as more than just storage. It’s programmable, yield-generating, and future-ready.”

FAQ

What are crypto treasuries?

Crypto treasuries refer to digital assets, like Bitcoin or Ethereum, held by companies as part of their financial reserves or strategic investment portfolios.

Why are more companies holding crypto?

Firms are turning to crypto treasuries to hedge against inflation, diversify assets, appeal to investors, and signal innovation.

Is it risky for struggling companies to hold crypto?

Yes. Without proper risk management, crypto can introduce volatility. In some cases, companies may adopt it for temporary market hype rather than long-term value creation.

Are firms holding altcoins too?

Yes. Beyond Bitcoin, companies are starting to hold Ethereum and other altcoins, especially those offering staking rewards or partnerships.