Bitcoin on the Balance Sheet: Why Corporates Are Making Room for Crypto

From a corporate treasury perspective, Bitcoin offers a compelling blend of attributes:

• Scarcity: With a hard cap of 21 million coins, Bitcoin functions as a built-in hedge against currency debasement¹.

• Liquidity: Bitcoin trades 24/7 on global exchanges, making it one of the most liquid digital assets.

• Diversification: Historically low correlations with traditional asset classes position Bitcoin as a potential portfolio stabilizer.

The narrative isn’t just theoretical. According to Goldman Sachs, 60% of ultra-high-net-worth individuals now view Bitcoin as an effective hedge against inflation. And with institutional tailwinds—like the SEC’s approval of spot Bitcoin ETFs and the FASB’s endorsement of fair value accounting—corporate adoption is gaining legitimacy fast.

The list of companies allocating Bitcoin to their balance sheets continues to grow.

• Strategy (formerly MicroStrategy), the earliest adopter, holds over 580,250 BTC as of May 30, 2025—and has seen its stock price soar over 3,200% since its first Bitcoin acquisition in 2020^1.

• Block, parent company of Cash App, owns 8,000+ BTC and reinvests 10% of its Bitcoin product profits into the asset^2,3.

• Tesla has previously held more than 10,000 BTC, using it both as a treasury reserve and briefly as a payment method³.

Newer names like Rumble, Stone Ridge, and Semler Scientific are following suit, collectively holding over 13,000 BTC as of April 2025^5.6.7.

Their reasons? Long-term value preservation, alignment with digitally native customer bases, and—most importantly—a hedge against inflation in a volatile macroeconomic environment.

For equity investors, these companies offer more than just exposure to innovation—they serve as indirect vehicles to participate in Bitcoin’s upside without holding the asset directly. The benefits are clear:

• Stock market access with familiar trading infrastructure

• Greater regulatory transparency through public disclosures

• Amplified equity returns when Bitcoin holdings appreciate

Companies like Strategy have become bellwethers for Bitcoin-aligned equities, with stock prices often mirroring BTC’s performance. And for investors looking to balance exposure to innovation and risk, that correlation adds another layer of strategic appeal.

Bitcoin’s emergence in corporate finance isn’t happening in a vacuum. A series of regulatory advancements are paving the way for wider adoption:

• The Markets in Crypto-Assets (MiCA) regulation in the EU (effective 2024) provides a unified compliance framework⁸.

• In January 2024, the SEC’s approval of spot Bitcoin ETFs gave institutional investors easier access⁹.

• December 2023 saw the FASB adopt fair value accounting standards for crypto, enhancing financial transparency¹⁰.

• And in January 2025, the repeal of SAB 121 removed key barriers for banks to custody digital assets¹¹.

Together, these developments are making Bitcoin more accessible—and acceptable—for treasury teams and institutional investors alike.

Corporates are adopting varied strategies to bring Bitcoin into their treasuries:

• Aggressive accumulation: Strategy raised over $7 billion through convertible debt to fund its Bitcoin purchases¹².

• Reinvestment models: Block earmarks a portion of its profits from Bitcoin services for ongoing BTC purchases.

• ETF & ETP allocations: Especially in Europe and the U.S., firms are opting for regulated crypto investment vehicles to gain exposure with operational ease.

Meanwhile, small and mid-sized enterprises (SMEs) are exploring decentralized finance (DeFi) tools to navigate traditional financing constraints—showing that Bitcoin’s treasury appeal isn’t just for the Fortune 500.

Designed to track publicly listed companies holding at least 100 BTC in their treasuries (based on regulatory disclosures), the Indxx Bitcoin Adopters Index gives investors a lens into this emerging segment. Built for ETF issuers and institutional investors, the index:

• Offers indirect Bitcoin exposure via equities

• Reduces volatility compared to spot BTC holdings

• Reflects rising demand for crypto-aligned public companies

• Covers multiple sectors and global geographies

With categories for Primary (non-Bitcoin-native companies) and Secondary (mining and crypto-aligned firms) constituents, the index paints a holistic picture of how Bitcoin is influencing corporate capital allocation.

As inflation persists and traditional hedges fall short, Bitcoin is shedding its outsider status and emerging as a core component of modern treasury strategy.

For corporations, it’s a forward-looking reserve asset built on transparency, scarcity, and digital programmability. And for investors, Bitcoin-adopting companies represent the intersection of finance, technology, and innovation—a rare alignment in today’s fragmented markets.

The question is no longer if Bitcoin belongs on the balance sheet—it’s who’s next?

Indxx Bitcoin Adopters Index

Indxx Bitcoin Miners Index

Indxx Bitcoin Reference High Volatilty Index

Indxx Bitcoin Reference Index