10 Public Companies That Quietly Turned Their Balance Sheets Into Bitcoin Treasuries
While headlines focus on Bitcoin giants like Strategy (formerly MicroStrategy) and Tesla, a quiet revolution is underway.
Dozens of publicly traded companies across industries from tech and fintech to energy and telecom are accumulating Bitcoin as part of their corporate treasury strategy.
These firms are not chasing the spotlight. Instead, they’re making strategic allocations, using Bitcoin as a hedge against inflation, fiat devaluation, and macroeconomic risk—often without flashy announcements.
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📈 Bitcoin’s Evolution: From Speculation to Strategic Treasury Asset
Bitcoin is no longer just a speculative asset.
It’s evolving into a core financial instrument for treasury diversification.
Companies are embracing BTC for key reasons:
• Inflation hedge: Unlike fiat currencies, Bitcoin’s supply is capped at 21 million, making it an attractive store of value in an inflationary environment.
• Digital scarcity + 24/7 liquidity: It combines the benefits of long-term investment with round-the-clock liquidity.
• Non-correlation: Bitcoin’s low correlation with traditional assets makes it ideal for portfolio diversification.
• Pioneering examples: Strategy, Tesla, and Metaplanet have set the tone—now others are following suit.
According to BitcoinTreasuries.net, 250 public companies now hold Bitcoin, with 26 new entrants in June 2025 alone.
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🏢 10 Public Companies You Didn’t Know Hold Bitcoin
These companies span different regions and sectors, and have quietly adopted Bitcoin as a long-term strategic reserve—often flying under the radar.
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1. BitFuFu (FUFU) – Singapore
• BTC Holdings: 1,709 BTC (~$185.85M)
• % of Market Cap: 40%
• Strategy: Hybrid mining model (owned & cloud), uses BTC as both operational yield and treasury reserve.
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2. Cipher Mining (CIFR) – USA
• BTC Holdings: 1,063 BTC (~$115.49M)
• % of Market Cap: 40%
• Strategy: Renewable energy-powered mining with BTC reserves to stabilize earnings and fund ESG growth.
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3. KULR Technology Group (KULR) – USA
• BTC Holdings: 920 BTC (~$100.04M)
• % of Market Cap: 40%
• Strategy: Tech-driven treasury play; positions BTC as hedge and innovation signal.
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4. Aker ASA (AKER.OL) – Norway
• BTC Holdings: 754 BTC (~$82M)
• % of Market Cap: 1.7%
• Strategy: Adds BTC to its industrial investment portfolio for diversification and inflation protection.
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5. Méliuz (CASH3.SA) – Brazil
• BTC Holdings: 595.7 BTC (~$64.8M)
• % of Market Cap: 45%
• Strategy: Fintech firm allocating 10% of cash reserves to BTC to hedge against Brazil’s volatile currency.
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6. MercadoLibre (MELI) – LATAM
• BTC Holdings: 570.4 BTC (~$62M)
• % of Market Cap: Unknown
• Strategy: Uses BTC as a treasury asset and fintech payment tool across LATAM, enhancing Mercado Pago.
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7. Samara Asset Group (SRAG.DU) – Malta
• BTC Holdings: 525 BTC (~$57.3M)
• % of Market Cap: 28%
• Strategy: BTC as long-term capital preservation asset, reducing traditional market exposure.
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8. Jasmine International PCL (JAS.BK) – Thailand
• BTC Holdings: 506.4 BTC (~$55.25M)
• % of Market Cap: 15.9%
• Strategy: Data center operator linking BTC with digital infrastructure and mining operations in Southeast Asia.
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9. Alliance Resource Partners (ARLP) – USA
• BTC Holdings: 481.9 BTC (~$55.8M)
• % of Market Cap: 1.5%
• Strategy: Energy firm diversifying into digital assets to stabilize revenue beyond coal.
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10. Rumble (RUM) – Canada
• BTC Holdings: 210.8 BTC (~$22.93M)
• % of Market Cap: 0.8%
• Strategy: Positions BTC as part of a decentralized creator economy and appeals to Web3-aligned users.
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🕵️♂️ How We Know: The Role of Blockchain Analytics
Firms like Arkham Intelligence, Glassnode, and CryptoQuant track Bitcoin movements using techniques such as:
• Address clustering
• Timing correlation
• Behavioral heuristics & dusting
These methods allow observers to detect BTC holdings even when not publicly disclosed, adding transparency to corporate accumulation.
⚠️ However, it’s not foolproof:
• Custodial wallets can hide true ownership.
• Wallet obfuscation methods can distort attribution.
Still, analysts estimate they’ve mapped 87%–97% of Strategy’s holdings using these techniques.
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⚠️ The Risks of Bitcoin-Heavy Treasuries
Not all stories are success stories.
🔻 Semler Scientific saw its stock plunge 45% even as BTC holdings grew raising concerns when market cap fell below the value of its BTC.
This highlights real risks:
• Capital erosion from equity dilution
• Market skepticism of business models too reliant on Bitcoin
• Volatility affecting financial reporting and investor confidence
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🔮 What This Means for the Future
Corporate adoption of BTC has major implications:
✅ Tightens BTC supply
✅ Institutionalizes the asset class
✅ Forces regulatory evolution
✅ Redefines corporate treasury strategy globally
Even conservative firms are starting to accumulate quietly signaling a shift toward Bitcoin normalization in the boardroom.
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🧠 Final Thoughts
The Bitcoin treasury trend is no longer just about Michael Saylor or Elon Musk.
From industrial conglomerates to Brazilian fintechs, companies worldwide are making strategic bets on BTC.
As macroeconomic uncertainty grows, Bitcoin is becoming a digital lifeboat and more companies are climbing aboard.
Which company will be next?
And how long before Bitcoin becomes a default treasury asset for the digital era?
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