The growing number of public -stock companies announce plans to add Bitcoin (BTC) to its corporate treasures, and the trend begins to raise the eyebrows.

According to bitcointreasuries.net, within 30 days to 11 June at least 22 entities added Bitcoin as a reserve resource.

The madness of shopping was popularized by the strategy (formerly Microstrategy), whose aggressive Bitcoin accumulation plan inspired the wave of imitators.

While some companies are praised for their strategic vision, critics indicate that others enter into space despite indigent finances, using Bitcoin as a lifestyle, not from long -term beliefs.

“I am worried about the followers,” said Cointelegraph Fakhul Miah, managing director of the Gomining Institutional.

“Now there are other companies that are trying to create Bitcoin banks without proper security or risk management. If these smaller companies fail, we could see the wave effect that hurts the image of Bitcoin.”

The standard chartered bank warned in a report on June 3 that half of the corporate treasures is underwater if BTC drops below USD 90,000, while a 22% decrease in the purchase price below the average may force the sale and liquidation.

It is possible to reverse the pressure to buy bitcoins

The general director of the strategy, Michael Saylor, began collecting Bitcoins in August 2020 and used a number of methods of obtaining funds for financing purchases, including shares, replacement debt and secured loans. The company is the world’s largest Bitcoin corporate owner with 582,000 BTC in wallets, on June 11.

“Then, [spot Bitcoin ETFs] It did not exist. If you were a corporation without infrastructure for self -service bitcoin, Microstrategy gave you a shortcut. You can simply buy their supplies and get an indirect Bitcoin exhibition, “said Miah.

Rotary funds (ETF) in the USA were approved in the USA in January 2024, debuting in the amount of turnover of over $ 4.5 billion. Among the issuers is Blackrock, the world’s largest asset. Ishares Bitcoin Trust has recently become the fastest ETF in history, which exceeded the assets of $ 70 billion managed.

In the second quarter of 2025 a recent phase of institutional adoption began. Instead of gaining indirect exhibition through a strategy or ETF, some companies are now positioning as proxy, adding bitcoins directly to their corporate treasures.

Corporate Bitcoin Treasuries drive demand, but introduce system risk. A piercing drop in price can cause cascading liquidations, while regulatory maturation and market maturation may reduce the proxy Bitcoin, Geoff Kendrick, head of digital assets at the Khartered Bank standard, he said in a note of June 3 for investors.

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Most of these Bitcoin Treasuries are trading in net assets (NAV) multiply more than one, which means that their market capitalization exceeds the value of their bitcoins. The British bank analyst stated that this discrepancy exists because regulatory restrictions in some jurisdictions prevent direct cryptographic or ETF investments from direct investments, thanks to which Bitcoins companies are an institutional investors’ bypass.

Kendrick warned that this dynamics may not last. When the global regulatory landscape is evolving and ETF Bitcoin becomes more accessible, the demand for the proxy exhibition will probably disappear. When this happens, companies trading on inflated multiples of NAVs could make their valuations a prey, especially if their primary activity does not support such contributions.

Treasury bitcoin companies are not a strategy

The strategy still contains 71% of Bitcoins in public treasures, a position built over the years through a mixture of capital and debt. Many recent participants have adopted an aggressive lever to buy at much higher price levels.

This resource concentration, combined with debts financed by debts, means that any piercing lower traffic in BTC can cause forced liquidation.

Not all participants of the Bitcoin treasury are just as checked in the battle. Unlike these newer players, the strategy survived the 2022 cryptographic disaster, when Bitcoin dropped by over 50% – to USD 15,500 from around USD USD $ 31,000 – without forcing sales.

At that time, the average purchase price of Bitcoin Strategy was almost USD USD and endured significant unrealized losses.

The ability of the recent generation of Bitcoin tax companies to withstand similar correction remains unverified and more alternatives are opened.

Miah said that the institutional interest in Bitcoins is no longer isolated with ETF and indirect exhibitions, because mining is becoming more and more attractive.

“Mining produces Virgin Bitcoin-Monet without transaction history. This is extremely valuable for institutions and sovereign entities, because it is clean, identical and regulator-friendly. Don’t worry about contaminated coins related to illegal activities,” he said.

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For some institutions, mining can offer a reliable alternative to add bitcoins to their balances. However, the extraction of bitcoins is extremely competitive, and its rewards – paid in bitcoins – are cut by half every four years through a process called half.

The last half took place in 2024, and the next one is expected in 2028, when the block prize drops to 1.625 BTC every 10 minutes.

Bitcoin’s mission meets institutional reality

The growing corporate adoption and ETF Bitcoin also questions the decentralization of property. At the core of Bitcoin, it was designed as a decentralized cryptocurrency offering unlimited access to financial services, regardless of origin or situation.

But as the adoption spreads, institutions and governments manage more bitcoins.

Public companies now have at least 819 689 BTC, which is 3.9% 21 million Bitcoin supplies. Private companies control another 292 047 BTC, bringing total corporate property to about 5.29% of all bitcoins.

“I don’t think it threatens the original Bitcoin mission,” said Samson Mow, founder of Jan3 and Bitcoin Maxi vocals, Cointelegraph in a recent interview.

“Inevitably Bitcoin finished in the hands of companies, institutions and governments, because it is valuable, right? This is how it works, and what we can do is try to educate them about what bitcoin is and why it differs from everything else or anything else that comes.”

Such indirect possibilities are also offered by a safer and more regulated way of investing at a time when cryptocurrency ownership can be a physical risk for owners.

“Not everyone wants to manage the keys on their own. People are losing home keys all the time-you are afraid that you will lose cryptographic keys. Some people value peace,” said Miah.

By the end of May, Github warehouse Maintained by Jameson Lopp, the security director of Casa Casa, he registered 29 violent attacks in 2025, heading for cryptographic holders for his assets, of 22 incidents registered in mid -May.

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