While the number of listed companies investing in and holding digital assets on their balance sheet continues to grow, any discussion of this topic must start by placing this growth in perspective.
Analysis by TechGaged.com suggests that as of mid-March 2026 there were 148 publicly traded companies holding Bitcoin on their balance sheets, worth roughly US$82bn at current market prices. According to CompaniesMarketCap data, the largest 10,813 public companies worldwide by total assets on balance sheet were worth approximately US$290trn.
Unsurprisingly, those companies with Bitcoin holdings are convinced that the benefits outweigh the negatives. For example, data centre developer CleanSpark sees Bitcoin as a true capital asset as well as a counter-inflationary asset says CFO, Gary Vecchiarelli. “For the short term, our large Bitcoin balance allows us access to non-dilutive, low cost capital through Bitcoin securitised lines of credit and monetise the volatility through derivative transactions, further adding to the company’s cash flow,” he explains. “As we retain or grow our Bitcoin balance, we will also recognise the appreciation that comes with it, allowing for greater low cost borrowing and cash flows from low delta derivative transactions.”
When the price of Bitcoin decreases, the company recognises a GAAP mark-to-market loss if the ending period’s price was lower than the start of the period. Additionally, in a decreasing price environment, pricing is skewed towards puts and covered calls may not receive the same premium value as in an appreciating market. “However, this is just another day in the world of bitcoin,” says Vecchiarelli. “In between the highs and lows, we will monetise the volatility.”
Overleverage will usually result in a flush or adjustment to Bitcoin price when there are auto-liquidations, which would have short-term effects on the company. “However, identifying those situations presents unique opportunities when you have an institutional grade trading desk,” adds Vecchiarelli. “As for mis-valuation, we use the same sources most of the industry – including the major ETFs – use when valuing Bitcoin.”
According to TechGaged.com, investment company Metaplanet has the fourth-largest Bitcoin holding of all listed companies (CleanSpark ranks 11th on this list).
Shinpei Okuno, Metaplanet’s Head of IR and Capital Strategy says it views Bitcoin primarily as a long-term treasury reserve asset and a core component of its capital allocation strategy and that since adopting this approach, it has achieved a meaningful increase in Bitcoin per share – its primary KPI. “In addition, our Bitcoin treasury strategy has enhanced our access to global capital markets, broadened our investor base and enabled us to develop complementary revenue streams, including our Bitcoin income generation business,” he adds.
“While Bitcoin can serve as a hedge against long-term monetary debasement, our focus is not on short-term macro hedging but on long-term capital appreciation and shareholder value creation measured in Bitcoin terms.”
Okuno says Metaplanet’s balance sheet is structured to withstand volatility and that it does not engage in forced selling of its holdings. “We follow applicable Japanese accounting standards for crypto assets, under which assets with active markets are generally measured at fair value with changes recognised in profit or loss,” he continues. “While this approach provides transparency, it can also introduce significant volatility into reported earnings that may not fully reflect the underlying long-term economic value of our holdings.”
To address this, the company supplements its statutory disclosures with additional metrics (such as Bitcoin holdings, Bitcoin per share and related KPIs) as well as mark-to-market information on its website to provide investors with a clearer and more consistent view of economic performance.
Okuno refers to a conservative and disciplined approach to capital structure where the policy is to limit financial leverage to a modest level relative to Bitcoin net asset value and prioritise permanent capital – such as equity and perpetual preferred instruments – over short-term debt. “We incorporate valuation-based discipline into our capital allocation,” he says. “Equity issuance is generally conducted when our market valuation exceeds underlying net asset value, ensuring that capital raises are accretive to Bitcoin per share. We are also mindful of market perception and transparency and actively communicate our strategy and metrics to mitigate mispricing.”
The company with the 105th largest Bitcoin holding on the TechGaged.com list is K-pop content and intellectual property company K Wave Media.
CEO Ted Kim says Bitcoin offers asymmetric upside and protection against long-term currency debasement, particularly in a global environment of expansive monetary policy. “Beyond inflation, it has also delivered strategic benefits, including stronger alignment with digital-native investors and enhanced visibility in capital markets and has positioned us at the intersection of entertainment, technology and digital assets,” he adds. “We view it more as a long duration strategic asset.”
K Wave Media’s approach to mitigating price volatility has been to manage exposure with a long-term horizon, rather than reacting to short-term price movements. It has structured its balance sheet and capital strategy so that price volatility does not impair the operating business and it doesn’t rely on the cryptocurrency for working capital. “Like all public companies holding digital assets, we follow the applicable accounting standards, which require fair value measurement and appropriate disclosure,” observes Kim. “That has meant enhancing our internal controls, valuation processes and transparency in reporting on digital assets. We have worked closely with auditors and advisors to ensure our accounting treatment is compliant and consistent with evolving best practices.”
When it comes to addressing issues such as overleveraging and stock mis-valuation, Kim says the company has been very deliberate about de-risking the balance sheet, prioritising reducing leverage and aligning its capital structure with long-term value creation. “On valuation, we focus less on short-term stock price movements and more on fundamental transformation,” he explains. “As we execute, we believe the market will increasingly reflect the business’s intrinsic value. We also maintain strong governance and board oversight around capital markets activity to ensure alignment with shareholders.”
Gurpreet Oberoi, Head of Kraken Institutional says most of the clients his company works with treat bitcoin as a long-term reserve asset, a hedge against currency debasement and an alternative to cash sitting idle on a balance sheet. “Whether it works as an inflation hedge in the short term is a harder question,” he suggests. “Bitcoin’s price correlation with risk assets, particularly during macro stress, means it doesn’t always behave like gold when investors move to safety. But for companies thinking in five to ten year horizons, the long-term track record is difficult to dismiss.”
Where things are getting more interesting is what comes after accumulation. Kraken is seeing clients ask how they can put existing holdings to work and generate returns without taking on leverage or counterparty risk. “The more pressing question now is what treasury companies do with the bitcoin they have already built up,” says Oberoi. “That is where yield strategies are becoming relevant. For a treasury operator accountable to investors, generating income on a large bitcoin position is how you build something sustainable.”
While Bitcoin’s short-term performance can fluctuate, companies holding it long-term have primarily benefited from exposure to a globally liquid and appreciating reserve asset, whilst often enjoying increased investor attention and easier access to capital in public markets.
Another benefit of allocating to Bitcoin has been forcing companies to upskill in digital asset mechanics and custodial requirements, suggests Pete Osborne, partner at digital assets advisory and investment company Appold. “This foundational education is now paying secondary dividends, enabling these early adopters to confidently leverage stablecoins for faster, more cost effective cross-border transactions,” he says.
While Bitcoin has retraced approximately 15% over the past 12 months, Osborne notes that long-term holders continue to see substantial appreciation, with five year returns still exceeding 50%. “For a disciplined treasury, short-term price swings are rarely viewed as a fundamental negative, provided the allocation size is managed correctly,” he adds. “Rather than attempting to trade volatility, most firms adopt a multi-year horizon and treat Bitcoin as a strategic reserve asset. In this context, recent price fluctuations represent a known characteristic of the asset class rather than a compromise to the firm’s underlying financial stability or long-term objectives.”
As for accounting practices, in the US, fair value accounting for in-scope crypto assets has been a meaningful shift, as companies can now reflect both upward and downward market movements in earnings. In the UK and under IFRS, Bitcoin is still generally accounted for as an intangible asset, which remains a more conservative treatment and places greater emphasis on robust valuation policies, impairment assessment and disclosure. Osborne explains that most corporate treasurers mitigate risk by avoiding leverage entirely, viewing Bitcoin’s organic volatility as sufficient exposure. “The primary outliers are digital asset treasuries, most notably Strategy, which utilise long-dated convertible debt rather than structural overleveraging to maximise holdings,” he adds.
The inflation hedge argument brought many corporates to the table initially, particularly through 2023 and 2024 when monetary expansion and dollar debasement were at the top of every CFO’s mind. “The more durable motivations are structural,” says Gabriele Bandi, Head of Sales at digital asset solutions provider Hex Trust. “Bitcoin as a long duration, fixed-supply asset that sits outside the traditional monetary system; Bitcoin as a portfolio diversifier with low long-term correlation to conventional treasury instruments; and increasingly, Bitcoin as a strategic signal that a company is thinking seriously about its capital allocation in a world where fiat reserves erode quietly.”
According to Bandi, institutions that entered with clearly defined accumulation strategies, conservative ratios between available financing and deployed capital and robust custody and risk infrastructure have navigated drawdown periods without being forced into reactive decisions. “Those that entered with poorly structured capital, excessive leverage relative to their operating businesses or without the governance frameworks to withstand sustained price pressure have faced very different outcomes – forced liquidations, auditor complications and in some cases, the kind of structural distress that undermines the entire strategic rationale for holding the asset in the first place,” he adds.
The lesson Hex Trust draws from that (and communicates to clients entering the space now) is that volatility governance is not optional infrastructure – it is the strategy.
Looking ahead, Bandi reckons the question is shifting from ‘what percentage of reserves should be in Bitcoin?’ to ‘what is Bitcoin’s total contribution to portfolio return?’. Some corporates, particularly those operating across multiple jurisdictions, are receiving a portion of payments in Bitcoin because their clients prefer it. In these cases, firms can hold Bitcoin within treasury and use it to settle with suppliers who also accept it, avoiding repeated conversions into fiat currencies and the associated FX risk.
In that context, Bitcoin can reduce friction in cross-border flows and act as a neutral settlement layer agrees Valentin Vincendon, Chief Product Officer, BCB Group. “Although it is often regarded as an inflation hedge, we believe its primary value for corporates is how it supports more efficient treasury and payment flows,” he concludes.
