Bitcoin and Public Businesses: Corporate America’s Digital Asset Shift
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Bitcoin and Public Businesses: Corporate America’s Digital Asset Shift

Summary:

How SPACs and Treasury Strategies Are Redefining Financial Norms

bitcoin public companies

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A new financial reality is emerging in public markets. A growing number of publicly traded companies—from GameStop to Trump Media—are allocating substantial portions of their treasuries to bitcoin. Earlier this year, only 79 out of 58,200 public companies globally held bitcoin on their balance sheets.


Today, that number has more than doubled, driven by SPACs, reverse mergers, and a rising belief that bitcoin can serve as a hedge against inflation and economic uncertainty.


GameStop recently disclosed that it acquired $5 million worth of bitcoin, joining the ranks of companies that see digital assets not only as speculative holdings but as strategic reserves.


Trump Media, meanwhile, has filed to raise $2.5 billion for a crypto-focused ETF, with bitcoin, Ethereum, Solana, and XRP expected to comprise over 70% of fund allocations.


Why It’s Happening


The model popularized by MicroStrategy (now renamed Strategy) involved raising funds through convertible debt and share sales—not to reinvest in its core business, but to buy bitcoin en masse. The company now holds over 580,000 BTC, with chairman Michael Saylor openly stating bitcoin is the company’s primary asset.


As Financial Times noted, “fragile financial engineering” supports this trend. Without sustained investor confidence and a cooperative macro environment, firms may face liquidity risk—especially if crypto assets fluctuate wildly.



By the Numbers


  • As of June 2025, 113 listed companies publicly report holding bitcoin

  • GameStop reportedly purchased 4,710 BTC, valued at more than $5.12 million

  • Trump Media’s ETF filing includes over 70% exposure to digital assets, a notably aggressive posture for a media brand

  • Strategy (formerly MicroStrategy) controls a treasury holding of over $38 billion in bitcoin


According to MarketWatch, for some of these companies:

“Crypto investments now dominate their operations, shifting their identity from tech to essentially bitcoin funds.”

SPACs Are Accelerating the Shift


Another driving force behind the bitcoin-treasury trend is the resurgence of SPACs (Special Purpose Acquisition Companies). One of the most notable examples is ReserveOne—a platform backed by Kraken and Blockchain.com—which plans to raise over $1 billion through a Nasdaq listing to manage bitcoin, Ethereum, and Solana portfolios.


In Japan, Metaplanet is pushing to acquire 210,000 BTC by 2027, modeling its treasury strategy after Strategy. Metaplanet's ambition could push it to become Asia’s leading corporate bitcoin holder by volume.


Caution in the Hype Cycle


While the strategy may seem forward-thinking, it comes with risks. GameStop’s stock fell 10% shortly after revealing its bitcoin purchase. Analysts are wary of companies leaning too heavily on volatile digital assets in lieu of traditional business investments.


Investopedia notes that crypto ETFs from politically charged firms like Trump Media may bring regulatory scrutiny, especially when public fundraising is used to accumulate volatile assets with high exposure to price manipulation and market sentiment.


Still, many executives believe bitcoin has matured beyond a speculative asset. Its growing role in institutional portfolios and the launch of multiple U.S. bitcoin ETFs in 2024 have contributed to its normalization as a treasury instrument.


Disclaimer

Salesfully and its affiliates may hold positions in some of the digital assets mentioned in this article, including but not limited to Bitcoin and Ethereum. This article is intended for informational purposes only and does not constitute financial advice. It is not an offer or solicitation to buy, sell, or hold any cryptocurrency or related financial product. Readers should consult a licensed financial advisor before making any investment decisions.



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