Bitcoin Treasuries have been quite popular among corporations due to their universal acceptance, easy portability, and decentralization. All of these factors keep these treasuries out of any unwanted attention. As a result, there have been more than 270 treasuries, valued at more than $400 billion, existing in over 50 countries across the world.
For better details, visit Droom Droom’s Bitcoin Treasury Page
In this article, we will explore the global trends in Bitcoin Treasury adoption, the factors that drive this trend, and a few unique Bitcoin Treasuries.
Background
Bitcoin Treasuries took off in late 2024, especially in the last quarter (Oct-Dec), due to a surge in Bitcoin’s price beyond $100,000.
The electoral win of Donald Trump ensured that the USA, which at the time held over 200,000 Bitcoins, would not dump the entire stash in the market.
Prior to that, there were only a handful of treasuries in the world. Notable ones included the pioneer MicroStrategy (now Strategy), Metaplanet, Drunk Holdings (Govt of Bhutan), the El Salvador Government, and a handful of others.
Within a year, there were more than 270 treasuries existing in over 40 different countries. Together, these treasuries held over $400 billion in Bitcoins.
Current Trends
The current landscape favours the creation of corporate Bitcoin Treasuries via the debt model. Here, debt is taken to buy Bitcoins with the expectation that the cost of debt will not be greater than the returns given by Bitcoin in the long term.
The strategy was pioneered by MicroStrategy (now renamed as Strategy) under its Chairman, Michael Saylor. Initially a software company, Strategy purchased its first Bitcoin in August 2020. It continued to make further purchases via convertible debt bonds (which can be converted into shares). Within the next 5 years, Strategy managed to own the largest Bitcoin Treasury among all companies and governments.
Over the next few years, institutions and governments acquired Bitcoin in the hope of getting higher returns than all other forms of investment, a trend that had already occurred in the past.
Though the debt-driven Bitcoin purchase model became popular, there were other ways too in which companies acquired Bitcoins, like:
- Bitcoin Mining, as in the case of Bhutan
- Collateralized Acquisitions, as in the case of GameStop
- Buying the Dip with Free Cash, like El Salvador
- Seizures and Forefeitures, as in the case of the US Government and the Chinese Government
Here’s The Complete List of All Bitcoin Treasuries with Current Holdings
Factors Supporting the Growth of the Bitcoin Treasury Model
There are several factors that have gone in favour of the Bitcoin Treasury Model. Among them, some are technological factors such as anonymity and decentralized network, and some are economic, like realized gains and universal acceptance.
Limited Supply
Bitcoin has a limited supply of 21 million, and all of Bitcoin’s coins need to be mined to get them into circulation.
For investors, this supply is akin to the supply of gold, and therefore, due to the law of demand and supply, the price of Bitcoin grows as new investors buy it.
Universal Acceptance
A Bitcoin can be bought and sold all over the world, which increases its acceptance everywhere. Further, the purchase and sale of Bitcoin cannot be prevented even if it’s fully banned. Such bans have already happened in China and Iran. Still, people continue to own Bitcoin in those countries.
Past Performance
Bitcoin has outperformed every other mainstream financial asset in its existence. From being 10,000 BTC for 2 pizzas to a high of $123k in 2025, Bitcoin gave better returns than all others.
Decentralized Network
Bitcoin runs on a decentralized network, which is free from any centralized control or centralized server. The network runs on shared resources pooled from different nodes. Further, a single node is able to run the entire network even if thousands of others fail.
As a result, Bitcoin cannot be effectively banned, controlled, or even manipulated.
Anonymity
All transactions on Bitcoin take place through public addresses. Users are not required to disclose any personal information to use Bitcoin, which makes the network completely anonymous.
Transparency
All addresses and transactions are public in Bitcoin’s network, which allows anyone to trace the genuineness of any transaction, making it a perfect trustless network.
Case Studies
The debt-driven Bitcoin Treasury model was pioneered by Strategy between 2020 and 2024 and was followed in the same letter and spirit by most others. However, there exist a few unique treasuries that were built on a completely different model.
The list below notes down a few of them briefly.
Strategy (formerly MicroStrategy)
Strategy was initially a software company that later used debt to purchase Bitcoins. The idea of a Bitcoin Treasury was pioneered by Strategy and later followed by most of the treasuries in letter and spirit.
The idea behind the treasury was to buy Bitcoins by issuing convertible bonds. If the bonds fail, i.e., Strategy fails to make repayments, they are automatically converted into its shares. As a result, investors take a temporary loss in place of a full default.
GameStop
GameStop established its treasury in 2025 after purchasing $1.5 billion worth of Bitcoins. The acquisition was made by issuing debt bonds that were secured in good faith by its $4.5 billion cash reserves.
MetaPlanet
MetaPlanet sought traditional debt bonds to purchase Bitcoins and make regular repayments to keep the liabilities in check. Although it has a slower growth, the asset pool of the company remains relatively free from debt.
Druk Holdings (Government of Bhutan)
The Bhutan Government sought a unique way of acquiring Bitcoins via mining. Unlike other treasuries, all of Bhutan’s Bitcoins are debt-free, and each Bitcoin has been mined in the country.
Challenges and Associated Risks
All treasuries carry some risk due to the inherent nature of financial markets. Bitcoin Treasuries are no stranger to this aspect of the market.
Perpetual Machine Fallacy
The idea that supports all treasuries is that Bitcoin will continue to outpace all other forms of investment, especially debt markets, seems fallible. Even Gold could not ensure perpetual growth and had severely underperformed in debt markets in the past.
Regional Laws
Regional laws like taxation, legality, and the approval of establishing a Bitcoin Treasury impact the returns. Since Bitcoin Treasuries target long-term growth for their success, any short-term policy could force them to liquidate.
One such rule was the shadow ban on cryptocurrencies in India between 2018 and 2020, which was only lifted after a long legal battle.
High Tax Countries
There are several countries that charge high tax rates on Bitcoins, like India, France, and Italy. These taxes can be as high as 43% and can erase all the gains of the treasury.
