Key Takeaways
- Bitwise CIO predicts a surge in corporate Bitcoin adoption.
- MicroStrategy holds 450,000 BTC, over 2% of Bitcoin's total supply.
- New accounting rules could boost Bitcoin adoption further.
Bitwise Chief Investment Officer Matt Hougan has called corporate Bitcoin acquisitions an “overlooked megatrend,” predicting the trend will significantly impact Bitcoin’s market trajectory.
Hougan said in a client note:
This is a much bigger trend than most people realize. Hundreds of companies will add Bitcoin to their treasuries in the next 12-18 months, substantially lifting the market.
MicroStrategy leads adoption
MicroStrategy leads the way with over 450,000 BTC purchased since 2020, worth $43 billion.
The company added 257,000 BTC in 2024 alone, more than the total 218,829 BTC mined that year.
This scale of investment makes MicroStrategy’s purchases equivalent to 2.6 years’ worth of Bitcoin’s new supply.
Growing corporate holdings
However, MicroStrategy is not alone. Seventy public companies now hold Bitcoin, collectively owning over 141,302 BTC.
Private firms, including SpaceX and Block.one, hold at least 368,043 BTC.
Hougan attributes this momentum to reduced reputational risk and recent regulatory shifts, such as the Financial Accounting Standards Board’s rule change in December 2023.
New accounting rules
The new rule, ASU 2023-08, allows companies to mark Bitcoin to market, enabling them to record profits as prices rise, a significant shift from previous accounting standards.
Hougan noted:
If 70 companies added Bitcoin under stricter rules, imagine how many will do so now—200, 500, or even 1,000.
