Corporate Bitcoin Treasuries Expand as Companies Boost Digital Asset Holdings

A new Cornerstone Research report outlines the emergence of digital‑asset treasuries (DAT) in corporations, introducing the market‑adjusted NAV (mNAV) ratio as a key metric for evaluating Bitcoin‑focused balance‑sheet assets. The analysis of U.S. Form 8‑K filings shows a rapid rise in DAT activity since mid‑2025, categorising firms into true digital‑asset businesses, strategic treasury allocators, and minority allocators. Companies with an mNAV ratio above one can leverage capital markets to buy more Bitcoin, potentially creating a growth cycle for Bitcoin holdings per share.

In parallel, corporate Bitcoin holdings rankings shifted in 2026 when American Bitcoin overtook Galaxy Digital in reported Bitcoin reserves. The move highlights how aggressively some firms are accumulating Bitcoin as a store of value, hedge against currency debasement, and signal confidence in digital assets. Together, these developments illustrate intensifying competition among publicly traded companies to integrate Bitcoin into their treasury strategies.