Corporate Bitcoin treasury adoption and market evolution

A Cornerstone Research report released on July 21 highlighted the rapid emergence of digital-asset treasuries (DAT) in U.S. corporations since mid-2025. It introduced the market-adjusted NAV (mNAV) ratio to evaluate Bitcoin-focused balance-sheet assets and classified firms as true digital-asset businesses, strategic treasury allocators, or minority allocators. The report noted a shift in corporate Bitcoin holdings rankings for 2026, with American Bitcoin overtaking Galaxy Digital, underscoring aggressive accumulation of Bitcoin as a store of value and hedge against currency debasement.

The following day, coverage emphasized that the shift is accelerating. Companies are forming dedicated Bitcoin treasury entities and moving large cash reserves into Bitcoin, citing expansive monetary stimulus, persistent inflation, and low short-term yields that erode fiat value. Bitcoin’s capped supply is portrayed as a safeguard against fiat dilution, allowing firms to protect earnings and diversify liquidity holdings.

By mid-2026, these Bitcoin treasury companies have emerged as major Wall Street trading vehicles. Strategy Inc. (formerly MicroStrategy) has become a prominent Bitcoin proxy, with daily trading volumes occasionally surpassing those of Goldman Sachs; the firm has accumulated over 800,000 BTC by issuing equity and debt. Unlike spot ETFs, these companies offer leverage through debt and preferred shares, though this creates a distinction between share price and underlying asset value. Investors utilize the mNAV metric to track premiums or discounts, such as with Twenty One Capital, which has seen its market valuation sit at approximately one-third less than the value of its 43,514 Bitcoin holdings.