Corporate Bitcoin Holdings Expected to Reach 25% of S&P 500 by 2030

TLDR

• By 2030, about 25% of S&P 500 companies are predicted to hold Bitcoin on their balance sheets as a long-term asset
• MicroStrategy pioneered the Bitcoin treasury strategy in 2020, with its stock surging over 2,000% since then
• GameStop recently announced a $1.3B convertible note to implement a Bitcoin treasury strategy
• Currently 90 public companies hold Bitcoin as a treasury asset, but only Tesla and Block are S&P 500 companies
• Treasury managers may feel compelled to try Bitcoin strategies to avoid missing potential gains

Bitcoin on corporate balance sheets is gaining attention as more public companies adopt this strategy. According to data from bitcointreasuries.net, 90 publicly traded companies now hold Bitcoin as a treasury reserve asset.

This trend began when MicroStrategy first announced Bitcoin as its “primary treasury reserve asset” on August 20, 2020. Since then, MicroStrategy’s stock has increased by more than 2,000%, far outpacing both Bitcoin (781%) and the S&P 500 (64.8%) over the same period.

GameStop recently joined this movement. They announced a $1.3 billion convertible note offering on March 26, 2025, with plans to use the funds to buy Bitcoin.

Crypto Public Companies Snapshot

Their CEO stated, “We believe GameStop has an incredible opportunity to transform its financial future by becoming the premier bitcoin treasury company in the gaming sector.” However, GameStop’s stock has dropped more than 20% since this announcement.

The main reasons companies cite for holding Bitcoin include hedging against inflation of fiat currencies (especially the US dollar) and treasury diversification for risk management. Bitcoin offers certain advantages over traditional assets like gold.

While gold must be physically stored and isn’t easily moved, Bitcoin is a digital commodity. It is recognized under GAAP as a tangible asset with a fungible and liquid profile.

MicroStrategy had additional reasons for its Bitcoin strategy. They provided institutional investors with exposure to Bitcoin when many asset managers couldn’t directly own it.

They also positioned for potential price appreciation, with CEO Michael Saylor known for his bullish stance on Bitcoin’s future value. The company benefited from branding itself as a Bitcoin innovator.

Corporate Bitcoin: Risk vs. Reward

Currently, Tesla and Block are the only S&P 500-listed firms that hold Bitcoin. For the prediction of 25% adoption by S&P 500 companies to come true, at least 123 more S&P 500 firms would need to invest in Bitcoin by 2030.

Some tech investors and executives have very optimistic price targets for Bitcoin. ARK Invest CEO Cathie Wood, Galaxy Digital CEO Mike Novogratz, Coinbase CEO Brian Armstrong, and Block CEO Jack Dorsey predict Bitcoin could reach between $500,000 to $1,000,000 by 2030.

Elliot Chun, a partner at tech-focused financial advisory firm Architect Partners, believes treasury managers will feel pressured to try Bitcoin strategies. In his March 28 blog post, he wrote: “If you tried it and it worked, you’re a genius.”

“If you tried it and it didn’t work, you at least tried. But if you didn’t try and have no good reason, your job may be at risk,” Chun added.

However, Chun makes a distinction between companies using Bitcoin for genuine treasury diversification versus those pivoting their entire business model around Bitcoin. He warns that companies implementing this strategy hoping to replicate MicroStrategy’s performance “are positioning for disappointment.”

MicroStrategy’s success came partly from being first. They offered Bitcoin exposure to institutional investors at a time when direct ownership wasn’t possible for many asset managers.

That advantage diminished after January 10, 2024, when the Securities and Exchange Commission approved several spot Bitcoin exchange-traded funds. These ETFs now provide an alternative way for investors to gain Bitcoin exposure.

Despite growing adoption, using Bitcoin as a treasury asset remains an “unproven strategy” for companies hoping to hedge against inflation or diversify their treasury holdings. The volatility of Bitcoin presents both opportunities and risks.

Education about this strategy is expanding. Last month, Bitcoin Investor Week in NYC dedicated an entire day to educating publicly traded companies on this tactic. Last year, MicroStrategy hosted a full conference in Las Vegas focused on Bitcoin treasury strategies.

Earlier this month, crypto asset manager Bitwise launched the Bitwise Bitcoin Standard Corporations ETF. This fund seeks to track companies that hold at least 1,000 Bitcoin in their corporate treasuries.

As more companies explore this option, the next few years will show whether Bitcoin becomes a standard component of corporate treasury strategies or remains limited to a small group of tech-forward companies.