Lifeline or Last Resort for Struggling Firms?

Corporate adoption of crypto in treasury management is growing rapidly. In the first half of 2025, the tally of public companies holding BTC nearly doubled, according to a report from K33 Research.

K33 revealed that between December 2024 and June 2025, the number of listed firms with Bitcoin (BTC) on their balance sheets climbed from 70 to 134, amassing a total of 244,991 BTC.

The trend is drawing comparisons to earlier waves of corporate gold adoption. “There are clear parallels, particularly around providing a means for investors to access an underlying asset which they may have previously struggled to access,” Mike Foy, chief financial officer at AMINA Bank, told Cointelegraph.

Foy said the movement’s sustainability hinges on market specifics and regulatory environments. “Time will tell if this becomes a sustainable trend, but it is clear that strategy has a first mover advantage,” he noted, adding that companies in jurisdictions with limited access to institutional crypto products stand to benefit the most.

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Crypto treasuries: lifeline or last resort?

Notably, the crypto treasury trend is also fueling skepticism that struggling firms may be using digital assets as a reputational lifeline. Foy acknowledged that the temptation exists for firms under pressure.

Last month, biotech firm Windtree Therapeutics disclosed a $60 million purchase agreement with Build and Build Corp. to begin its BNB treasury plan, followed by a $500 million equity line of credit and a $20 million stock-purchase pact to expand its holdings.

The company briefly enjoyed a boost in mid-July when it announced the BNB treasury strategy, but shares have since fallen more than 90% from their peak.

On Tuesday, Nasdaq announced the biotech firm would be delisted for failing to maintain the $1.00 minimum bid price required under Listing Rule 5550(a)(2).

Foy suggested examining their behavior to spot firms using crypto treasury for short-term optics. He advised checking management’s risk expertise, leverage levels, focus on core business and insider share sales.

“If any of these seem strange or out of the ordinary, then this is possibly a sign that this isn’t a long term plan but rather a short term share price play,” he said.

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Firms test Ether, altcoins in treasuries

While Bitcoin remains the dominant choice for treasuries, firms are beginning to experiment with Ether (ETH) and selected altcoins. The difference, according to Foy, lies in the potential for staking rewards and new collaboration opportunities with blockchain foundations.

Last month, Ray Youssef, CEO of NoOnes, said Ethereum’s hybrid appeal is drawing treasury managers. “Ethereum starts to look like a hybrid between tech equity and digital currency. This appeals to treasury strategists looking beyond passive storage,” he said.