Why Some Public Companies Are Turning Into Bitcoin Funds

Bitcoin Treasuries Report, May 2025

In 2025, if you’re a public company trying to boost your stock price, there are two playbooks:

• Generate strong cash flow and return capital through share buybacks.

• Or lean into financial engineering to accumulate as much Bitcoin as possible.

The second strategy is gaining traction and fast. That has two important consequences for investors:

• It’s creating a new source of structural demand for Bitcoin.

• It’s turning some public companies into leveraged Bitcoin proxies.

Let’s break that down.

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Why Some Public Companies Are Turning Into Bitcoin Funds

The Takeaway

Public companies are turning Bitcoin treasuries into a core strategy. Their buying now rivals and sometimes exceeds ETF flows, creating a structural source of demand.