The Bitcoin reserve strategy trend has led to at least 61 corporate treasuries now holding a combined 3.2% of all Bitcoin that will ever exist, according to Standard Chartered.
Publicly listed companies worldwide now own a combined 673,897 Bitcoin
BTC$105,752, Standard Chartered’s global head of digital asset research, Geoff Kendrick, said in a June 3 report seen by Cointelegraph.
In the report, Kendrick focused on the implications of Bitcoin’s growing popularity as a treasury asset, warning about potential risks stemming from rapid corporate adoption.
An excerpt from Standard Chartered’s Bitcoin report issued on June 3, 2025. Source: Standard Chartered
“Bitcoin treasuries are adding to Bitcoin buying pressure for now, but we see a risk that this may reverse over time,” the analyst said.
According to the report, 58 out of the analyzed 61 corporate treasuries have net asset value (NAV) multiples above 1, meaning that their market valuation is greater than the value of their net assets.
“For now, we think this is justified by market inefficiencies, including regulatory hurdles to investor access and conservative investment committee processes,” Kendrick wrote, adding:
“But as these inefficiencies are eventually removed, we think Bitcoin treasuries could become a source of downside price pressure and volatility.”
Additionally, Bitcoin’s volatility itself may drive the BTC price below the average purchase prices of many new treasures, as 50% of the companies have average purchase prices above $90,000. The figure is significantly higher than the average cost of Strategy’s 580,955 Bitcoin holdings acquired at the price of $70,023 per BTC.
Kendrick also observed that a large portion of Strategy “imitators” have started Bitcoin accumulation recently, with holdings rising significantly in the past few months.
Specifically, the amount of Bitcoin held by those 60 companies has doubled in the past two months, from below 50,000 BTC to about 100,000 BTC, the report said.