From Hedge to Holding: Bitcoin Becomes a Core Corporate Strategy

Bitcoin is no longer just a speculative asset for curious investors. In the past four years, it has taken on a central role in the financial plans of some of the world’s leading public companies. According to recent findings by Nansen Research, a noticeable shift has occurred—particularly in 2024 and 2025—where Bitcoin transitioned from an experimental hedge to a strategic asset held with intent. This shift stems from better rules, easier investment access, and changing corporate strategies. It’s most evident among firms using Bitcoin in different ways to shape their business approach.

Key Policy Changes Fuel Corporate Adoption

A series of key developments over the past two years made it easier, safer, and more practical for companies to adopt Bitcoin.

Here’s what changed—and why it matters:

• New FASB rules let firms report Bitcoin at market value, boosting balance sheet clarity and appeal.
• U.S. spot Bitcoin exchange-traded fund (ETF) gave investors easy access without needing to store or manage the asset directly.
• ETFs bridged the gap between crypto and Wall Street, pulling in both institutional and retail capital.
• Firms began treating Bitcoin as a core asset, not just an inflation hedge or experimental reserve.
• Confidence in long-term value led companies to take bolder, more aggressive Bitcoin positions.

Company Structures and Bitcoin Use Drive Investor Confidence

The report spotlights five major companies—Strategy, Marathon Digital, Riot Platforms, Twenty One Capital, and Metaplanet—that together control over 700,000 BTC. While they all hold large quantities, the market evaluates each differently, based on how the Bitcoin is used, the company’s structure, and investor confidence.

Strategy leads this group with 597,325 Bitcoins, worth around $70 billion. This makes up over half of its entire market capitalization. Yet, the company trades at a strong premium compared to the Bitcoin net asset value (NAV). According to Nansen, the market appears to favour MicroStrategy’s consistent Bitcoin acquisition, its strategic use of debt to expand reserves, and its clear positioning around Bitcoin.

 As a result, investors treat the company like a leveraged Bitcoin ETF, with its stock often moving two to three times more than Bitcoin’s price.

Marathon Digital, holding 50,000 Bitcoins, has more than 85% of its total value tied to the asset. Despite this, its stock price aligns closely with the value of its holdings, suggesting a more neutral market view. Nansen’s analysis indicates that Marathon is seen more as a mining operator than a firm with a broader Bitcoin strategy. Its stock movements track Bitcoin closely, but without additional market premium.

Riot Platforms, with 19,225 Bitcoins, has about half of its market cap backed by BTC. However, it trades at roughly twice the value of its holdings. Also, Metaplanet holds 15,555 BTC and trades at over three times their value, driven by its early lead in Asia and focus on digital assets. Its stock surged in step with Bitcoin’s 90% rise in 2025, reinforcing its high-beta status.

In contrast, Twenty One Capital holds 37,230 BTC worth over $4.4 billion but trades at a 91% discount to its NAV. Nansen attributes this to market doubts over passive holding models and uncertainty around its structure.

Broader Trends in Bitcoin Exposure

Beyond corporate ownership, Glassnode reports that Bitcoin’s realized cap has reached $1 trillion for the first time. 25% of this value came in 2025, showing a wave of fresh capital moving into the ecosystem.

However, this capital isn’t just showing up on the blockchain. Nansen’s research notes a significant move toward off-chain BTC exposure. Retail investors now favour regulated platforms over direct wallet holdings. In fact, over 75% of ETF shares are held through brokerages, reflecting a preference for secure, regulated environments.

Companies like Strategy have become top picks for traders, attracting over $42 million in one day in late 2024. Clearer rules and lower risk have drawn major players like hedge funds, banks, and asset managers into BTC ETFs and related stocks. Vanguard’s $9 billion stake in Strategy shows the rising institutional interest.

Meanwhile, on-chain wallet growth, especially among smaller holders, has slowed. This confirms the rise in traditional financial routes for BTC investment. Investors now lean more on public equities and ETFs rather than holding the asset directly.