One of the most salient crypto phenomena of 2025 is the mind-blowing rise in corporate bitcoin treasuries. Once considered fringe, undergoing a bitcoin pivot has become almost mainstream, whether companies have any affiliation with crypto or not. Coffee chains, gold miners, and a Norwegian deep-sea mining company are some of the seemingly random businesses jumping on the treasury bandwagon. As of writing, there are 148 public companies with corporate bitcoin treasuries, collectively holding 859,870 bitcoin, worth more than $100 billion. A year ago, public companies held just over 416,000 bitcoin. The biggest and most famous of these is Strategy, which pioneered the idea and, with 607,770 bitcoin, holds the lion’s share of that digital pile. But the more interesting moves come from the companies just below it in our ranking, which includes new entrants like Twenty One and the Bitcoin Standard Treasury Company, both of which didn’t exist last year and are hoping to leapfrog to the second-place spot. But just because you can pivot to bitcoin doesn’t mean you should. Case in point: a few of the new entrants who hoped it would help their stock pop include Semler Scientific, a medical technology company; Solarbank, a solar power company; and ECD Automotive Design, a company that restores luxury vehicles. These #Data is beautiful charts show pretty plainly how that’s going for each of them. sherwood.news/crypto/have..