Why Bitcoin Treasuries Matter: Key Takeaways from Bitwise CEO Hunter Horsley
Public companies hold over 1 million BTC, with 90.4% of those holdings concentrated in the US. This surge in corporate Bitcoin treasuries comes as industry leaders suggest these entities could bring long-term discipline to a sector known for volatility.
The increasing corporate adoption of Bitcoin has reignited debate. Investors are questioning whether Bitcoin can compete with traditional US Treasuries in global capital markets.
Bitcoin Treasury Companies Emerge as Stabilizing ForceHunter Horsley, CEO of Bitwise, regards Bitcoin Treasury Companies and Digital Asset Trusts (DATs) as potential stabilizers for the crypto industry.
He notes that these entities provide investor relations, yield strategies, and long-term balance sheet discipline. This changing approach marks a shift from the speculative behavior that once defined crypto markets.
Bitcoin Treasury Companies and DATs are very good for crypto imo. Rooting for them.
– They do investor relations for ecosystems
– They can implement active strategies to generate yield
– They provide exposure to equity, convert, preferred investors
– They buy & hold, long term…
The rise of corporate Bitcoin holdings indicates broader institutional interest in digital assets. Companies, including Strategy and Tesla, have allocated parts of their treasuries to Bitcoin, seeking long-term value.
However, the fact that 90.4% of these holdings are in the US highlights America’s leading position in institutional crypto adoption.
Public Companies Bitcoin Treasuries. Source: CoinMarketCap
This transparency comes as corporate crypto strategies face increased scrutiny. The dashboard confirms that public company holdings now total 1.1 million BTC, over 5% of the total Bitcoin supply.
Meanwhile, on-chain data shows a declining over-the-counter (OTC) Bitcoin supply, indicating that institutional demand may be outpacing available inventory.
A Glassnode chart shows OTC desk balances dropping from near 4,500 BTC to under 1,000 BTC in a year. Meanwhile, prices have moved between $70,000 and $100,000.
With OTC desk supply in this downtrend and LTH sales slowing down, we're gonna see a ton of charts from anonymous influencers screaming about a Bitcoin crash. A bunch of 'em are tied to treasuries, act as MMs, and just want your Bitcoins cheap. Your Bitcoin is the target.
That… pic.twitter.com/X2tcO4E8Uk
This limited supply could explain the renewed institutional accumulation despite market fluctuations.
Macroeconomic Headwinds and the Treasury Yield ChallengeThe competitive environment for Bitcoin has become more difficult as US 10-year Treasury yields have reached 4.1%, a three-week high as of early November 2025.
Analyst Axel Adler Jr. noted that this increase reflects uncertainty about Federal Reserve rate cuts. The uncertainty creates a challenging backdrop for risk assets like Bitcoin.
The rise in the U.S. 10-year Treasury yield to 4.1% (three week high) signals market skepticism about Fed cuts, creating a restrictive backdrop for risk assets. pic.twitter.com/MqfOkxHXGl
— Axel