Bitcoin’s role on company balance sheets is growing fast. According to a report, 199 entities now hold 3 million BTC, worth about $315 billion.
That total has more than doubled since the start of 2024. It marks a clear shift in how big firms view crypto, not just as a trading asset but as a long‑term treasury play.
Among those 199 entities, 147 public and private companies account for 1.1 million BTC (around $115 billion). Strategy, the pioneer in this space, holds 580,250 BTC—about $60 billion—and trades at a market cap of $104 billion.
That gives it a Multiple on Net Asset Value (MNAV) of 1.7× today. Investors once paid up to 2× NAV for Strategy’s shares, reflecting confidence in its ability to grow BTC‑per‑share faster than anyone else.