treasury strategy
Q4 2025 Bitcoin Treasury Scorecard
True North Research • January 15, 2026 • 12 min read
Q4 2025 in Review
The fourth quarter of 2025 saw continued acceleration in corporate Bitcoin adoption. This scorecard tracks the key metrics across the growing universe of public companies holding Bitcoin on their balance sheets.
Key Findings
Total Corporate BTC Holdings: 699,387 BTC across 114 public companies — up from 580,000 BTC across 89 companies at the end of Q3.
Top Performers by BTC Yield:
- Strategy — 12.3% quarterly BTC yield
- Metaplanet — 8.7% quarterly BTC yield
- Strive Asset Management — 6.2% quarterly BTC yield
Industry Trends
The quarter saw several notable developments:
- Three new S&P 500 companies disclosed Bitcoin treasury positions
- Convertible bond issuances for BTC acquisition exceeded $5 billion in Q4 alone
- Average mNAV across the sector expanded from 1.8x to 2.1x
Outlook for Q1 2026
The pipeline of companies exploring Bitcoin treasury strategy remains robust. We expect Q1 2026 to bring additional high-profile entrants, particularly from the financial services and technology sectors.
TNR
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