Corporate Bitcoin adoption kept expanding, with 116 public companies adding BTC to their holdings over the past 12 months, according to River.
How Wide the Corporate Holder Base Has Become
The River chart maps public companies holding Bitcoin across eight distinct sectors: Bitcoin Treasury Companies, Bitcoin Infrastructure, Retail and Other, Technology, Cryptocurrency, Energy, Finance, Healthcare, and Media. The breadth of industries represented is the most striking detail. This is no longer a story about a handful of crypto-native firms and one outlier in Strategy.
The Bitcoin Treasury Companies category is the largest by count, anchored by Strategy and metaplanet at the top but extending across dozens of smaller firms including Semler Scientific, Remixpoint, GeniusGroup, MicroAlgo, and many others. These are companies whose primary corporate identity has shifted toward Bitcoin accumulation as a treasury strategy.
The Sectors That Stand Out
The Technology category includes names like Block, Mercado Libre, Nexon, and Jetking alongside smaller firms. These are operating businesses that added Bitcoin as a treasury asset rather than making it their core mandate. Mercado Libre in particular represents meaningful geographic reach, given its dominance across Latin American e-commerce.
The Finance category carries the most institutional weight. BlackRock appears alongside Intesa Sanpaolo, Virtu Financial, and Brooker Group. BlackRock holding Bitcoin on its balance sheet as a public company, separate from its ETF products, is a different kind of signal than a crypto-native firm doing the same.
Healthcare and Media are the most unexpected categories on the chart. Atai Life Sciences, SBC Medical, OneMedNet, and Prenetics represent healthcare companies holding BTC. Angel, Thumzup, and LiveXOne sit in Media. Neither sector has historically been associated with Bitcoin treasury strategies.
The Autos category contains a one company. Tesla.
What 116 New Companies in One Year Actually Means
Corporate Bitcoin adoption accelerating during a bear market is the counterintuitive detail here. The current cycle has seen Bitcoin fall nearly 50% from its October 2025 peak of $126,000 to around $68,000. Companies adding BTC to their balance sheets during that drawdown are either buying the dip deliberately or executing a longer-term treasury strategy that does not respond to short-term price.
The risk that CK Zheng flagged earlier this week cuts in the opposite direction. Some of these treasury companies may face forced selling if the bear market deepens and debt servicing requirements become a pressure point. The same corporate adoption story that reads as bullish on the way in could create structural sell pressure on the way down.
116 companies added Bitcoin in a year. How many hold it through another 30% decline is the open question.
