Analyst Brief: 100+ Slides on Bitcoin’s Treasury-Powered Digital Credit Boom

October brought dramatic shifts in the corporate digital asset landscape.

What began as a month of high anticipation – with Bitcoin prices hitting all-time highs before global macro shocks – ended with the sector not just weathering the storm, but demonstrating remarkable resilience and adaptation.

Indeed, the October BitcoinTreasuries.net Corporate Adoption Report reveals that, while momentum remains strong, the sector’s leading players are fast diversifying their strategies, ushering in a new era for digital assets and yield-driven corporate finance.

1. Digital Credit Innovation Arrives

Digital credit offerings are gaining steam as Strategy, Strive, and Metaplanet push forward with innovative preferred share and dividend strategies. Many offerings now target dividend yields in the range of 8-12% annually, attracting equity and fixed-income investors alike.

Meanwhile, Strategy has expanded these preferred shares into the EU and plans to do so globally in the future, marking a new era in yield-focused digital credit.​

2. Corporate Holdings: Strategy's Dominance Declines

Public companies’ total Bitcoin holdings are now above 1.05 million BTC, though October saw the fewest monthly additions year-to-date. The continued rise in total holdings signals continued confidence among public firms despite reduced buying compared to past months.

Indeed, one notable trend is the sector's diversification away from the market's pioneer, Strategy. Strategy now accounts for just 60% of all treasury holdings, down from 75% in January 2025

3. Outperformance in Treasury Equities

Select “pure play” Bitcoin treasury stocks including Capital B, Metaplanet, and Satsuma, and XXI’s pre-SPAC shares (CEP) – have notably outpaced the S&P 500 year-to-date. Investors are taking notice: these BTC-levered public companies demonstrate that even during sector corrections, disciplined treasury strategy can drive significant relative equity gains.​

4. Altcoin Treasuries: Ethereum Gains Prominence

Ethereum (ETH) and Solana (SOL) now account for a growing share of corporate digital asset treasuries.

Of particular note, Ethereum represents approximately 15% of the total dollar value across publicly traded BTC, ETH, and SOL treasuries – up from just 1% earlier this year – showing that public firms have a diverse interest in crypto asset treasuries.

5. Experts Assess the Treasuries Landscape

Expert insights for this report were provided by John Fakhoury, CEO of Stacking Sats Inc., Joe Burnett, Lead Researcher at Semler Scientific, Adrian Morris, Lead Equity Analyst at MSTR True North; Adam Livingston, Bitcoin and capital markets educator, Ethan Peck, Director of Bitcoin, Strive Asset Management, and Brian Dixon, CEO of Off The Chain Capital. 

Elsewhere, our report explores:

• How share buyback financing is impacting Bitcoin treasury equities 

• Strategy’s forthcoming launch of international preferred stock offerings

• $10 billion in fundraising developments, with $1.4 billion related to Bitcoin treasuries

• How new strategies from Bitcoin staking to strategic Bitcoin sales are redefining the Bitcoin treasury playbook

For further analysis or to discuss trends driving your investment or treasury strategy, reach our research team at [email protected].

Special thanks to our partners:

• Arch Lending. Get instant, secure loans backed by your Bitcoin, Ethereum, or Solana – no need to sell your assets. Arch Lending offers fast approvals and trusted custody for both individuals and institutions.

• Secure Digital Markets (SDM) provides unparalleled liquidity, execution speed, and bespoke customer service, making it the top choice for institutional investors seeking reliable digital asset trading solutions. With deep expertise in capital markets and strict regulatory standards, SDM stands out as the premier platform for all digital asset treasury teams looking to optimize their trading and treasury operations. Learn more: Secure Digital Markets (SDM)

• o21 Solutions. o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations - balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements. Learn more: o21 Solutions

• Cryptio. Cryptio is an enterprise-grade accounting software platform built specifically for digital assets and cryptocurrencies. It enables businesses to transform blockchain transaction data from multiple exchanges and custodians into auditable financial records, supporting compliance with GAAP and IFRS standards. Learn more: Cryptio

• AnchorWatch. AnchorWatch makes Bitcoin ownership safer and easier by combining advanced custody expertise with industry-grade insurance. As a Lloyd’s of London Coverholder, it writers specialized policies that address digital-asset risks, giving clients trusted coverage and peace of mind. Learn more: AnchorWatch

• Stacking Sats Inc. Official IT partner at BitcoinTreasuries, Stacking Sats Inc via its subsidiary, Framework IT, is a managed IT services firm with a 17-year track record of providing bet-in-class IT support, strategy, and cybersecurity, boasting high recurring revenue and long-term client contracts. It’s also one of the top 20 holders of Bitcoin among global private companies. Learn more: Stacking Sats Inc

• Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors

• Cadena Bitcoin. A p2p bitcoin lending marketplace with a unique emphasis on working with treasury firms and businesses, as well as the savvy bitcoin-native investors who visit our website. Learn more: Cadena Bitcoin

Help shape the direction of our research in 10 seconds.

Just hit reply, we read everything.