According to data from River, corporate Bitcoin adoption has continued its significant expansion, with 116 public companies adding BTC to their holdings over the past 12 months. This growth occurred even as Bitcoin's price fell nearly 50% from its October 2025 peak of $126,000 to around $68,000, indicating a strategic, longer-term approach by these firms rather than a reaction to short-term price movements.
The breadth of industries now holding Bitcoin is a key development. River's analysis maps public company holders across eight distinct sectors: Bitcoin Treasury Companies, Bitcoin Infrastructure, Retail and Other, Technology, Cryptocurrency, Energy, Finance, Healthcare, and Media. This demonstrates that Bitcoin accumulation is no longer confined to a handful of crypto-native firms.
The Bitcoin Treasury Companies category is the largest, anchored by major holders like MicroStrategy and Metaplanet but extending to dozens of smaller firms including Semler Scientific, Remixpoint, GeniusGroup, and MicroAlgo. These are companies whose primary corporate strategy has shifted toward Bitcoin accumulation.
The Technology sector includes significant names like Block, Mercado Libre, Nexon, and Jetking. Mercado Libre's involvement is particularly notable given its dominance in Latin American e-commerce, representing meaningful geographic reach for Bitcoin adoption.
The Finance category carries substantial institutional weight, featuring BlackRock—holding Bitcoin on its balance sheet separately from its ETF products—alongside Intesa Sanpaolo, Virtu Financial, and Brooker Group.
Perhaps most unexpectedly, Healthcare and Media sectors now appear on the list. Healthcare companies holding BTC include Atai Life Sciences, SBC Medical, OneMedNet, and Prenetics, while Media is represented by Angel, Thumzup, and LiveXOne. The Autos category contains a single company: Tesla.
Analyst CK Zheng has flagged a potential risk: if the bear market deepens, some treasury companies may face forced selling due to debt servicing requirements, creating structural sell pressure. The critical question remains: How many of these 116 companies will hold through another significant price decline?
