Why is Bitcoin becoming an asset on corporate balance sheets?

^{By Maximiliaan Michielsen}

Corporate Bitcoin accumulation is quickly evolving from a bold bet into a mainstream financial strategy. Bitcoin (BTC) is not just for HODLing (a buy-and-hold strategy), and is now being treated as a productive and collateral-ready asset on corporate balance sheets.

Last week, we explored how the Bitcoin accumulation trend took off with Michael Saylor’s Strategy and is now gaining momentum with companies like GameStop and MetaPlanet. Most recently, Twenty One Capital entered the arena with a $458 million Bitcoin purchase. The momentum continues, as Strategy recently increased its holdings to a staggering 568,840 BTC, accounting for 2.7% of Bitcoin’s total supply and valued at nearly $60 billion. 

While the scale of these acquisitions is striking, the real story lies in how Strategy has led a new kind of corporate financial architecture around Bitcoin.

^{Source: 21Shares, Bitcointreasuries. Data as of May 9, 2025}

Corporate finance goes Bitcoin-native

During its Q1 2025 earnings call, Strategy didn’t just report continued Bitcoin accumulation; it unveiled a strategic roadmap that could serve as a blueprint for a Bitcoin-native corporate finance model with the potential to reshape capital markets.

Despite reporting a year-over-year decline in traditional earnings, a reflection of broader macroeconomic headwinds, Strategy’s Q1 2025 update underscored its unwavering commitment to Bitcoin. In the first four months of the year alone, the company raised $10 billion in capital to fuel its acquisition strategy:

• $6.6 billion via At-the-Market (ATM) equity 
• $2.0 billion through convertible notes
• $1.4 billion in preferred equity

To support its long-term Bitcoin strategy, Strategy announced the “42/42 Plan,” which aims to raise $42 billion in equity and $42 billion in fixed-income capital by the end of 2027. 

The structured roadmap is designed not only to fuel Strategy’s own Bitcoin acquisition but also to potentially serve as a replicable playbook for other corporations considering similar treasury policies.  Critically, Strategy evaluates performance not with traditional key performance indicators  like EPS (earnings per share) or EBITDA (earnings before interest, taxes, depreciation, and amortisation), but through a Bitcoin-native financial lens, guided by three proprietary metrics:

For 2025, Strategy has raised its internal targets:

• BTC Yield: 25% (up from 15%)
• BTC Gain: $15 billion (up from $10 billion)

These targets reinforce Strategy's commitment to maximizing Bitcoin-adjusted shareholder value despite recent macroeconomic volatility. As more corporations look to replicate this model, Strategy stands at the forefront of a new financial era.

Redefining corporate credit markets with Bitcoin as collateral

Perhaps the most transformative pillar of Strategy’s framework is its initiative to use Bitcoin as collateral in corporate credit markets. Alongside its capital-raising efforts, the company introduced a dedicated structure for BTC-backed financial instruments, tailored to address Bitcoin’s unique risk profile:

With its convertible notes and preferred equity significantly overcollateralized by Bitcoin, Strategy is actively urging credit rating agencies to adopt a framework to potentially recognize BTC as a high-grade reserve asset. 

If successful, this could lay the foundation for a Bitcoin-backed bond market, where companies issue debt secured by their BTC holdings. It would also allow institutions to tap into a new, collateralized digital asset class. Strategy’s approach is leading the way, laying the foundation for a future where Bitcoin-based finance could become standard, not just an experiment.