Bitcoin has evolved from a niche digital asset into a strategic reserve considered by public companies and even nation-states. 

In recent years, several high-profile firms and governments have begun buying, holding, or even mining Bitcoin as part of their strategy. 

We explore real-world examples of this trend, the motivations behind it (from hedging inflation to geopolitical strategy), and how businesses can practically leverage Bitcoin for payments and treasury management.

Key takeaways:

• Over 550,000 BTC are held by MicroStrategy alone, showcasing a shift in corporate treasury norms toward Bitcoin as a reserve asset.
• 23 U.S. states have proposed or passed bills to hold Bitcoin in state treasuries, signaling growing institutional trust at the government level.
• Tesla, GameStop, and Marathon Digital collectively hold tens of thousands of BTC, using Bitcoin not only for reserve but also for branding and operational leverage.
• El Salvador has accumulated over 6,000 BTC since making Bitcoin legal tender in 2021, aiming to boost economic independence and global investment appeal.

Corporate Pioneers Embracing Bitcoin Reserves

Many innovative companies have added Bitcoin to their corporate treasuries, treating it as a “treasury reserve asset” alongside or in place of cash. Notable examples include:

MicroStrategy

MicroStrategy, a business intelligence firm, ignited the corporate Bitcoin adoption trend in 2020 when it made the bold decision to convert a significant portion of its cash reserves into Bitcoin. 

As of early 2025, the company holds over 550,000 BTC—a staggering figure that exceeds the known Bitcoin holdings of both the U.S. and Chinese governments combined.

Led by Executive Chairman Michael Saylor, MicroStrategy has made Bitcoin a defining pillar of its corporate strategy. Saylor has been an outspoken advocate for Bitcoin as a superior store of value and has positioned the firm as a thought leader in Bitcoin integration. 

The company is also exploring enterprise-level adoption of the Lightning Network, aiming to provide scalable Bitcoin solutions for business use cases.

Beyond just its balance sheet, MicroStrategy has effectively written a new corporate playbook—demonstrating how Bitcoin can serve as both a financial asset and a brand differentiator. 

Its approach has inspired a wave of companies to consider Bitcoin not just as an investment, but as a foundational part of modern treasury management.

Twenty One Capital

It’s important to highlight the emergence of Twenty One Capital, a new Bitcoin-native company co-founded by Jack Mallers, CEO of Strike. 

Set to go public via a SPAC merger with Cantor Equity Partners, Twenty One plans to launch with over 42,000 BTC, positioning it as the third-largest corporate Bitcoin holder globally. 

Backed by Tether and SoftBank, the company’s mission is to maximize Bitcoin ownership per share and accelerate Bitcoin adoption through financial products and media initiatives. 

Clearly, a growing trend among corporations to embrace Bitcoin as a strategic treasury asset, reflecting confidence in its long-term value and potential to reshape financial systems.

GameStop

The retail gaming company, known from the meme-stock saga, has pivoted toward digital assets. In 2025 GameStop announced plans to raise $1.3 billion via a debt offering to buy Bitcoin for its treasury. 

Essentially, GameStop mimics MicroStrategy’s playbook of using corporate funds to accumulate BTC, and signals GameStop’s intent to offer crypto-related services or integrations in the future.

Tesla

Elon Musk’s Tesla made headlines by purchasing $1.5 billion in Bitcoin in early 2021 and briefly accepting BTC for car payments. 

Today Tesla still holds about 9,720 BTC on its balance sheet​, making it one of the largest public corporate holders. This move positioned Tesla as a crypto-friendly brand and diversifier of its cash reserves.

Marathon Digital Holdings

A leading Bitcoin mining company that not only produces BTC but also hodls a significant portion. Marathon has accumulated over 11,000 BTC from mining operations (instead of immediately selling), effectively using Bitcoin as its treasury reserve and signaling long-term confidence​.

Other Examples 

Numerous other firms have dipped into Bitcoin. Jack Dorsey’s Block (formerly Square) has bought thousands of BTC as a reserve and integrates Bitcoin in its products (Cash App, TBD) as part of a mission to elevate crypto use. 

Financial giants like BlackRock are pursuing Bitcoin ETFs (though not balance sheet holdings, it reflects institutional acceptance). Even PayPal and Visa offer crypto services now, indicating a broader corporate belief in crypto’s staying power (if not direct balance-sheet holdings).

These corporate pioneers perfectly illustrate a growing acceptance of Bitcoin as a legitimate asset for long-term holding. 

Their steps often precede offering new Bitcoin-related services – for instance, accepting Bitcoin payments, providing crypto rewards, or developing Bitcoin infrastructure, which helps create an ecosystem where holding and using Bitcoin go hand-in-hand.

Governments and States Accumulating Bitcoin

It’s not just companies – national governments and sub-national jurisdictions have also started to consider or adopt Bitcoin in their reserves and financial systems:

El Salvador 

In 2021, El Salvador became the first country to adopt Bitcoin as legal tender, requiring businesses to accept it alongside the US dollar. The government has since accumulated over 6,000 BTC in its national reserve (valued around $560 million at the time of writing). 

President Nayib Bukele’s administration buys Bitcoin regularly and even plans “Bitcoin bonds” to fund infrastructure. This strategy is aimed at financial independence and growth – despite initial pushback from institutions like the IMF, El Salvador saw Bitcoin as a path to monetary sovereignty and attracting crypto investment.

United States – State Initiatives 

In the U.S., a wave of pro-Bitcoin legislation at the state level has emerged. Dozens of states have introduced or passed bills supportive of holding Bitcoin in state treasuries or promoting crypto-friendly regulations. 

For example, Oklahoma passed a bill to establish a state “Bitcoin reserve fund”, and states like Texas, Mississippi, Montana, and Arizona have considered holding a portion of state reserves in Bitcoin or gold-backed digital assets​. 

In fact, as of early 2025, 23 U.S. states had introduced bills to authorize state Bitcoin reserves, suggesting local governments view Bitcoin as a legitimate reserve asset to hedge state funds and attract tech investment.

United States – Federal Perspective 

There are even discussions at the federal level. In March 2025, the U.S. administration under President Donald Trump signaled strong support for Bitcoin – the White House approved the creation of a Federal Strategic Bitcoin Reserve (SBR). 

This initiative positions Bitcoin alongside gold or oil reserves in strategic importance. Some advocates have gone so far as to suggest the U.S. should acquire around 5% of the total Bitcoin supply (approximately 1 million BTC) as a national reserve – a bold strategy to ensure the U.S. dollar’s dominance is not challenged by a lack of Bitcoin holdings. 

While details are scant, the very notion of a U.S. Bitcoin reserve (“Fort Nakamoto,” as dubbed by commentators) shows how seriously the asset is now taken at high levels of government.

BRICS and Other Nations

Bitcoin’s appeal extends globally. Prominent Bitcoin proponents like Max Keiser have predicted that major geopolitical players – for instance, the BRICS nations (Brazil, Russia, India, China, South Africa) or China individually – could be quietly accumulating Bitcoin as a strategic reserve to diversify away from the US dollar. 

There is some evidence of large holdings: the Chinese government reportedly seized over 194,000 BTC from crackdowns on fraud (e.g. the 2019–2020 PlusToken case)​, potentially making China a large holder by default. 

Russia’s central bank, facing sanctions, has also mulled using crypto for international trade. While official policies vary, the game theory of Bitcoin as a reserve suggests that if one major nation publicly commits to holding BTC, others may feel pressure not to be left behind.

Other Examples

Smaller countries are exploring Bitcoin too. The Central African Republic adopted Bitcoin as legal currency in 2022, aiming to attract crypto investment (though implementation has been limited). Dubai and other jurisdictions have crypto-friendly policies, indirectly encouraging reserve adoption. 

Additionally, countries with high inflation (Argentina, Turkey) see populaces turning to Bitcoin; it wouldn’t be a stretch for their governments to consider holding some if it stabilizes their economies. In sum, geopolitical interest in Bitcoin is rising, from tiny nations to superpowers.

These government-level moves underline Bitcoin’s transition from a speculative investment to a strategic asset, whether to hedge against another country’s currency, to protect against inflation, or to gain a foothold in the emerging digital economy. It’s clear that nations are slowly adding Bitcoin to the mix of reserves traditionally dominated by gold and foreign currencies.

Why Adopt Bitcoin as a Reserve? Key Motivations

What drives companies and governments to put Bitcoin on their balance sheets? The reasons tend to be a blend of financial strategy, innovation, and foresight:

Hedge Against Inflation and Currency Decline 

With global fiat money supply expanding in recent years, many worry about inflation eroding the value of cash holdings. Bitcoin, with its fixed supply of 21 million, is seen as a hedge akin to “digital gold.” 

For example, MicroStrategy explicitly cited concerns about dollar inflation and a “melting” purchasing power of cash as a key reason for shifting its treasury into Bitcoin​. By holding BTC, companies hope to preserve (or increase) value if fiat currencies weaken. 

Some nations with high inflation or weak currencies likewise view Bitcoin as a safeguard; holding Bitcoin can protect national reserves if their own currency depreciates. In short, Bitcoin’s scarcity and historical appreciation make it attractive as an inflation hedge.

Diversification of Reserves 

Classic treasury management calls for not “putting all eggs in one basket.” Bitcoin’s price movements are largely uncorrelated to traditional assets like stocks or bonds, especially over longer periods. By adding Bitcoin, companies and countries diversify their reserve portfolios, potentially improving risk-adjusted returns. 

A small allocation to BTC can offset losses elsewhere during certain market cycles. Some U.S. state bills explicitly propose investing a fraction (e.g. 1–5%) of state funds in Bitcoin alongside gold to diversify state holdings. Likewise, corporate CFOs may allocate a percentage of cash to BTC instead of low-yield bonds, aiming for higher upside. 

Diversification into crypto is essentially a bet on the growing digital economy – if Bitcoin continues to gain adoption, those reserves could grow significantly in value (indeed, MicroStrategy’s Bitcoin holdings returns have outpaced many traditional investments).

Appeal to a New Demographic and Market 

Holding or using Bitcoin can be a savvy marketing and business move. Millennials and Gen Z, as well as tech-savvy customers, often favor companies that embrace innovation. Accepting Bitcoin payments or showing Bitcoin on the balance sheet can attract positive attention and brand loyalty from this demographic. 

For example, NordVPN saw an uptick in global customers by accepting Bitcoin – they received crypto payments from 176 countries via CoinGate, expanding their reach tremendously​, whereas 40.9% of all their orders were made in Bitcoin.

Even art galleries, such as Ghost Galerie, adopted Bitcoin payments to “connect with a new generation” of art buyers who prefer crypto. 

Seems like embracing Bitcoin can differentiate a business as forward-thinking, helping capture a growing segment of crypto-friendly consumers.

Geopolitical Strategy and Sovereignty

At the national level, Bitcoin can serve as a geopolitical hedge. Countries worry about over-reliance on the US dollar or being subject to foreign sanctions and monetary policy. By holding Bitcoin – a decentralized, apolitical asset – a nation gains a measure of monetary sovereignty independent of other governments. 

El Salvador, for instance, sought freedom from IMF dictates and US Federal Reserve policy by adopting Bitcoin​. There’s also a game-theory element: if rival nations accumulate Bitcoin, others may do so to avoid falling behind in the “digital gold rush.” 

This is why there’s speculation of countries quietly stockpiling BTC. Even for companies, a geopolitical angle exists: multinational firms can use Bitcoin to move capital across borders without banking restrictions, or to hedge against instability in any one country. 

Bitcoin is essentially a global reserve asset that isn’t controlled by any single country – which is strategically appealing in uncertain geopolitical times.

Decentralization and Censorship Resistance 

Bitcoin’s decentralized nature means no central authority can freeze or seize it easily. This is a compelling property for entities concerned about financial censorship or asset freezes. 

Businesses in industries prone to arbitrary payment bans (e.g. adult content, gambling, or even politically sensitive sectors) might keep Bitcoin as a backup reserve that can’t be suddenly shut off by banks. 

Similarly, countries facing international sanctions or turmoil see Bitcoin as a neutral network for transactions that can’t be blocked. For instance, when Canada froze some protesters’ bank accounts in 2022, crypto was highlighted as an uncensorable alternative. 

By holding Bitcoin, companies and governments gain direct control over a portion of their wealth, without reliance on intermediaries. This decentralization also aligns with the values of many tech companies and libertarian-minded leaders – it’s about having an asset that embodies financial freedom.

Long-Term Growth Potential

Let’s not forget the profit motive. Bitcoin has been one of the best-performing assets of the past decade, vastly outperforming stocks, gold, and real estate over 10 years. Companies like MicroStrategy saw this trend and moved reserves into Bitcoin anticipating significant appreciation. 

Michael Saylor often notes that Bitcoin’s returns outpaced holding cash by a wide margin​. While volatile in the short term, many believe Bitcoin’s value could continue to rise as adoption increases (some forecasts even talk of Bitcoin reaching six figures or more). 

By getting in early, businesses and nations hope to boost their balance sheet in the long run. A stark example: if a nation accumulated Bitcoin in 2015, its reserve value would have multiplied enormously by 2025. This upside is a persuasive factor – holding even a small amount of BTC could yield outsized gains, effectively strengthening one’s financial position relative to peers.

Adopting Bitcoin as a reserve asset is driven by both defensive reasons (hedging risks, guarding against inflation/censorship, diversifying) and offensive reasons (seeking growth, attracting new business, gaining strategic advantage). 

Each entity will weigh these factors differently, but the overarching theme is that Bitcoin offers a unique combination of qualities not found in traditional assets – prompting forward-thinkers to allocate some portion of their balance sheet to it.

Using Bitcoin in Business with CoinGate’s Infrastructure

Adopting Bitcoin isn’t just about holding idle coins in a vault. It also can open up new operational utilities for businesses.

Thanks to payment processors like CoinGate and technologies like the Lightning Network, companies can integrate Bitcoin into daily business smoothly and utilize it without friction.

Here are ways businesses can leverage BTC with CoinGate, turning a reserve asset into a working asset:

Accepting Bitcoin Payments 

Any business can start accepting customer payments in Bitcoin (and other cryptocurrencies) using CoinGate’s payment gateway. This means you can tap into the growing crypto-spending demographic. CoinGate will automatically convert the crypto to fiat if you wish, so you face zero exchange-rate risk if you prefer stability. 

Notably, currently 88.13% of CoinGate merchants choose to auto-convert crypto to fiat or stablecoins – only ~7.92% settle in Bitcoin, according to our 2024 crypto payments data. This shows the infrastructure is in place for safe conversion; however, it also highlights an opportunity – the few who do settle in BTC are essentially accumulating Bitcoin by sales, something more businesses might consider as confidence in BTC grows.

By accepting BTC, businesses like MoreMins (a telecom service) even found that crypto sales can become a significant portion of revenue – 10% of its transactions in MoreMins’ case, with 32% of them paid in BTC.

In addition, accepting Bitcoin can reduce transaction fees (no high credit card fees, Lightning Network option) and eliminate chargebacks, which is a practical win for many online merchants.

B2B Transactions and Cross-Border Payments 

Bitcoin isn’t only for B2C sales – it’s also useful for business-to-business payments, especially internationally. 

A company can pay suppliers or contractors abroad in Bitcoin quickly, avoiding the delays and costs of wire transfers or currency conversions. This can be crucial for markets where the banking system is slow or unreliable. For instance, paying a vendor in another continent via Bitcoin (particularly using the Lightning Network) can be near-instant and cost only pennies in fees. 

Such capabilities let businesses operate globally 24/7 with fewer friction points. Lightning Network enables fast micro-transactions – and indeed the Lightning Network experienced a 39.1% surge in usage in 2024, processing 15.4% of all Bitcoin payments—twice as much as the year before. December of 2024 stood out, with nearly 20% of all BTC transactions going through LN, according to our data. 

This rapid growth in Lightning usage signals that the Bitcoin network’s capacity for everyday transactions has dramatically improved, making it more practical than ever for business payments.

Mass Payouts (Payroll, Rewards, Refunds)

Companies can also use Bitcoin for mass payouts using services like CoinGate’s payout tools. This means you could pay salaries, bonuses, or affiliate rewards in Bitcoin to dozens or hundreds of recipients at once. 

It’s particularly useful for remote teams or global gig workers – instead of dealing with each country’s banking system, you send Bitcoin payouts that arrive in minutes. Some businesses use this feature to offer employees the option to receive part of their salary in BTC, which can be a perk to attract talent interested in crypto. 

CoinGate’s system can automate such bulk payments, and even auto-convert cryptocurrencies to BTC or stablecoins on the fly for the payout amounts. This way, a company can keep its accounting in fiat but still deliver Bitcoin to those who want it, bridging traditional finance with crypto seamlessly.

Treasury Management and Automatic Conversion

CoinGate also supports businesses in managing their crypto treasury. If a business decides to hold a portion of revenues in Bitcoin, CoinGate can facilitate that by letting merchants settle in BTC (note that settling to fiat or other cryptocurrencies is also an option). 

For example, a merchant could choose to keep every crypto sale in Bitcoin. The platform handles this automatically. This feature encourages a dollar-cost averaging approach to accumulating Bitcoin – you steadily build a BTC reserve from your sales. 

Given Bitcoin’s volatility, many merchants have been cautious (as seen by the only ~8% choosing BTC settlement so far), but those who do hold some Bitcoin may reap significant benefits if the price appreciates. 

Conversely, if a business is risk-averse, CoinGate’s instant conversion to stablecoins or fiat provides peace of mind. 

The key point: the tools are flexible. You can participate in the Bitcoin economy on your own terms – either purely as a payment medium (with no exposure) or as a hybrid approach (gradually growing a crypto treasury while still cashing out the majority).

Lightning Network Integration

A special mention for the Lightning Network – CoinGate fully supports Lightning, which allows for almost instant and fee-minimal BTC transactions. For businesses, this means you can accept a coffee-sized payment in Bitcoin as easily as a large purchase, without worrying about high fees or slow confirmations. 

As noted, Lightning usage on CoinGate peaked at around 20% of all Bitcoin payments by 2024, indicating merchants and customers are actively using it for fast transactions​. This technical progress addresses one traditional criticism (Bitcoin’s speed/cost), making Bitcoin a more viable everyday currency. 

Businesses that implement Lightning payments can offer customers a seamless experience (e.g., paying via a simple QR code scan), which can be a competitive advantage in markets where quick checkout matters.

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Overall, CoinGate’s platform can turn Bitcoin from a static investment on the balance sheet into a dynamic part of business operations. Whether it’s accepting Bitcoin from customers, paying partners in Bitcoin, or holding Bitcoin as a treasury asset, the infrastructure is in place today to do it safely and conveniently. 

By leveraging these tools, businesses can benefit from Bitcoin’s growth and utility while minimizing the traditional challenges (volatility, conversion, technical complexity) that come with crypto. 

In short, Bitcoin’s evolving utility – boosted by innovations like Lightning and services like CoinGate – is making it ever easier for companies to participate in the crypto economy. You can start right now by creating a CoinGate account. 

Embracing Bitcoin’s Strategic Advantage

Companies and nations placing Bitcoin on their balance sheets is a trend driven by rational strategy, not hype. 

From Fortune 500 firms to small nations, forward-thinking leaders see Bitcoin as both a shield and a sword – a shield against inflation, uncertainty, and outdated financial systems, and a sword to cut into new markets, technologies, and opportunities. 

The examples of MicroStrategy, Tesla, El Salvador, and others show that early movers can gain significant advantages, whether in financial returns, public image, or network influence.

Importantly, adopting Bitcoin today doesn’t mean going in blind or upending your entire financial playbook. The ecosystem has matured. 

Payment processors like CoinGate provide all the needed tools to integrate Bitcoin in a controlled, practical way – from instant conversion to avoid volatility, to Lightning-fast transactions for efficiency. The fact that only ~8% of merchants using CoinGate settle in BTC currently​ suggests that most businesses are still treating crypto purely as a payment conduit. 

However, this also means there is untapped potential for those willing to venture further. As infrastructure improves (e.g. with Lightning’s growth) and as Bitcoin’s track record lengthens, holding even a small percentage in BTC or leveraging it more fully could set businesses apart.

We encourage business decision-makers to think beyond the old paradigm. Just as firms once had to decide whether to embrace the internet or mobile technology, today embracing Bitcoin and crypto finance is becoming a strategic consideration. 

The question to ask is: “If companies and governments around the world are gradually moving into Bitcoin, what will it mean for us if we wait too long?” Those who act early can gain experience and possibly financial upside that late adopters will miss. 

With CoinGate’s robust infrastructure at your disposal, incorporating Bitcoin – whether for payments, payouts, or reserves – is no longer a daunting project but a relatively straightforward upgrade to your financial toolkit.

Putting Bitcoin on the balance sheet is about being future-ready. It’s about hedging against the known risks of the status quo and positioning for the opportunities of a new digital economy. The strategic advantages – from wealth preservation and diversification to brand innovation and new revenue streams – are compelling. 

By learning from the pioneers and leveraging available crypto-financial services, forward-thinking businesses can join the vanguard of this monetary evolution. 

Bitcoin’s role in the global economy is expanding; the only question is whether you will proactively make it part of your strategy or watch from the sidelines as others do. 

The time is ripe to consider Bitcoin not just as an investment, but as a multifaceted tool for business growth and resilience, and CoinGate is here to help make that integration smooth and beneficial. Start today.