Strategy’s $78B Bitcoin nears Amazon’s 2nd-largest corporate treasury
News Summary
Strategy’s Bitcoin (BTC) treasury, valued at nearly $80 billion, is approaching the cash positions of tech giants like Amazon, Google, and Microsoft, which typically hold between $95 billion and $97 billion in cash or cash equivalents. Strategy’s Bitcoin holdings have already surpassed the treasury values of Nvidia, Apple, and Meta, despite Meta having considered and then rejected a proposal to add Bitcoin to its books. JPMorgan analysts view Bitcoin and gold as a “debasement trade,” serving as hedges against US dollar inflation and the escalating national debt. BlackRock CEO Larry Fink also predicted Bitcoin could reach $700,000 due to currency debasement fears. While Microsoft and Meta rejected proposals to include Bitcoin in their corporate treasuries, corporate Bitcoin adoption surged in 2025, with over 200 public companies now holding Bitcoin.
Background
The US national debt continues to spiral, approaching $38 trillion, fueling market concerns about US dollar inflation and currency debasement. In this environment, assets like Bitcoin and gold are increasingly seen by some analysts as a “debasement trade”—a hedge against the risks associated with traditional fiat currencies. Conservative think tanks, such as the NCPPR, have been actively advocating for corporations to integrate Bitcoin into their balance sheets, arguing it better protects corporate profits from currency debasement. Despite the Trump administration continuing in 2025, with fiscal policies that could exacerbate these macroeconomic trends, major tech companies generally favor traditional assets for treasury management and remain cautious about the volatility of Bitcoin.
In-Depth AI Insights
Is the resistance of major tech companies to holding Bitcoin justified, and what are the underlying drivers? - Despite Bitcoin's significant gains in 2025, tech giants like Microsoft and Meta rejected its inclusion in their treasuries, primarily due to concerns about high volatility. This concern is rational in the short term, as corporate treasury management prioritizes capital preservation and liquidity over high-risk capital appreciation. - Furthermore, these companies likely face internal resistance such as regulatory uncertainties, corporate governance complexities, and conservative board attitudes toward non-traditional assets. For mature companies with immense cash flows, generating profits through core business growth is often preferred over speculative asset appreciation. What are the implications of the "debasement trade" narrative for Bitcoin's long-term investment status? - Analysts from mainstream financial institutions like JPMorgan and BlackRock emphasizing Bitcoin's potential as a "debasement trade" accelerates its institutionalization and legitimacy. With ongoing loose monetary policies by global central banks and continuous accumulation of sovereign debt, Bitcoin's appeal as a scarce, decentralized asset will increasingly grow. - This narrative not only positions it as an inflation hedge but could also prompt companies to re-evaluate their cash management strategies, considering partial allocation to digital gold. This could transform traditional corporate treasury structures, leading to broader long-term demand for Bitcoin. What does the surge in corporate Bitcoin adoption signify, even with resistance from some tech giants? - Over 200 public companies holding Bitcoin in 2025 indicates a rapidly increasing acceptance of digital assets across a broader corporate landscape, beyond the largest tech firms. This represents a market divergence: on one side, highly conservative, large traditional enterprises, and on the other, more forward-thinking, risk-tolerant growth companies or industry disruptors. - This surge is strong validation of Bitcoin as a legitimate asset class, signaling its gradual move from a fringe asset to the mainstream. In the future, we may see more small to medium-sized enterprises and growth-stage companies emulating Strategy, treating it as a strategic asset allocation, further driving the maturity and development of the Bitcoin ecosystem.