Bitwise CIO’s Perspective on Bitcoin Adoption

Bitwise CIO Matt Hougan stated that the trend of public companies adding Bitcoin (BTC) to their treasury reserves will continue to accelerate, as it remains in its early stages.

Hougan made these remarks during a June 10 interview on CNBC, noting that as of March-end, 79 listed companies held approximately $57 billion worth of Bitcoin.

Drivers and Limits of Adoption

Traditionally, corporations have parked surplus cash in short-term Treasuries or bank deposits. However, due to unprecedented deficits and money creation, Hougan believes that finance leaders are now seeking alternative means to preserve wealth.

He stated:
> “They [corporations] need another way to protect their wealth from degradation. And they’re turning to the best horse in that race, which is Bitcoin.”

Moreover, he highlighted that equity markets have rewarded companies that publicly disclose Bitcoin purchases, enhancing the appeal of such investments.

In relation to this, he connected corporate demand to the increasing belief in Bitcoin’s status as “digital gold.” The June report from Binance Research’s “Monthly Market Insights” indeed confirmed the rapid growth, stating that 116 public companies owned approximately 809,100 BTC by May 31, up from 312,200 one year prior. Since early April, over 25 firms have disclosed new Bitcoin allocations.

On average, corporate buying exceeds 40,000 BTC monthly, with recent additions from firms like Trump Media, Nakamoto, GameStop, and PSG. The largest holder accounts for nearly 72% of the total.

Renewed Interest and Outlook

The report also pointed out that a recent all-time price high near $112,000 has rekindled corporate interest in Bitcoin, as boards aim for both profit and inflation hedging.

It noted smoothing regulatory developments in the U.S. and anticipated accounting changes in 2025 that would allow fair-value treatment, eliminating impairment charges that previously deterred treasury managers.

Hougan projected that corporate treasuries could amass over 1 million BTC by 2026 if current purchasing trends continue. Binance Research sees this target as feasible, provided stable macroeconomic conditions and ongoing regulatory advancements.

Additionally, Hougan expects more cash-rich multinational companies to diversify this year, as the threat of dollar debasement looms large, potentially making Bitcoin allocations a standard practice in treasury management rather than a niche strategy.