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Bitcoin buys: the risks and rewards of companies buying crypto

One American company called Strategy owns more than 3% of all bitcoin in existence. In August 2020, its executive chairman, Michael Saylor, pioneered a new business model where publicly listed companies buy cryptocurrency assets to hold on their balance sheet.

More than 100 other public companies have since followed Saylor’s lead and become bitcoin treasury companies, together holding more than $114 billion of bitcoin. There’s been a new rush into crypto treasury assets in 2025 following the general crypto enthusiasm of the new Trump administration.

But holding bitcoin assets also comes with…

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