October 2025 witnessed a notable shift in the cryptocurrency landscape as Bitcoin's dominance experienced a slight decline amidst a surge in corporate Bitcoin treasuries. While Bitcoin remains a leading cryptocurrency, its stronghold appears to be softening as more companies embrace it as a strategic asset.
Several factors contributed to this evolving dynamic. An increasing number of corporations are allocating capital to Bitcoin as a strategic reserve asset, seeking a hedge against inflation, diversification benefits, and an alternative to traditional fiat systems. By mid-2025, 61 publicly listed companies had adopted Bitcoin treasury strategies, holding approximately 4% of the total Bitcoin supply. This represents a 31% surge in 2024 and a near doubling in early 2025, outpacing even the adoption rate of Bitcoin ETFs. As of September 30, 2025, 172 public companies held over 1.02 million Bitcoin, worth approximately $117 billion. By October 2025, corporate Bitcoin treasuries surpassed 1 million BTC, valued at over $120 billion.
This trend, initially spearheaded by MicroStrategy, has gained momentum as firms seek to hedge against monetary debasement. These companies are leveraging capital markets to increase their Bitcoin holdings per share, with MicroStrategy reporting a 74.3% BTC yield in 2024. Furthermore, regulatory clarity, such as the U.S. Financial Accounting Standards Board's 2024 guidelines allowing fair market value reporting of crypto holdings, has facilitated the adoption of Bitcoin as a legitimate balance-sheet asset, particularly among smaller firms.
However, this expansion of corporate Bitcoin treasuries is not without its challenges. mNAV compression has accelerated, with 25-33% of treasury companies trading below 1.0x NAV, exposing vulnerabilities during bear cycles. The first major M&A consolidation in the sector occurred last month when Strive acquired Semler Scientific in a $1.34 billion all-stock deal.
Meanwhile, Bitcoin itself experienced volatility in October. After reaching an all-time high of $126,000 in early October, Bitcoin slid back to the $100,000 range, wiping out nearly 20% of its value. Bitcoin's 30-day price performance reflects a challenging month, with institutional players like BlackRock trimming positions after the Federal Reserve signaled slower rate cuts. Despite the price drop, daily trading volume jumped 18% to over $70 billion, indicating active selling rather than passive abandonment.
While Bitcoin's price experienced a correction, its long-term prospects remain robust. Bullish scenarios suggest that renewed institutional interest and clearer regulations could propel Bitcoin to $150,000-$170,000 in 2026, driven by broader adoption and consistent on-chain activity. Even a base case scenario anticipates Bitcoin trading in the $110,000-$125,000 range with moderate inflows and cautious sentiment.
In conclusion, October 2025 marked a period of transition for Bitcoin. While its dominance in the crypto market softened due to the expansion of corporate treasuries, its long-term value proposition remains compelling. The increasing adoption of Bitcoin by corporations as a strategic asset signals a fundamental shift in corporate finance, even as the market navigates volatility and regulatory developments.
