Bitcoin is gradually making its way into corporate America, with financial experts predicting a significant shift in treasury strategies over the next five years. Elliot Chun, a partner at Architect Partners, forecasts that by 2030, approximately 25% of S&P 500 companies will hold Bitcoin (BTC) on their balance sheets as a long-term asset. This projection highlights the growing influence of cryptocurrency in traditional business finance.
Chun attributes this potential surge in Bitcoin adoption to two key factors: innovation and fear of missing out on lucrative returns. Treasury managers are increasingly feeling the pressure to explore Bitcoin as an asset class, driven by concerns about job security if they fail to act. Chun explains this dilemma succinctly: “If you tried it and it worked, you’re a genius. If you tried it and it didn’t work, at least you tried. But if you didn’t try and have no good reason, your job may be at risk.”
This sentiment underscores the career risks associated with ignoring Bitcoin’s potential as an investment tool, particularly given its performance over the past five years. Between August 2020 and March 2025, Bitcoin surged by over 780%, significantly outperforming the S&P 500’s growth of approximately 65% during the same period. MicroStrategy (MSTR), the largest corporate holder of Bitcoin, saw its stock soar by over 2,000% since its first BTC purchase in August 2020.
As of now, only two S&P 500 companies, Tesla and Block hold Bitcoin on their balance sheets. MicroStrategy (NASDAQ: MSTR) remains the largest corporate BTC holder overall, with over 500,000 BTC in its reserves. To meet Chun’s prediction, at least another 123 S&P 500 firms would need to adopt Bitcoin treasury strategies within the next five years.
GameStop (GME) appears poised to join this list after announcing plans to use proceeds from a $1.3 billion convertible note offering to purchase Bitcoin. If successful, GameStop could become a high-profile example of corporate crypto adoption in the gaming sector.
Despite its appeal as a liquid and fungible asset with advantages over traditional stores of value like gold, Bitcoin remains an unproven treasury strategy for many companies. Volatility, regulatory uncertainty, and accounting complexities continue to pose challenges for widespread adoption. Chun warns against companies expecting to replicate MicroStrategy’s success purely by following its lead; he describes MSTR’s case as “one-of-one,” emphasizing that timing and unique circumstances played a significant role in its remarkable performance.
Additionally, while Bitcoin has gained recognition as a hedge against inflation or currency devaluation, Chun advises caution for firms adopting it solely for these purposes without considering broader strategic implications.
Bitcoin adoption is gaining momentum among institutional investors, bolstered by developments like the SEC’s approval of spot Bitcoin ETFs in January 2024. Crypto asset manager Bitwise recently launched the Bitcoin Standard Corporations ETF, which tracks companies holding at least 1,000 BTC, a move that further reinforces Bitcoin’s potential role as a mainstream treasury asset.
Prominent figures like Cathie Wood (ARK Invest), Mike Novogratz (Galaxy Digital), Brian Armstrong (Coinbase), and Jack Dorsey (Block) have expressed optimism about Bitcoin’s future value, with predictions ranging from $500,000 to $1 million per coin by the end of the decade.
As corporate interest in Bitcoin continues to rise, Chun’s forecast serves as both a bold prediction and a call to action for treasury managers navigating an evolving financial landscape. While challenges remain, the narrative around Bitcoin as a viable treasury asset is strengthening, and with it comes the potential to reshape corporate finance in profound ways.
