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 some big risks, particularly given the volatility of cryptocurrency prices, and the share prices of some of these companies are now coming under pressure.

In this episode, we speak to Larisa Yarovaya, director of the centre for digital finance at the University of Southampton in the UK, about whether bitcoin treasury companies are the future of corporate finance, or another speculative bubble waiting to burst.

This episode was produced by Mend Mariwany and Gemma Ware with assistance from Katie Flood. Mixing by Michelle Macklem and theme music by Neeta Sarl. Read the full credits for this episode and sign up here for a free daily newsletter from The Conversation.

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