Onchain Corporate Finance and Fortune 500’s Crypto Treasury Playbook

Crypto was dismissed for years as a bubble, a fad, or worse: a fuel for terrorism and fraud. The idea that it could one day sit on corporate balance sheets was laughable.

• JPMorgan’s Jamie Dimon called Bitcoin a “fraud.” 
• BlackRock’s Larry Fink claimed it was “an index of money laundering.” 
• Warren Buffett labeled it “rat poison squared.”

Fast forward to today: JPMorgan runs blockchain settlements. BlackRock launched a spot Bitcoin ETF. And Fink now calls Bitcoin “digital gold.”

Not only this, a Coinbase report shows that 60% of Fortune 500 are working on blockchain and crypto initiatives.

In this piece, we uncover how Fortune 500 companies are accumulating crypto as part of serious, long-term treasury strategies and why some of the smartest balance sheets in the world are no longer asking if, but how much.

Fortune 500 Crypto Treasury Strategies: Who’s Holding What, and Why

Public attention or retail activity as web3 likes to call it might have shifted to meme coins, socialFi, and 10 other ‘insert word’-Fis but Fortune 500 is moving strategically.

Fortune 500 companies have quietly begun allocating to cryptocurrencies as part of deliberate treasury planning. From Bitcoin reserves to ETH exposure via ETFs, cryptocurrencies are being treated less like a gamble and more like a macro hedge, digital reserve, or ecosystem bet.

Who’s Holding and How Much

Here are 5 public companies with significant Bitcoin treasury holdings in 2025, showcasing Fortune 500 and other corporate adoption:

1. MicroStrategy (now Strategy): ~592,100 BTC (~2.7% of total supply), valued at ~$63 billion
2. Marathon Digital Holdings (MARA): ~46,300 BTC (~0.22%), worth around $5 billion
3. Twenty One Capital (XXI): 31000+ BTC
4. Riot Platforms (RIOT): ~18,700 BTC (~0.09%), approx. $2 billion
5. Tesla: ~11,500 BTC, equivalent to ~0.055% of total Bitcoin supply

Outside these giants, newer entrants like Cleanspark (12000+ BTC), Metaplanet (11000+ BTC), and Block (8,200 BTC) are rapidly building positions.

Alongside, Trump Media announced plans for a $2.5 billion Bitcoin treasury, which would make it the third-largest corporate holder. 

These moves are signals of long-term belief, inflation hedging, and a future where cryptocurrencies work alongside fiat or better, replace fiat.

Understanding the Motivations Behind Corporate Crypto Accumulation

As we see, there are three motivations which propel companies towards including Bitcoin or cryptocurrencies in their finances and balance sheets.

Ideological conviction

Strategy and Metaplanet champion Bitcoin’s decentralized ethos, aligning with crypto-savvy customers.

MicroStrategy's Michael Saylor has transformed his software company into "a perpetual bitcoin-buying machine that uses a variety of strategies – like selling shares or issuing debt – to keep growing its bitcoin holdings"

This ideological conviction drives companies like Strategy to accumulate Bitcoin regardless of short-term volatility, viewing it as the ultimate store of value.

Strategic positioning

Companies who are adopting cryptocurrencies to build the rails for the future of commerce, signal innovation, and expanding business verticals.

• GameStop and Trump Media leverage BTC to signal innovation, with stocks spiking post-announcement Ex: SharpLink Gaming’s 400% surge after Ethereum plans
• Asset management pipelines for firms like BlackRock, VanEck, Fidelity offering clients access to cryptocurrency investment.
• Companies like Tesla, Microsoft, PayPal accept cryptocurrencies as payment methods signalling crypto as the future of commerce.

Hedging against fiat-led inflation

Traditional corporate treasurers are discovering Bitcoin's utility as a hedge against fiat currency weakness and inflation. Bitcoin’s capped supply and decentralized nature make it an attractive hedge against inflation, currency devaluation, and geopolitical instability.

Japanese company Metaplanet adopted Bitcoin as a primary treasury asset in 2024, explicitly citing protection against yen devaluation and rising inflation as key drivers.

For multinational corporations managing cash flows across dozens of currencies, Bitcoin offers a globally liquid, 24/7 tradeable asset that doesn't depend on any single government's monetary policy.

What next?

While Bitcoin accumulation dominates headlines, the real transformation is happening in corporate operations. 

Fortune 500 companies aren't just holding cryptocurrencies, they're also beginning to use it or trying to. The infrastructure that makes treasury strategies possible is the same infrastructure enabling the next phase: cryptocurrencies as operating currency through stablecoins.

Stablecoins: The Internet’s Native Dollar, Now Entering Corporate Liquidity

If Bitcoin is entering the balance sheet, stablecoins is entering wallets and transactions.

Over the past two years, stablecoins have quietly evolved from crypto-native payment tools into serious contenders for global business operations. They’re fast, programmable, borderless, and increasingly attractive to Fortune 500s for managing cross-border payments, treasury float, and internal settlements.

Here are a few instances:

• Shopify, via Base, now enables merchants to accept USDC natively.
• Stripe relaunched crypto payouts with stablecoins to enable faster freelancer payments.
• BlackRock’s BUIDL Fund uses USDC for real-time settlement of tokenized treasuries.

The appeal is simple: unlike traditional wires, stablecoins settle in seconds, operate 24/7, and cost a fraction of the fees. For CFOs managing multi-currency operations or trapped cash abroad, stablecoins offer speed, cost-efficiency, and auditability without touching volatile assets.

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2025 is a major milestone in the adoption of stablecoins. 

The Act proposes to establish a federal regulatory framework for payment stablecoins, requiring 100% reserve backing with U.S. dollars or liquid assets, monthly reserve disclosures, and compliance with anti-money laundering (AML) and Bank Secrecy Act (BSA) rules.

And the GENIUS Act's passage very recently in the Senate directly supports the narrative of crypto’s integration into corporate finance.

In effect, stablecoins are becoming the formal liquidity layer of enterprise cryptocurrency adoption.

And once stablecoins are in motion, the next logical step is credit, lending, and collateralization on-chain. Let’s explore what that unlocks.

Credit, Cards, and Collateral: Corporate Finance on Crypto Rails

The logical progression from stablecoin payments to crypto-native corporate finance is already underway. 

Once Fortune 500 companies are comfortable moving millions through blockchain rails, the infrastructure naturally expands to support lending, credit facilities, and sophisticated financial products that were previously impossible in traditional finance.

We’re already seeing early signs:

• Coinbase-Visa, Mastercard with Gemini and Nexo have launched crypto-backed credit cards, enabling users to spend cryptocurrencies.
• Major companies like Marathon Digital and MicroStrategy have taken out loans backed by ETH or BTC as collateral.
• Mastercard and Visa have initiated stablecoin settlement pilots, bringing on-chain credit closer to legacy rails.
• Amazon, Walmart, and JPMorgan are looking at stablecoins as a medium of transaction.

Today, it feels like early adopters and crypto-native businesses are testing the waters. 

But the infrastructure is already in place: KYC-compliant lending pools, institutional custody, and stablecoin-based credit lines. 

Meaning, the marriage of cryptocurrencies and corporate finance is a matter of when and not if.

Onchain Corporate Finance is Almost Here

The Fortune 500 adoption validates that crypto's future lies in solving real business problems — instant settlements, programmable compliance, and global liquidity.

This infrastructure convergence — crypto treasury holdings, stablecoin operations, and on-chain credit facilities — points toward a future where corporate finance operates primarily on blockchain rails. The infrastructure is ready, regulatory clarity is emerging, and early movers are capturing structural advantages.

Onchain corporate finance is not just a wake-up call to traditional banks and institutions to adapt and run. It is also a high signal for web3 builders and developers to think beyond protocols and primitives and to build and design with network effects, regulations, and real enterprise use cases in mind.

Frequently Asked Questions (FAQs)

1. How do Fortune 500 companies gain exposure to crypto without directly holding it?

Through ETFs, managed funds, and third-party custodians, allowing them to avoid custody risks while still gaining asset exposure.

2. How are companies securing crypto assets at scale?

Via institutional-grade custodians like Coinbase Custody, Anchorage Digital, or BitGo with multi-sig and regulatory compliance built-in.

3. How do corporate crypto holdings affect insurance and audit requirements? 

Companies need specialized custody insurance and updated audit frameworks; major providers now offer crypto-specific coverage.

4. How quickly can large corporations liquidate cryptocurrency holdings during financial emergencies? 

Bitcoin and major cryptocurrencies offer 24/7 access and global liquidity. Assets can often be sold faster than traditional bond or equity liquidation.

5. Can crypto-backed credit and lending work for enterprises today?

Yes, protocols and fintechs now offer KYC-compliant, overcollateralized loans tailored for businesses using BTC or ETH as collateral.

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