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By Will Canny, AI Boost|Edited by Sheldon Reback
Aug 21, 2025, 3:10 p.m.
- Morningstar DBRS warned that regulatory uncertainty, volatility, liquidity challenges, counterparty exposure and custody issues could all elevate the credit risk profile of businesses pursuing a crypto treasury strategy.
- The credit rating firm said public company holdings remain dominated by a handful of enterprises, most notably Strategy, which controls nearly two-thirds of corporate bitcoin reserves.
The corporate use of cryptocurrencies is evolving beyond payments, with a number of businesses adopting bitcoin BTC$112,664.98 and other digital assets as core treasury reserves. A report Thursday from rating company Morningstar DBRS cautions that this strategy could heighten credit risk profiles.
According to BitcoinTreasuries.net, roughly 3.68 million BTC (worth about $428 billion as of Aug. 19) are held across companies, exchange-traded funds (ETFs), governments, decentralized finance (DeFi) protocols and custodians. This is about 18% of bitcoin’s circulating supply.
STORY CONTINUES BELOW
Funds dominate with 40% of holdings, followed by public companies at 27%. That exposure remains highly concentrated. One firm, Strategy (MSTR), controls over 629,000 BTC, accounting for 64% of all public-company treasury holdings, the report noted.
Morningstar DBRS highlighted a range of vulnerabilities in corporate crypto treasury strategies, including regulatory uncertainty, liquidity challenges during periods of volatility and exposure to exchange counterparties.
Heavy reliance on bitcoin reserves could strain liquidity management, while the asset’s sharp price swings add further risk.
The firm also noted that different tokens carry distinct technological and governance issues, and custody, whether handled in-house or through third parties, remains a critical security concern.
Corporate adoption of crypto treasury strategies is expected to grow, led by companies like Strategy and MARA Holdings (MARA). Morningstar DBRS warned that concentration, volatility, and regulatory complexity mean such strategies could materially reshape how credit markets assess corporate risk.
Read more: Bitcoin Treasury Firm Semler Scientific Still Has 3X Upside: Benchmark
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He’s now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
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