Morningstar DBRS Highlights Credit Risks Linked to Corporate Bitcoin Treasury Holdings
The growing trend of companies holding bitcoin and other cryptocurrencies as part of their treasury reserves presents heightened credit risks, according to a report from Morningstar DBRS.
As corporate crypto adoption moves beyond payment use cases, firms increasingly integrate digital assets into their treasury strategies. Morningstar DBRS warns that regulatory uncertainties, liquidity constraints during volatile periods, and counterparty risks could negatively impact credit profiles.
Data from BitcoinTreasuries.net shows approximately 3.68 million BTC, valued around $428 billion as of August 19, are held across public companies, funds, ETFs, governments, DeFi protocols, and custodians — about 18% of bitcoin’s circulating supply.
Funds account for 40% of these holdings, while public companies represent 27%, with significant concentration risks. Notably, one company, Strategy (MSTR), holds over 629,000 BTC, making up 64% of all public corporate bitcoin reserves.
The report emphasizes that price volatility and liquidity challenges can strain firms’ financial flexibility. Moreover, technological differences across tokens and custody solutions, whether internal or outsourced, pose additional governance and security concerns.
Morningstar DBRS expects corporate crypto treasury strategies to expand, led by major players such as Strategy and MARA Holdings. However, the firm cautions that concentration, regulatory complexity, and market risks will likely influence credit risk assessments moving forward.
