Corporate Bitcoin Treasuries Could Raise Credit Risks, Morningstar DBRS Says

The corporate use of cryptocurrencies is evolving beyond payments, with a number of businesses adopting bitcoin (BTC) 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.

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.

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