Corporate Bitcoin Treasury Strategies Pose Increased Credit Risks, Says Morningstar DBRS
Morningstar DBRS has raised caution over the rising trend of companies holding bitcoin and other cryptocurrencies as treasury reserves, citing potential credit risk implications.
The report identifies key risk factors including regulatory uncertainty, liquidity pressures during volatile market conditions, and dependence on exchange counterparties. These issues could elevate the credit risk profile of firms adopting crypto treasury strategies.
Data from BitcoinTreasuries.net shows that as of August 19, about 3.68 million BTC—worth around $428 billion—are held across public companies, funds, ETFs, governments, DeFi platforms, and custodians. This represents approximately 18% of bitcoin’s circulating supply.
Funds account for 40% of these holdings, with public companies representing 27%. Concentration risk is notable, with Strategy (MSTR) alone controlling over 629,000 BTC, or 64% of the total held by public companies.
The report further highlights challenges tied to liquidity management given bitcoin’s volatility, as well as the technological, governance, and custody risks associated with various digital assets.
As corporate interest in crypto treasury strategies grows, led by firms such as Strategy and MARA Holdings, Morningstar DBRS warns that these developments could significantly influence credit risk assessments in corporate debt markets.
