【Mid-Sized Companies Embrace Bitcoin】 Over 52.2% of firms with annual sales exceeding ¥30 billion already hold Bitcoin. What tangible benefits are these early adopters experiencing?
Corporate Crypto Holdings Rise with Revenue Growth
August 22, 2025 – J-CAM Inc., operator of “BitLending” and “Iolite”, today announced the results of its survey on corporate Bitcoin holdings and investment intentions, targeting executives at companies with annual revenues of at least ¥100 million and corporate assets under management.
With prolonged low interest rates, companies can no longer expect sufficient returns by simply keeping funds in bank deposits. Increasingly, businesses are turning to alternative assets such as stocks, real estate, and more recently, Bitcoin. At the same time, many executives voice concerns, such as “I don’t know where to start” or “I’m worried about the unique risks.”
This survey explores how companies view Bitcoin as a means of asset management, what challenges they face in adopting it, and whether Bitcoin can emerge as a realistic option compared to traditional wealth management tools.
Survey Overview
Title: Survey on Corporate Bitcoin Holdings and Investment Intentions
Bank Deposits Dominate Corporate Asset Management, Yet Key Concerns and Challenges Remain
How Companies Currently Manage Their Assets: Bank Deposits Still Dominate
When asked how they currently hold and manage corporate assets, the most common response across all companies was “bank deposits.” This trend was particularly pronounced among firms with annual revenues between ¥100 million and ¥500 million, where 82.1% reported relying on cash holdings.
Traditional instruments such as domestic equities and investment trusts also ranked high, reflecting a continued emphasis on the safety of assets.
In contrast, the proportion of companies that reported holding cryptocurrencies (such as Bitcoin) increased clearly with revenue size. For example, only 6.4% of companies with annual revenues of ¥100 million–¥500 million held crypto, compared to 13.5% for those with ¥500 million–¥1 billion, 19.3% for ¥1 billion–¥5 billion, and 30.7% for ¥5 billion–¥10 billion. Even among companies with annual revenues exceeding ¥30 billion, the figure remained high at 28.7%.
These results suggest that the larger the company, the more likely it is to accept cryptocurrencies as part of its investment portfolio and to actively incorporate them into asset management strategies.
Concerns in Corporate Wealth Management: Inflation Tops the List
When asked about concerns in their current approach to asset management, the most common response was “erosion of cash value due to inflation” (41.5%). This was followed by “bank deposits fail to grow assets” (40.3%) and “limited investment options” (27.3%).
The findings indicate that merely preserving capital is no longer sufficient for companies. The lack of effective investment vehicles poses a growing challenge, forcing executives to think beyond traditional approaches. In the medium to long term, developing strategies to mitigate risk while managing limited resources is emerging as a key priority for corporate asset management.
More Than Half of Companies with Annual Revenues Above ¥30 Billion Already Hold Bitcoin — Growing Interest Concentrated Among Mid-Sized Firms
Corporate Bitcoin Ownership: Adoption Rises Sharply with Company Size
When asked whether they currently hold or are considering holding Bitcoin, only 13.1% of companies with annual revenues between ¥100 million and ¥500 million said they already hold Bitcoin. By contrast, a majority (52.8%) of this segment responded that they had no interest and no intention of holding it.
Among companies with revenues of ¥500 million to ¥1 billion, however, attitudes shifted significantly. Here, 30.6%reported already holding Bitcoin and 24.4% said they were seriously considering it, meaning that more than half of this group expressed a proactive stance toward adoption—far more than in the lower revenue segment.
This trend became even more pronounced at higher revenue tiers. For companies with revenues exceeding ¥5 billion, more than 40% reported already holding Bitcoin. Among those with revenues over ¥30 billion, the figure rose to 52.2%, marking a clear majority.
At the same time, the proportion of companies expressing no interest in Bitcoin decreased as revenues increased, dropping to just 18.3% among firms with revenues above ¥30 billion.
These findings suggest that the larger the company, the more likely it is to incorporate Bitcoin as part of a diversification or asset management strategy. Mid-sized firms, meanwhile, stood out for their high percentage of executives reporting that they are seriously considering adoption, pointing to further momentum for Bitcoin-driven asset strategies in the near future.
Larger companies have greater financial capacity and stronger institutional frameworks, enabling them to more readily integrate digital assets into their portfolios. Yet, a notable share of executives still indicated that they are not consideringBitcoin ownership at this stage. The next question is: what barriers are holding them back?
Is Price Volatility the Greatest Risk?
We then asked those who had previously responded either “I’m interested but not considering it” or “I have no interest and no intention of holding it.”
Why Companies Choose Not to Hold Bitcoin
When asked why they had no intention of holding Bitcoin, the most common response was “Bitcoin’s price is too volatile and therefore too risky” (62.6%). This was followed by “concerns over security and hacking” (21.4%) and “complex accounting and tax procedures” (17.6%).
These results highlight that price volatility is widely seen as the greatest risk associated with Bitcoin. In addition, institutional and human-resource-related concerns—directly tied to management decisions—appear to act as significant barriers to adoption.
Why Some See Bitcoin as Beneficial
On the other hand, respondents who reported that they already hold Bitcoin or are seriously considering it were asked why they believe it could be beneficial for corporate asset management. The leading reason was “effective as a tool for portfolio diversification” (44.8%), followed by “a means of preserving long-term asset value” (39.2%) and “to maximize shareholder value” (31.7%).
These findings suggest that Bitcoin is seen not only as a financially rational instrument but also as a signal of forward-looking corporate strategy.
The next question is: what concrete benefits have companies actually realized from holding and managing Bitcoin?
What Benefits Have Companies Actually Gained from Holding Bitcoin?
Among respondents who said their companies already hold Bitcoin, the most commonly cited benefit was “portfolio optimization” (45.1%). This was followed closely by “profits generated through asset appreciation” (43.3%) and “effectiveness as a hedge against inflation” (42.0%).
That portfolio optimization ranked highest aligns with earlier findings, where many companies had pointed to diversification as their primary motivation for adopting Bitcoin. The results suggest that once adoption begins, firms feel they are indeed achieving the outcomes they anticipated.
At the same time, the nearly equal share citing profit from rising asset values and inflation-hedging effects indicates that Bitcoin’s dual role—as both a return-generating asset and a protective hedge—is making tangible contributions to corporate financial strategies.
The Biggest Challenge to Bitcoin Adoption Lies in Building Internal Consensus
From this point, we focused on respondents who answered that they “already hold Bitcoin,” are “seriously considering it,” or are “interested but not currently considering it.”
Challenges and Barriers to Bitcoin Adoption
When asked about the main challenges and barriers to actually adopting and holding Bitcoin, the most common response was “building internal consensus around risk” (38.3%). This was followed by “Bitcoin is not yet socially mainstream” (34.1%) and “lack of reliable support providers” (32.2%).
The findings suggest that the primary obstacle is not financial risk or technical issues, but rather achieving internal alignment within the organization. Many executives also expressed concern that Bitcoin has not yet become fully established in society, remaining largely within the realm of specialists and individual investors—a perception that continues to discourage corporate adoption.
Additionally, the absence of trustworthy professional service providers was cited as a major hurdle, as companies lack partners they can confidently rely on to support post-adoption management.
What Services Do Companies Need for Sustainable Bitcoin Use?
Respondents were also asked what services would make it easier to safely hold and operate Bitcoin on an ongoing basis. The most common response was “yield-generating services (e.g., lending)” (32.0%), followed by “services enabling loans backed by Bitcoin as collateral” (30.8%) and “hedging mechanisms to reduce price volatility risk” (25.4%).
These responses reveal a clear demand for expanding the financial utility of Bitcoin—not just holding it passively, but integrating it more fully into corporate financial strategies. Services that provide yield opportunities or collateralized lending ranked especially high, indicating companies’ desire to treat Bitcoin as a productive asset.
At the same time, the emphasis on hedging features and solutions that reduce operational burdens underscores the importance of risk management and efficiency in driving long-term adoption.
Ultimately, the survey shows that companies are moving beyond viewing Bitcoin as something to simply hold. Instead, there is growing interest in how to actively utilize and manage Bitcoin—whether through yield generation, collateral-based financing, or risk-hedging tools—to integrate it more strategically into their corporate finance frameworks.
Summary: Around 40% of Bitcoin-Holding Companies Report Tangible Benefits
Conclusion: Corporate Bitcoin Adoption Is Emerging but Infrastructure Remains Underdeveloped
The survey reveals that Bitcoin ownership increases significantly with company size—with more than half of large enterprises (annual revenues above ¥30 billion) already holding Bitcoin. Expectations for Bitcoin as an asset class rise in proportion to revenue scale, yet adoption continues to be hindered by internal organizational challenges and the lack of trusted service providers.
In terms of asset management methods, bank deposits remain the most common choice. However, a growing number of companies are beginning to allocate funds to cryptocurrencies such as Bitcoin, signaling the emergence of a new asset management option.
Concerns shaping corporate wealth management today include inflation risk, difficulty in generating returns, and shortages of specialized talent. These reflect a growing sense among companies that traditional conservative strategies have reached their limits.
The survey shows a strong correlation between company size and Bitcoin adoption. While more than half of companies with annual revenues above ¥30 billion already hold Bitcoin, only 13.1% of firms in the ¥100 million–¥500 million segment do so. Mid-sized companies, however, are increasingly viewing Bitcoin as a realistic option, with over half of firms in the ¥500 million–¥1 billion range either already holding it or seriously considering adoption.
For those that have already adopted Bitcoin, the reported benefits include portfolio optimization, asset appreciation, and even brand enhancement—demonstrating that Bitcoin is contributing not only to financial returns but also to broader corporate strategy.
On the other hand, the primary reason for not holding Bitcoin remains its price volatility, with additional concerns around regulatory and tax complexity as well as shortages of in-house expertise. Beyond financial risks, companies also identified barriers such as internal consensus-building, the immaturity of the broader market, and the lack of reliable support providers.
When asked what services would make continuous Bitcoin operations more sustainable, companies emphasized the need for yield-generating solutions (such as lending), collateralized financing, and hedging mechanisms to mitigate volatility. These responses underscore the demand for practical tools that enhance Bitcoin’s value as a corporate financial asset.
Taken together, the findings suggest that corporate adoption of digital assets is at an early but accelerating stage: interest and experimentation are rising, but the supporting ecosystem has yet to catch up. Going forward, not only will regulatory and tax frameworks need to be refined, but companies will also require stronger internal governance processes and external support systems to make Bitcoin a viable, long-term component of corporate finance.
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MAGAZINE
Iolite Vol.15
September 2025 issueReleased on 2025/07/30
Interview Iolite FACE vol.15 Avery Chin, co-founder and CEO of Aptos Labs
PHOTO & INTERVIEW Tester
Special feature: "How to master workplace relationships! Using MBTI", "Riding the waves of the 'first year of AI agents'!", "Is Bitcoin the savior of companies? The forefront of treasury strategies", "Management strategies learned from villains"
Crypto Journey: "The intersection of Web 3.0 and social contribution" Interview with Gracie Chen, CEO of Bitget
Series: "Expert perspectives on interpreting the fluctuating cryptocurrency market" Virtual NISHI
Series: Tech and Future Toshinao Sasaki, etc.
