Municipalities and Corporations Rush to Adopt Bitcoin as Treasury Assets

New Hampshire is leading the way in digital asset integration, with a $100 million municipal bond using Bitcoin as collateral to help companies access capital markets. The New Hampshire Business Finance Authority approved this bond in November 2025, and BitGo Trust Company holds the Bitcoin collateral in regulated cold storage.

The State of Wisconsin Investment Board revealed it held $100 million in BlackRock's iShares Bitcoin Trust and nearly $64 million in the Grayscale Bitcoin Trust during the second quarter. This trend is also seen in corporate treasury operations, with at least 172 publicly traded companies holding Bitcoin in Q3 2025, a 40% increase from the previous quarter according to Bitwise.

Not all companies are following this path, however. Matthew Sigel of VanEck reported that at least 20 public companies liquidated, reduced, or loosened their crypto accumulation strategies, with nine companies exiting the space completely.