Municipal and institutional Bitcoin treasury adoption trends

Municipal and Pension Fund Allocations

Jersey City Mayor Steven Fulop announced the city pension fund will invest a percentage into Bitcoin ETFs. The city updated its paperwork with the U.S. Securities and Exchange Commission to complete this process. The State of Wisconsin Investment Board revealed in its mid-May 13F filing that it held $100 million in BlackRock’s iShares Bitcoin Trust and nearly $64 million in the Grayscale Bitcoin Trust during the second quarter. New Hampshire also leads in digital asset integration. The New Hampshire Business Finance Authority approved a $100 million municipal bond in November 2025 that uses Bitcoin as collateral to help companies access capital markets. BitGo Trust Company, Inc. holds the Bitcoin collateral in regulated cold storage. New Hampshire passed a cryptocurrency reserve law allowing state-chartered institutions to hold Bitcoin as part of their reserves. The $100 million bond uses a New Hampshire Statutory Trust to hold the Bitcoin. Wave Digital Assets and Rosemawr Management conceptualized the bond structure. James Key-Wallace, the Executive Director of the Business Finance Authority, said this positions New Hampshire as a leader in responsible crypto finance. Governor Kelly Ayotte noted the bond allows the state to embrace new technologies without risking state funds. The New Hampshire Business Finance Authority is a self-funding organization that supports economic development. The BFA uses its fees from the transaction to support the creation of the Bitcoin Economic Development Fund. While this bond provides a way for digital assets to enter traditional debt markets, the volatility of Bitcoin is a risk to the underlying collateral.

Corporate Treasury and Institutional Trends

Corporate adoption of Bitcoin for treasury operations expands. At least 172 publicly traded companies held Bitcoin in Q3 2025, which shows a 40% increase from the previous quarter according to Bitwise. These companies hold about one million BTC, or roughly 5% of the total circulating supply. The Bitcoin Treasuries Conference in New York City facilitates dialogue among hundreds of CFOs and treasury strategists regarding these balance sheet shifts. (You already know how ETFs changed liquidity, so focus on these direct treasury allocations.) Not all companies follow this path. Matthew Sigel of VanEck reported in July 2025 that at least 20 public companies liquidated, reduced, or loosened their crypto accumulation strategies. Nine companies exited the space completely. Prenetics sold its entire 510 BTC position for about $41 million. Sequans Communications sold Bitcoin to repay debt. MARA Holdings sold more than 15,000 BTC for roughly $1.1 billion in March. The 2025 Bitcoin Treasuries Conference helped catalyze Strive’s $1.4 billion acquisition of Semler Scientific. The 2026 conference targets 350 treasury strategists and corporate finance leaders to examine digital asset accounting mechanics and portfolio construction.

Financial Infrastructure and Sovereign Holdings

Banks build the infrastructure for digital asset settlement. JPMorgan plans to accept Bitcoin and Ether as collateral. SoFi became the first US chartered bank to offer direct digital asset trading from customer accounts. These institutional moves happen while sovereign nations maintain large Bitcoin reserves. The United States holds 328,372 BTC, which equals $27,840 million, while China holds 190,000 BTC, which equals $16,109 million. The United Kingdom holds 61,245 BTC, which equals $5,193 million, and El Salvador holds 7,786 BTC, which equals $660 million. Ukraine holds 46,351 BTC, which equals $3,930 million. Bhutan holds 518 BTC, which equals $44 million. Taiwan holds 210 BTC, worth $18 million. Venezuela holds 240 BTC, worth $20 million. Kazakhstan holds 3,544 BTC, worth $300 million. North Korea holds 803 BTC, worth $68 million. Will the continued integration of volatile assets into municipal pensions create long-term stability for local taxpayers?