Crypto Market Risks: Corporate BTC Holdings Pose Systemic Threat, Coinbase Warns

Coinbase’s monthly outlook highlights a potential systemic risk in the cryptocurrency market. Public companies utilizing leveraged positions to acquire Bitcoin could create pressure on markets, according to the exchange. While overall sentiment for the second half of 2025 is positive, the research team identifies 228 publicly traded corporations collectively holding over 820,000 BTC, representing a substantial portion of market activity. These companies issue debt often in the form of convertible notes, prioritizing crypto accumulation and relying heavily on digital assets for revenue.