Corporate Bitcoin Holdings Dataset: 102 Public Firms & Sectoral Risk
Description
This dataset comprises a comprehensive cross-sectional compilation of Bitcoin treasury holdings for 102 publicly traded companies, aggregated as of August 2025 from CoinGecko’s authoritative corporate treasury tracker. It encompasses eight core variables: company rank by holdings, headquarters country, firm name, recent transactional activity (net Bitcoin movements over the preceding 30 days), total Bitcoin reserves, historical acquisition cost in USD, current market value in USD, and proportional share of the global Bitcoin supply. Collectively, the sample accounts for 1,001,861 BTC, valued at approximately $112.9 billion and representing 4.77% of the circulating supply. Sectoral classification—derived through systematic profiling and cross-verified with industry reports—allocates firms into technology (n=32), cryptocurrency mining (n=18), retail (n=15), healthcare (n=12), e-commerce (n=10), and an “Others” category (n=25) for residual entities. A binary U.S. regulatory indicator (RegUS = 1 for United States–headquartered firms, n=56) operationalizes the policy environment shaped by the BITCOIN Act of 2025. Acquisition cost data, available for 78 firms and imputed at the sectoral median for the remainder, enable derivation of the cost-value ratio (Current Value USD / Total Cost USD). Recent activity is coded as zero where unreported, with winsorization at the 1st and 99th percentiles to mitigate extreme values. A median-split threshold (582.5 BTC) defines high-adoption status for logistic modeling. Derived metrics include a robust MAD-based volatility proxy—computed as the standard deviation of current value divided by the mean absolute deviation of acquisition cost—for the 55 firms with positive cost bases, ensuring resilience to non-normal distributions. The dataset supports replication of Firth logistic regression (addressing quasi-separation), ANOVA for sectoral heterogeneity, and z-score standardized heatmaps of aggregate risk, regulatory exposure, and transactional intensity. This resource directly underpins the accepted manuscript in Journal of Risk and Financial Management titled "Corporate Bitcoin Holdings: A Cross-Sectional Analysis of Sectoral Risk, Regulatory Influence, and Decentralized Governance" . It facilitates empirical investigation of financial risk quantification, regulatory impact assessment, and the moderating role of Bitcoin’s decentralized consensus mechanisms within Institutional Theory, Technology Acceptance Model, and Transaction Cost Economics frameworks. Researchers are encouraged to cite the forthcoming journal publication upon release; until then, reference this repository and the original CoinGecko (2025) source.
Files
Steps to reproduce
* ------------------------------------------------------------------ * REPLICATION INSTRUCTIONS – CORPORATE BITCOIN ADOPTION (ACCEPTED MANUSCRIPT) * ------------------------------------------------------------------ * 1. Install required packages (run once) ssc install firthlogit winsor2 heatplot esttab, replace * 2. Set working directory (replace with your local path) cd "YOUR_LOCAL_PATH" * 3. Ensure files are in directory: * - bitcoin_adoption-publiccompanies.csv * - this .do file * 4. Run the full .do file below in Stata (v18+) * → Generates: Table5_FirthLogit.rtf, Table5_Margins.rtf, Figure1_Heatmap.png * → Console: ANOVA, AUC, VIF, Hosmer-Lemeshow Kazemikhasragh, A. (2025). Corporate Bitcoin Holdings: A Cross-Sectional Analysis of Sectoral Risk, Regulatory Influence, and Decentralized Governance. Journal of Risk and Financial Management (Accepted manuscript)
Institutions
- Universidad Complutense de Madrid