Bitcoin ended 2025 down 3%, largely due to significant selling by long-term investors or "whales." However, it recorded its least volatile year on record, with expectations for new highs in 2026 driven by lower interest rates and regulatory clarity.

Morningstar DBRS has raised concerns about the credit risks associated with corporate treasuries adopting Bitcoin, citing factors such as regulatory uncertainty, volatility, and liquidity challenges. The report highlights that a significant portion of corporate Bitcoin holdings is concentrated among a few companies, with Strategy controlling a majority of public company reserves. As more firms explore crypto treasury strategies, these vulnerabilities could impact corporate credit assessments.