Experienced cryptocurrency investors know that when bitcoin and the asset class at large were younger that it was largely the territory of retail traders and speculators. Fortunately, crypto has grown up quite a bit. That maturation process has been helped in part by spot ETFs like the Coinshares Valkyrie Bitcoin Fund (BRRR).
It’s been almost two years since the first spot bitcoin ETFs debuted in the U.S. And those products, including BRRR, broadened bitcoin’s domestic investor base. That has allowed more RIAs and retail investors to comfortably access the largest digital currency. However, those aren’t the only signs of broadening crypto adoption and maturation.
In what could be a long-term plus for ETFs such as BRRR, institutional adoption of digital currencies is increasing. And that theme is believed to be in its early innings. It includes companies adding major cryptocurrencies — namely bitcoin and ethereum — to their balance sheets as an alternative to cash.
“For corporations, this opened the door to a new kind of treasury management. Bitcoin began to serve as a reserve asset — functionally comparable in purpose to holdings such as gold or short-term Treasuries. As of October 2025, listed firms collectively held around one million BTC, with many more held privately or in sovereign reserves,” according to CoinShares.
Institutional Adoption Revving Up
Long-term investors considering assets such as BRRR are rightfully inquisitive about the trajectory of institutional crypto adoption. Fortunately, the news has been broadly encouraging. For example, the Financial Accounting Standards Board (FASB) in 2023 altered guidelines for treatment of crypto on corporate balance sheets, allowing those holdings to be gauged at fair value, as is the case with other securities held be companies.
That removed a roadblock to corporate ownership of digital currencies. That change has opened the floodgates of corporations’ embrace of cryptocurrency. Some are even going so far as to participate in the building of cryptocurrency networks.
“Banks, asset managers and fintech firms are beginning to build on networks like Ethereum, Solana, Avalanche and Sui, which provide fast, transparent and interoperable settlement layers. These programmable networks enable near-instant transactions, on-chain collateralisation and automated compliance,” added CoinShares.
Of note to investors considering ETFs like BRRR is that corporate adoption of major digital currencies like bitcoin and ethereum is becoming a lead, follow, or get out of the way proposition. That could be a sign of long-term momentum.
“Institutions that adapt early will shape the standards and systems that define this next era. Those that wait will find themselves operating in a world where finance itself, not just money, has become programmable,” concluded CoinShares.
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