Company Crypto Treasuries: Explained

In recent years, many companies have started adding crypto to their treasuries. This trend has gained traction across the board, from large public firms to smaller, specialized businesses. They are choosing to hold digital assets like Bitcoin and Ethereum as part of their financial strategy. This shift reflects a growing level of trust in crypto among institutions. At the same time, it introduces serious risks.

Let’s look at key examples, recent figures, and hard lessons from 2024 and 2025. These cases help explain why more companies are turning to crypto and how it could shape their financial future.

Bitcoin Treasuries: From MicroStrategy to Metaplanet

No discussion about corporate Bitcoin holdings starts without mentioning MicroStrategy. In 2025, the company rebranded as Strategy Inc. to reflect its growing crypto focus. Led by Bitcoin advocate Michael Saylor, it shifted from software to become what it calls the world’s largest Bitcoin treasury company.

By late 2025, Strategy Inc. held over 600,000 BTC. That’s about 3% of all Bitcoin in circulation. A stock offering during summer 2025 helped it purchase another 21,000 BTC in one go. This brought its total to roughly 628,791 BTC at an average price near $117,000 per coin. At current values, its Bitcoin holdings are worth between $75 and $80 billion. This marks an extraordinary corporate bet on crypto.

Close behind is Metaplanet Inc., a publicly traded company based in Tokyo. It has rapidly grown its Bitcoin reserves, becoming the fourth-largest corporate BTC holder worldwide. In the third quarter of 2025, Metaplanet bought 5,288 BTC for around $615 million. Its total reached 30,823 BTC, valued at about $3.3 billion. The company views Bitcoin as a strategic reserve asset and inflation hedge. It aims to reach 40,000 BTC by the end of 2026. This approach has boosted its projected revenue and profits for 2025. However, its stock price dropped 10% following the latest purchase.

Src: Arkham

Other firms with significant Bitcoin reserves include Marathon Digital Holdings, which owns over 50,000 BTC, and Tesla. Though Tesla sold part of its holdings, it still holds 11,509 BTC. Thanks to the 2025 Bitcoin rally, that stake was worth about $1.2 billion by mid-year. This keeps Tesla among the top ten corporate holders.

A major change came in 2025 with new U.S. accounting rules. Companies can now report crypto at fair market value each quarter. This update allows firms like Tesla to show Bitcoin gains on their balance sheets. It replaces the outdated impairment model. As a result, corporate crypto holdings now offer more transparency for shareholders.

Ethereum Enters the Treasury Game

Bitcoin isn’t the only crypto asset entering corporate reserves. Ethereum is also gaining ground. By late 2025, companies held about 3.5% of all ETH. That figure slightly edged out the 3.4% held in corporate Bitcoin treasuries. Just a year earlier, Ethereum was barely present in treasury portfolios. Now, around 71 firms hold $22 billion worth of ETH. This total has tripled during a few short months in 2025.

What’s behind this rush into Ether? One big reason is yield. Ethereum now runs on proof-of-stake. This lets holders earn staking rewards, usually between 3% and 5% per year. Corporate holders can stake ETH to earn more ETH. These rewards help them justify higher stock valuations, raise capital, and accumulate even more ETH. For bullish firms, this creates a growth loop.

Ethereum also has different monetary rules. Unlike Bitcoin, ETH has no fixed supply cap. This means companies can keep buying ETH without worrying about hitting a hard limit. Some see this open-ended nature as a long-term advantage. As one analyst put it, “Ethereum is productive – it earns yield. Bitcoin stores value, but Ethereum is a useful asset.” This outlook has helped fuel institutional demand for ETH.

Which Companies Are Leading The ETH Race?

Some standout companies are leading the Ethereum treasury surge. BitMine Immersion Technologies now holds 2.65 million ETH, valued at over $11 billion. This makes it the largest Ethereum-holding company in the world. Its mission, captured in the slogan “The Alchemy of 5%,” is to eventually own 5% of all ETH. In September 2025, BitMine bought 234,000 ETH in one purchase, bringing it closer to that goal.

Tom Lee From Bitmine

SharpLink Gaming isn’t far behind. The company holds more than 838,000 ETH for long-term purposes. Meanwhile, other firms are entering the space. Bit Digital Inc., listed on Nasdaq, plans to raise $100 million to expand its Ethereum treasury. With its current 120,000 ETH and potential new funds, it may acquire nearly 24,000 more ETH. That move could push it into the top tier of ETH holders.

By the end of Q4 2025, companies and Ether-focused funds together hold over 11.8 million ETH. That’s close to 10% of the total ETH supply. This rapid buildup shows that Ethereum is becoming a core asset for institutional players. Its yield, role in decentralized finance, and connection to stablecoins make it attractive beyond just price appreciation.

Expanding Crypto Treasuries: High Hopes, Hard Lessons

Crypto is no longer a fringe experiment in corporate finance. Over 180 public companies now hold more than 1 million BTC. At current prices, that’s worth about $116 billion. Many firms are also investing in ETH and even altcoins like Solana. This widespread activity signals growing institutional confidence. Bitcoin and Ethereum are now seen as alternatives to traditional reserve assets like cash or gold. When companies like Tesla, Block, and PayPal adopt crypto strategies, it boosts the market’s trust.

Still, this is a high-risk game. Not every company benefits from going crypto. Smart Digital Group (SDM) learned that the hard way. In September 2025, it announced plans to invest in a crypto asset pool. The pitch was to tap into the rising acceptance of digital assets. But the market reacted harshly. SDM’s stock crashed 87% in one day, dropping from $13.60 to $1.88. Investors weren’t convinced. The plan lacked detail. It didn’t explain how much money would go into crypto, where it would come from, or how it fit the company’s strategy. Rather than seeing it as innovation, shareholders saw it as a risky distraction.

How Much Of A Risk?

However, that kind of flop has been rare. A 2025 report found that companies announcing crypto treasury strategies saw average stock gains of 150% within 24 hours. Some gained much more. Brera Holdings, a small European firm, rebranded as “Solmate” and announced plans for a Solana-based treasury. That move, backed by $300 million from ARK Invest and the Solana Foundation, sent its stock up 464%. In another case, Juizi Holdings, a Chinese EV tech firm, saw a 25% jump after committing $1 billion to Bitcoin.

These examples show the power of investor sentiment. Companies that outline clear, well-funded crypto plans often see their stock soar. Those that lack transparency or vision risk a sharp decline. The difference lies in execution. Vague promises fall flat. Specific, confident strategies inspire trust.

More scrutiny is also emerging. U.S. regulators have started to investigate trading activity linked to crypto announcements. In 2024 and 2025, over 200 companies faced inquiries into insider trading and leaks. Some stock prices spiked just before news went public. Regulators are now watching closely. The days of easy market bumps from surprise announcements may be over.

Volatility also remains a challenge. Crypto prices move fast. Gains can vanish overnight. Strategy Inc. (formerly MicroStrategy), for instance, has seen its stock rise and fall along with Bitcoin. Holding crypto may signal innovation. But it also exposes companies to sudden financial swings. Executives need to weigh the brand value of crypto against its price risk.

By the Numbers: Crypto Treasuries in 2024–2025

Here are key figures that define the rise of corporate crypto treasuries:

• Bitcoin holdings: 184 companies now hold more than 1 million BTC. This represents around 3.4% of the total supply and is worth $116 billion. Strategy Inc. alone holds over 600,000 BTC.
• Ethereum growth: ETH treasuries were nearly nonexistent in 2024. By late 2025, 71 companies hold about $22 billion in ETH. Combined with crypto funds, institutions now hold 11.8 million ETH — roughly 10% of the total supply.
• Beyond BTC and ETH: Other assets like Solana are entering the mix. By September 2025, corporate treasuries held 2.3% of Solana’s supply. A few companies have also added tokens like XRP and even meme coins, though these are usually small positions.
• Stock impact: On average, companies announcing crypto treasury plans in 2025 saw stock prices rise 150% within a day. But results vary. Brera’s price jumped 464%, while SDM’s dropped 87%. Investors respond positively to clear, well-funded plans.
• Institutional support: Big names are backing the trend. ARK Invest co-funded a Solana treasury move. Jan van Eck of VanEck called Ethereum “the Wall Street token” as his firm launched ETH-related products. These endorsements help legitimize the space.
• Accounting update: In Q1 2025, a new FASB rule let U.S. companies report crypto at fair market value each quarter. This change removed the old rule that downplayed crypto gains. Now, firms like Tesla can show real-time changes in asset value. Tesla’s books, for example, now reflect around $1.2 billion in Bitcoin holdings.

Crypto Treasury Numbers:

Conclusion: A New Corporate Paradigm, With Caveats

The rise of crypto treasuries marks a shift in corporate finance. What began as a bold move by MicroStrategy in 2020 has grown into a broader trend by 2025. More companies are treating Bitcoin and Ethereum as legitimate reserve assets. These digital assets now sit alongside cash, bonds, or gold in treasury strategies. The shift reflects growing belief in the long-term value of cryptocurrencies. When Strategy Inc. holds billions in Bitcoin or BitMine aims to own 5% of all Ether, it signals confidence that crypto is here to stay.

However, the past two years also serve as a warning. Crypto can be exciting, but it is risky. A smart move can double a company’s stock. A poorly timed or vague strategy can wipe out shareholder value in a single day. The market is still volatile. Companies with discipline tend to use crypto as a diversification tool or a bet on the future of technology. They are not treating it as a quick fix. As more businesses adopt this approach, crypto will likely gain further acceptance. But it will also attract more oversight, tighter governance, and the occasional hard lesson.

These firms are early movers. They are exploring a middle ground between traditional finance and the crypto world. Their wins and losses are shaping the rules for others. For crypto believers, each corporate adoption feels like progress. For executives and investors, it’s a careful balance between potential gains and serious risks.

What’s clear is that crypto has moved beyond conversation. It’s now a line item on the balance sheet. That simple fact marks a major milestone in how far the industry has come. And it suggests that the next phase of corporate crypto adoption may be even more transformative.