From BTC, ETH to alts, corporate treasury is stirring up the wind of encryption.

Deng Tong, Golden Finance

Grayscale pointed out in its research report in early June that spot ETPs listed in the United States can be considered the most important new source of demand for Bitcoin since its launch. During May, these products maintained high net inflows, totaling $5.2 billion. In the coming months, the Bitcoin purchase volume by “Bitcoin treasury” companies (i.e., publicly listed companies buying Bitcoin for their balance sheets) may level off or even exceed the purchase volume of spot Bitcoin ETPs.

For more details, please refer to the Golden Finance article “Grayscale: The Great Beauty Act and Crypto Custodians are Driving Bitcoin Demand”.

This article outlines the current cryptocurrency vault companies and discusses why large companies are increasingly purchasing cryptocurrencies for their balance sheets.

1. From Mainstream Coins to Altcoins, Corporate Treasury is Riding the Wave of Crypto

BTC

1.Strategy (formerly known as MicroStrategy), 592,345 Bitcoins, market value of $63.018 billion

Strategy is undoubtedly a major holder of cryptocurrencies. In 2020, Strategy announced for the first time that it would use Bitcoin as its primary reserve asset, allocating company funds to Bitcoin while actively raising funds through various means to increase its Bitcoin holdings. They view Bitcoin as a long-term store of value and a hedge against inflation, and they aim to capitalize on the price appreciation of Bitcoin through a “buy and hold” strategy, with the goal of becoming a “digital gold treasury.”

On June 24, Strategy co-founder Michael Saylor tweeted that the Strategy Bitcoin strategy continues to achieve significant results. As of the latest data, the company has cumulatively held 592,345 Bitcoins, with a total market value of $63.018 billion. Against the backdrop of Bitcoin prices rising to $105,269, MicroStrategy has increased its holdings by 85,871 Bitcoins year-to-date (YTD), achieving a paper profit of $9.04 billion. Since the beginning of 2024, the company's Bitcoin holdings have increased by 74.3%, with cumulative profits of $13.133 billion.

2.MARA Holdings, 49,678 Bitcoins, market value of $5.285 billion

MARA Holdings, Inc. is one of the most well-known publicly traded Bitcoin mining companies in the United States. MARA does not simply mine and sell Bitcoin; instead, it adopts a long-term holding strategy, viewing Bitcoin as a strategic reserve asset. MARA also raises funds by issuing stocks and convertible bonds, using the proceeds to purchase more Bitcoin on the open market, thereby achieving diversified development. MARA is currently recognized as the second-largest holder of Bitcoin among publicly traded companies, second only to Strategy.

3. Twenty One Capital, 37,230 Bitcoins, market value 3.96 billion USD

Twenty One is supported by stablecoin issuer Tether, cryptocurrency exchange Bitfinex, and Wall Street veteran investment bank Cantor Fitzgerald.

CEO Jack Mallers of Twenty One also announced that the company will launch a proof of reserves, which is a public ledger used to verify its Bitcoin treasury holdings.

4.Riot Platforms, Inc., 19,225 Bitcoins, market value $2.045 billion

Riot Platforms' business model is centered around large-scale Bitcoin mining operations. Riot's Bitcoin strategy is clear and straightforward: accumulate and hold a large amount of Bitcoin as a core asset. By continuously expanding mining capacity and investing in infrastructure, Riot aims to solidify its position as a top institutional holder of Bitcoin.

5. Galaxy Digital Holdings Ltd, 12,830 Bitcoins, market value $1.364 billion

Galaxy Digital's strategic focus is to provide financial tools for North American Bitcoin miners and to establish partnerships with third-party data center providers, thereby deeply integrating into the infrastructure development of the Bitcoin network. Galaxy Digital's Bitcoin strategy is robust and diverse, viewing Bitcoin not only as a store of value but also as a fundamental asset of the digital economy.

Galaxy Digital CEO Mike Novogratz once stated that Bitcoin will replace gold, reaching a price of 1 million dollars.

CleanSpark, Inc., 12,502 bitcoins, market value of $1.33 billion

CleanSpark's business model centers around sustainable large-scale Bitcoin mining, utilizing proprietary technology and strategic expansion to maximize operational efficiency and output. CleanSpark has previously adopted a “HODL” (hold on for dear life) strategy, accumulating a significant amount of Bitcoin as a core asset. However, in 2025, CleanSpark shifted to a more balanced strategy, monetizing a portion of the mined Bitcoin for operations and expansion while still maintaining a substantial holding.

At the beginning of June, CleanSpark announced that it mined 694 bitcoins in May, and as of May 31, its bitcoin holdings reached 12,502.

7. Tesla, 11,509 Bitcoins, market value $1.224 billion

Tesla's entry into the Bitcoin space marks an important milestone in the integration of traditional industries and digital assets. In early 2021, Tesla invested $1.5 billion in Bitcoin, becoming the focus of media attention and signifying its bold positioning aimed at diversifying its finances and embracing the potential of decentralized finance. This strategic allocation stems from its belief in Bitcoin's long-term value as a means of wealth storage and a tool for hedging against the depreciation of fiat currencies. Tesla's Bitcoin strategy has become a benchmark for other publicly traded companies to incorporate digital assets into their financial management.

8. Metaplanet Inc., 11,111 Bitcoins, market value 1.182 billion USD

Metaplanet not only views Bitcoin as a reserve asset but also as a strategic hedge against inflation and the devaluation of fiat currency. This strategy is in line with that of the world's leading Bitcoin holders. Metaplanet aims to accumulate 10,000 Bitcoins by the end of 2025 and 21,000 Bitcoins by 2026. Metaplanet's total cost basis is $414 million, and its firm belief in Bitcoin is evident. Continuous accumulation has made it the largest public holder of Bitcoin in Asia and among the top ten Bitcoin holders globally.

On June 24, Metaplanet approved a capital injection of $5 billion to its U.S. subsidiary for Bitcoin treasury operations, aiming to hold 210,000 Bitcoins by the end of 2027.

9.Hut 8 Mining Corp, 10,273 Bitcoins, market value $1.092 billion

Hut 8's business model is centered around leveraging advanced mining technology and strategic energy partnerships to maximize Bitcoin production while maintaining operational efficiency. The company's investment philosophy is rooted in the long-term value proposition of Bitcoin as a digital asset and store of value. By accumulating and holding a significant reserve of Bitcoin, Hut 8 aims to provide shareholders with direct exposure to the appreciation of Bitcoin prices, while also generating revenue through mining operations and related services.

In early 2025, Hut 8 also announced a strategic partnership with Eric Trump to launch the “American Bitcoin Corp”, aiming to set new standards for the efficiency and scale of Bitcoin mining.

10. Coinbase Global, Inc., 9267 Bitcoins, 985 million USD

As a major cryptocurrency exchange, Coinbase holds a large amount of Bitcoin, both for its own reserves and to provide custody services for its clients.

On June 25, Coinbase CEO Brian Armstrong revealed on social media that Coinbase is currently providing cryptocurrency integration services for about 200 banks, brokerages, fintech companies, and payment companies. Armstrong stated that this business area is underrated and invited interested institutions to discuss cooperation with Coinbase.

ETH

11.SharpLink, 188000 ETH, worth $459 million

SharpLink purchased 12,207 Ethereum (ETH) at an average price of $2,513 each during the week ending June 20, and currently holds over 188,000 ETH valued at $459 million. SharpLink stated that the company raised $27.7 million by selling 2.54 million shares, most of which will be used to bolster its ETH investments.

Joseph Lubin, the chairman of the board of SharpLink and co-founder of Ethereum, stated that increasing the company's ETH holdings will create “long-term value” for shareholders.

12.Mega Matrix, Unknown

The Mega Matrix board approved the use of Bitcoin and Ethereum as treasury reserve assets on May 31, 2025, to strengthen the company's long-term balance sheet.

SOL

13.Upexi, 596714 SOL, market value of 8712.02 million USD

As of May 12, 2025, Upexi holds approximately 596,714 SOL, currently valued at $87.1202 million. These tokens include spot and locked tokens, purchased with a total of $84.2 million in funding, with an average cost of $141.10 per SOL. Upexi plans to promote long-term asset appreciation and generate returns for shareholders by accumulating and staking SOL. Its Chief Financial Officer, Andrew Norstrud, stated that under a long-term “buy and hold” strategy, purchasing discounted locked SOL can provide intrinsic returns to shareholders, as the discounts will gradually disappear over time. Additionally, staking the locked SOL, under controlled risk conditions, effectively combines the discount with an approximate 1.4-year weighted duration, more than doubling the staking returns for shareholders.

14.Janover Inc., 317273 SOL, market value 46.3218 million USD

Janover Inc. is a Nasdaq-listed fintech company headquartered in Boca Raton, Florida, focusing on commercial real estate loan origination.

In April 2025, Janover announced an increase in its holdings by 163,651.7 SOL, becoming a typical case of traditional industry crossing into the crypto market. Along with previously purchased SOL, Janover's total SOL holdings reached 317,273 coins, valued at approximately 46.32 million USD( including staking rewards).

On April 4, the company's board of directors approved the inclusion of SOL in the corporate treasury, and the transaction was completed through market purchases on April 15. Janover plans to stake these tokens to obtain an annual return of 5-7% and is considering operating Solana network validation nodes to participate in ecological construction. The funding for this initiative comes from its cash reserves and $42 million in convertible bonds raised from cryptocurrency industry institutions such as Pantera Capital and Kraken on April 7.

15.SOL Global Investments Corp., 260,000 SOL, 37.96 million USD

SOL Global Investments Corp. is a Canadian investment company headquartered in Toronto, focusing on harnessing the potential of cryptocurrencies, blockchain, and emerging technologies.

In 2025, SOL Global further focused on Solana(SOL) by increasing its holdings of 40,350 SOL(, valued at approximately 8.7 million USD), solidifying its pioneering position in the cryptocurrency market and becoming a benchmark for traditional investment firms embracing the Solana ecosystem. In January 2025, SOL Global announced a fundraising effort through a targeted issuance of 18 million USD, of which 10 million USD was directly used to purchase SOL, with the remaining funds directed towards DeFi and NFT projects within the Solana ecosystem. As of March, approximately 60% of the 40,350 SOL held by the company has been staked and locked in the Solana network to earn an annual yield of 6.26%. The latest news indicates that SOL Global currently holds around 260,000 SOL. The company's CEO, Paul Kania, stated in an announcement: We aim to become a Solana super company, providing public market investors with a direct avenue to participate in the transformation opportunities of Solana.

BNB

16.Build & Build Corporation plans to purchase 100 million USD worth of BNB

On June 24, Bloomberg reported that: The cryptocurrency asset management company Build & Build Corporation is seeking to raise $100 million to acquire BNB. The company will be led by former executives of Coral Capital Holdings, and its strategy is comparable to MicroStrategy's focus on Bitcoin. The company plans to accumulate BNB as its core asset and aims to go public through a reverse merger with a yet-to-be-determined NASDAQ-listed company.

17.Nano Labs plans to acquire $1 billion in BNB.

On June 24, NASDAQ-listed company Nano Labs announced that it will raise $500 million through a private placement of convertible bonds, initially intended to purchase $1 billion worth of BNB, and plans to hold 5% to 10% of the circulating supply of BNB for the long term. The company has signed agreements with multiple investors for a term of 360 days, during which no interest will be accrued, and the bonds can be converted into Class A common stock of the company at $20 per share.

Other Cryptocurrencies

18.SRM Entertainment, Inc. plans to purchase $100 million TRX

SRM Entertainment, Inc. (NASDAQ: SRM) announced that it has signed a Securities Purchase Agreement (“SPA”) with a private investor, which will involve a $100 million equity investment. SRM will use these funds to launch a treasury strategy for Tron (TRX) tokens. In addition, Tron blockchain founder Justin Sun has been appointed as a company advisor. Furthermore, the company plans to change its name to Tron Inc. With the full exercise of the warrants, the value of this strategic investment will reach $210 million.

19.Lion Group plans to purchase $600 million of HYPE, SOL, and Sui.

Lion Group Holding, listed on Nasdaq (LGHL), is establishing a $600 million cryptocurrency reserve with Hyperliquid (HYPE) tokens as its primary asset. The Hyperliquid tokens will serve as the company's “main reserve asset” within its L1 treasury reserve, which will also include Solana and Sui tokens.

Wilson Wang, the CEO of LGHL, pointed out: “Hyperliquid represents a natural extension of LGHL's existing derivatives business into the decentralized market, and reflects our belief that decentralized on-chain execution is the future of trading.** We believe that protocols like HYPE with decentralized ordering are the foundation for building scalable DeFi systems. Solana's dominance in consumer-facing crypto applications, along with Sui's recent support from World Liberty Financial, are key factors in its selection of altcoins.”

20.Everything Blockchain plans to purchase 10 million USD worth of SOL, XRP, SUI, TAO, HYPE.

Everything Blockchain Inc. (OTC: EBZT) announced plans to invest $10 million in 5 rapidly expanding blockchain networks: Solana (SOL), Ripple (XRP), Sui (SUI), Bittensor (TAO), and Hyperliquid (HYPE). This move makes EBZT the first publicly traded U.S. company to establish a diversified, staking-focused crypto vault aimed at capturing yield and future institutional interest. The strategy reflects the growing demand in the market for crypto-backed equity plays.

21. Synaptogenix, TAO (amount not specified)

Synaptogenix has made its first purchase of TAO cryptocurrency tokens, which is part of its recently announced cryptocurrency fund strategy focused on artificial intelligence and machine learning. Synaptogenix Executive Chairman Joshua Silverman stated that, under the guidance of Crypto TAO strategic head James Altucher, the company has begun to bet on tokens to generate revenue and achieve capital appreciation.

22.Interactive Strength, $500 million proposed purchase of FET

On June 11, Nasdaq-listed fitness equipment manufacturer Interactive Strength announced a $500 million financing to acquire Fetch.ai tokens and establish the world's largest enterprise AI token repository.

2. Why Big Companies Are Buying Cryptocurrency for Their Balance Sheets

According to Bitwise data, institutional buyers have dominated Bitcoin demand since 2025, increasing their holdings by 417,000 BTC.

Jesse Myers, the Bitcoin Strategic Director at Moon Inc., pointed out that Bitcoin holders underestimate the amount of Bitcoin that companies will accumulate over the next few decades. He predicts that by 2045, Bitcoin reserve companies will hold 50% of the world's Bitcoin, while Strategy, led by Michael Saylor, will own Bitcoin worth $70 trillion, making it the most valuable company in history. Currently, publicly listed and private companies, ETFs, and governments collectively hold about 3.23 million BTC, valued at approximately $348.25 billion, with about $318 trillion in bond capital seeking better investment channels. Bitcoin reserve companies will become the main buyers of BTC in the coming decades.

1. Improvement of regulatory system

• United States: Bitcoin is defined as a commodity by the CFTC and regarded as a security by the SEC (must meet the Howey test). According to ASC 350, companies can classify Bitcoin as an intangible asset, measured at the lower of cost or net realizable value, with impairments not being reversible.
• France, Germany: Member countries of the MiCA regulations allow companies to hold Bitcoin, but must comply with MiCA's anti-money laundering and transparency requirements.
• Japan: The 2017 Payment Services Act defines Bitcoin as “legal property,” allowing businesses to hold it.
• Australia: Bitcoin is classified as an intangible asset or financial asset, measured at cost or fair value, and trading gains are subject to capital gains tax.
• Singapore: Bitcoin is regarded by MAS as a payment tool, allowing businesses to hold it.
• Germany: Bitcoin is regarded as private property, and businesses are free to hold it.

2. Hedge against inflation

The essence of inflation is the decline in the purchasing power of fiat currency, while Bitcoin, as a decentralized asset, is not affected by the monetary policy of any single country. When central banks implement easing policies (such as lowering interest rates or printing money), the expectation of fiat currency devaluation heats up, and some capital may flow into Bitcoin in search of preservation of value. Moreover, Bitcoin has a “halving” mechanism that reduces its annual inflation rate over time (currently about 1.7%, decreasing to 0.85% after the halving in 2024), approaching zero in the long term, which is far lower than the inflation rates of most countries' fiat currencies.

3. Capture the Emerging Financial Market

Corporate ownership of cryptocurrencies is essentially a positioning within the “blockchain + Web3” technology ecosystem, at the forefront of emerging Web3 technology. Large enterprises purchasing cryptocurrencies can be seen as a signal to seize opportunities in the emerging financial markets and will to some extent influence the company's development prospects.

In February 2021, Tesla announced that it had purchased $1.5 billion in Bitcoin and planned to accept Bitcoin payments. This move caused Tesla's stock price to rise over 10% within a week, with its market value briefly exceeding $800 billion (previously about $700 billion), and Musk's subsequent series of comments related to cryptocurrency garnered a lot of attention.

David Bailey, the president of Bitcoin Magazine, stated that whenever a company adds Bitcoin to its corporate treasury, it will eliminate a traditional company that does not own Bitcoin. Today, the liquidity of enterprises is essentially the liquidity of Bitcoin, and failing to join will lead to “death.”

The future of the cryptocurrency market is promising.

In 2009, when BTC was just launched, its value was close to zero; in 2013, BTC rose from $13 to $1200; in 2017, the ICO craze drove BTC to nearly $20,000; in 2021, BTC reached a new high of $69,000; in 2024, BTC's price rose from about $42,000 at the beginning of the year to $108,000; in 2025, BTC broke the new high of $110,000.

ARK Invest CEO Cathie Wood believes that the price of BTC will increase 15 times in the next five years. “BTC represents a unique global currency system, and as more and more investors hold it, its volatility is decreasing.”