Digital Asset Treasuries Bounce Back as Strategy Market Shift

Digital asset treasuries are showing signs of recovery after a period of discount-driven pressure in late 2025. Public companies holding crypto assets had traded at prices below the value of their holdings.  As a result, Strategy and other treasury-focused firms are stabilizing their market position.

Digital Asset Treasuries Adjust Funding and Operations

Digital asset treasuries expanded through most of 2025. Companies issued shares at high multiples to acquire more crypto assets. This method led to the emergence of similar treasury models in large cryptocurrencies.

However, by the end of 2025, according to the data, valuations had fallen. Many treasury stocks traded at a price below the value of their crypto reserves. At the same time, there were concerns regarding sustainability and index inclusion.

Companies responded by restructuring their funding strategies. Strategy shifted away from convertible bonds. It increased reliance on preferred equity and built a U.S. dollar reserve fund. This adjustment helped the firm maintain its position in benchmark indexes.

Other firms also took action. Forward Industries, a Solana-focused company, took a loan to buy back shares. These changes aimed to improve balance sheets and reduce valuation gaps.

Moreover, several Ethereum-focused treasuries began generating income. Firms such as Bitmine Immersion, which recently acquired 65,341 ETH, and Sharplink Gaming introduced staking strategies. Some also went for restaking models for increased returns. Meanwhile, the Solana treasury, Upexi, shared plans to allocate capital to decentralized finance protocols.

Digital Asset Treasuries Holdings Expand Across Major Assets

Data tracking the supply of assets circulating in digital asset treasuries has continued to accumulate. Bitcoin holdings had spiked to around 4.4% in March 2026 from around 2.2% in January of 2025.

Ethereum recorded an increase. Treasury-held supply moved from near zero to about 5.5% over the same period. The highest growth occurred between July and October 2025. This period marked accelerated adoption by corporate holders.

Solana followed a different trajectory. Holdings remained low until mid-2025. They then increased quickly to around 2.5% by October. Growth later stabilized near 2.7% in early 2026.

Strategy Activity Supports Broader Recovery Trend

Strategy continued to expand its treasury operations as markets improved. The company announced a new at-the-market program totaling $42 billion. This includes $21 billion in STRC and $21 billion in MSTR offerings.

The program allows the firm to issue shares at a par value of $0.001. It also includes provisions for the issuance of STRK stock. Historically, Strategy has used such programs to acquire Bitcoin.

Market data shows the company’s stock responded to these developments. MSTR shares rose over 2% to a high of $140 before trading near $138. 

Despite previous concerns, the sale of forced assets amongst digital asset treasuries remains limited. On balance, firms have continued to boost holdings. This trend, together with operational changes, is consistent with the recent decrease in the valuation discounts.