In a surprising turn, 2025 has seen companies raise more money for crypto purchases than through U.S. stock market debuts—signaling a dramatic shift in how global firms are approaching digital assets.
Nearly $86 billion has been mobilized so far this year to acquire cryptocurrencies, with close to half of that—around $43 billion—raised just since June, according to data cited by The Wall Street Journal. The funds are flowing into a mix of Bitcoin, Ethereum, XRP, and other digital assets, marking a new era where crypto becomes part of corporate treasury strategy.
Leading the charge is Strategy Inc., the firm formerly known as MicroStrategy, which pioneered Bitcoin adoption on corporate balance sheets. It has already raised over $10 billion in 2025 to expand its BTC reserves, cementing its status as a top digital asset stock.
They’re not alone. Japan’s Metaplanet and U.S.-based Marathon Digital are among other major players securing fresh capital to grow their crypto positions. Meanwhile, new data shows dozens more companies are preparing similar moves, aiming to deploy billions in the coming quarters.
Ethereum is also gaining corporate traction. BitMine Immersion is reportedly targeting $5 billion for ETH accumulation, while SharpLink—led by Ethereum co-founder Joseph Lubin—is pursuing hundreds of millions. XRP, BNB, and newer assets like Ethena are also appearing in diversified treasury allocations.
But not everyone is cheering. VanEck analyst Matthew Sigel recently warned about the risks of aggressive fundraising via at-the-market (ATM) share offerings. If stock prices fall below asset value, these programs could backfire and dilute shareholders. Sigel suggests limiting ATM use during downturns and tying executive pay to net asset growth rather than crypto hoarding.
As companies rush to secure digital assets, the line between financial innovation and shareholder risk is becoming harder to ignore.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/corporate-crypto-fundraising-hits-86b-surpassing-u-s-ipos/