Digital Asset Treasury Companies Drive New Wave of Corporate Crypto Holdings

Crypto treasury activity is accelerating as digital asset treasury companies (DATCOs) – a mix of crypto projects, funds, and even traditional finance firms – buy and hold tokens such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ethena (ENA), and Sui (SUI) as part of long-term investment strategies.

DATCOs collectively hold over $100 billion in digital assets, led by publicly listed companies such as Strategy, Metaplanet, and SharpLink Gaming, according to a recent report by Galaxy. In fact, since June 1, at least 98 companies have announced plans to raise more than $43 billion to buy BTC and other cryptocurrencies, the Wall Street Journal reported.

The rise of crypto treasuries underscores how companies are shifting their approach to managing funds. By betting on digital assets – and their value increasing in the future – companies are likely hoping they can finance their operations while reducing the need to secure capital through share sales or debt issuance.

Bitcoin Treasuries: The Blueprint

At the center of crypto treasuries is the strategy of using Bitcoin as a main reserve asset. This approach, popularized by Strategy (formerly MicroStrategy) and its co-founder Michael Saylor, has shifted how companies protect capital and pursue growth. At the time of writing, Bitcoin is trading at $117,000, per CoinGecko.

By treating Bitcoin as a store of value, more corporations around the world are adding it to their balance sheets. This trend is gaining momentum across global markets as Bitcoin treasury companies now hold 996,149 BTC, which is roughly 4.74% of all Bitcoin in circulation, per CoinGecko.

With 629,376 BTC (worth more than $73.4 billion), Strategy’s holdings now exceed all other Bitcoin treasury companies. For context, total U.S. spot Bitcoin ETF net assets currently stand at $144 billion, or around 6.45% of Bitcoin’s market capitalization, according to SoSoValue.

Metaplanet, which many consider to be Japan’s Strategy, currently holds over $2.2 billion worth of Bitcoin. Other firms following similar strategies include Marathon Digital, Twenty One Capital, and Semler Scientific.

Jad Comair, CEO of Melanion Capital, said in comments shared with The Defiant that allocating Bitcoin to a corporate treasury is a “bold statement of innovation and strategic foresight.”

“Done well, it can preserve value and position companies at the forefront of an evolving financial landscape,” Comair added. “But without disciplined risk management, this strategy risks becoming a speculative bubble, where momentum overshadows fundamentals, and companies mistake trend-following for long-term resilience.”

Ethereum Treasuries

After Bitcoin, Ethereum remains one of the most commonly held assets in corporate treasuries. ETH is used to pay transaction fees and can be staked to secure the network.

Several projects and funds continue to hold large ETH reserves to support their ecosystems and maintain influence within the network. ETH is currently changing hands at $4,800, its highest price since November 2021, fueled by a wave of companies expanding their treasuries with ETH.

Companies like BitMine, BTCS, GameSquare Holdings, and ETHZilla have rapidly accumulated Ether, collectively purchasing around 3% of all ETH in circulation in just two months. This rate of accumulation is twice as fast as the corporate buying pace observed for Bitcoin, according to a recent report by Standard Chartered (SC).

BitMine leads the pack with over 1.5 million ETH, valued at nearly $7.2 billion, solidifying its position as the largest corporate Ethereum treasury holder. The company has ambitious plans to expand its holdings to 5%, signaling strong confidence in Ether as a long-term store of value and operational asset. SC analysts believe that, over time, these firms could collectively own as much as 10% of the total ETH supply.

Meanwhile, SharpLink Gaming and ETHZilla own 740,760 ETH and 94,675 ETH, respectively.

“We’re seeing a fundamental shift in how institutions view crypto treasury assets. BTC opened the door, but ETH is quickly becoming the preferred reserve asset because it’s productive,” said Anthony Bertolino, the VP of Ecosystem at Obol. “Unlike Bitcoin, ETH doesn’t just sit idle; it earns protocol-native yield through staking, making it a self-securing, cash-generating asset.”

He explained that this dynamic is why nearly 3% of ETH has already been added to long-term strategic reserves across public companies, DAOs, and crypto-native entities.

“The move toward ETH reflects growing demand for assets that do more than simply hold value. Ethereum powers real economic activity, whether it’s stablecoins, tokenized assets, decentralized finance or many other segments of decentralized infrastructure,” Bertolini said.

Altcoin Treasuries

As interest in crypto treasuries grows, some companies have turned their focus toward altcoins, attracted by features such as yield generation and programmable capital.

“The shift to altcoins is one part testing the market appetite for a non-BTC digital asset treasury narrative, one part alignment with programmable capital,” Function CEO Thomas Chen told The Defiant in an email. “BTC does not have native yield. So the next phase of BTC digital asset treasuries (DATs) is going to be in search of sustainable yield.”

He noted that ETH isn’t the only proof-of-stake (PoS) cryptocurrency offering native yield through staking – other altcoins like BNB do as well. “There’s an opportunity to generate yield as an additional hedge against price risk,” Chen said. “We’re going to see more altcoin DATs by the end of the year, hopefully they all have experienced operating teams!”

Solana (SOL)

Solana has seen significant treasury interest as crypto firms look to capitalize on its fast transaction speeds and growing ecosystem. On-chain data shows that many decentralized finance (DeFi) projects and venture DAOs have increased their SOL holdings, using the tokens for staking or ecosystem participation.

DeFi Development Corp. (DFDV), one of the largest publicly traded companies focused on Solana, holds over 1.42 million SOL. Meanwhile, Upexi owns 2,000,518 SOL, up 172% from the 735,692 SOL it held at the end of June 2025.

DFDV also revealed earlier this month that it is expanding globally by partnering with regional firms to launch local SOL treasury funds, taking equity stakes in those vehicles. Five regional funds are currently in development.

“The original thesis was simple: buy BTC and then wait. But now, holding altcoins in a treasury is more of a strategic play,” Doug Colkitt, Contributor to Fogo, told The Defiant. “If your protocol is built on Solana or Ethereum, it makes sense to hold SOL or ETH because you’re hedging your platform risk and reinforcing your alignment within that particular ecosystem. “

Colkitt said the shift also shows that altcoins like SOL and ETH now have strong market support and clearer growth narratives. “The risk, of course, is that these assets are still volatile,” he added. “If you’re a public company holding a chunky position in an underperforming altcoin, it can introduce unwanted noise into your balance sheet. On the flip side, it does show you have real skin in the game.”

Sui (SUI)

Mill City Ventures, a publicly traded specialty finance company based in the U.S., announced a $450 million private investment to acquire SUI tokens as its main treasury asset.

Nearly 98% of the funds raised will be used to purchase SUI, the native token of the Sui blockchain, which currently has a total value locked (TVL) exceeding $2 billion, according to DeFiLlama. The remaining 2% will support Mill City’s existing short-term lending business.

“We’re seeing more companies experiment with holding ETH or other assets like SOL and SUI in their treasury because the market has matured beyond Bitcoin,” Sid Powell, the CEO of Maple Finance, told The Defiant. “It’s less about speculation and more about strategic alignment.”

He added that holding tokens like SUI can signal confidence in a network where you’re building or operating.

Ethena, BNB, HYPE

Ethena’s ENA token is also becoming increasingly popular in treasuries looking for synthetic dollar exposure and yield opportunities. The Ethena protocol, with backing from major investors including Polychain Capital and Pantera Capital, offers stablecoins that can be used in DeFi yield platforms like Pendle.

StablecoinX, formed through a SPAC merger, recently raised $360 million in a private equity round to hold ENA and is planning to list on the Nasdaq under the ticker USDE, according to Messari research.

Nano Labs, a China-based Web3 company, recently announced a $500 million convertible notes purchase agreement as part of a broader plan to develop a $1 billion BNB treasury. BNB is the native token of the Binance-affiliated BNB Chain.

Meanwhile, Nasdaq-listed biotech firm Sonnet BioTherapeutics recently announced in July that it will merge with newly formed Rorschach to launch a Hyperliquid (HYPE) digital asset treasury, which is expected to hold 12.6 million HYPE tokens. The company also said it would hold $305 million in cash for future token purchases.

The Risks of Crypto as Treasury Assets

While crypto treasuries offer new ways for companies to manage capital, they come with risks. Altcoin holdings, in particular, face volatility and regulatory uncertainty.

According to a recent report by Animoca Brands, companies that announce altcoin treasury plans see their stock prices surge, but the tokens themselves often do not always rise concurrently, suggesting speculation rather than actual buying pressure.

The report also warns of risks such as leveraged losses, liquidity challenges, and collateral liquidation if altcoin prices fall sharply. Activist investors may push companies to sell tokens if stock prices lag net asset value, and altcoins carry additional technical and governance risks compared to Bitcoin.

“This shift reflects how crypto has matured. It’s no longer just about holding an asset; it’s about being part of a platform. But that also introduces risk,” said Mike Cahill, CEO of Douro Labs. “If your company’s stock is flying high but your treasury asset is underperforming, markets might start asking tough questions. The key is treating treasury assets like strategic positions – not speculative ones.”