From BTC, ETH to altcoins, corporate treasury is setting off a cryptocurrency trend

Deng Tong, Bitchain Vision

In its research report in early June, Grayscale pointed out that spot ETP listed in the United States can be said to be the most important source of new demand for Bitcoin since its launch.During May, these products continued to maintain high net inflows, totaling US$5.2 billion.In the coming months, the Bitcoin purchase volume of “bitcoin vault” companies (i.e. listed companies purchase Bitcoin for their balance sheets) may remain flat or even exceed the purchase volume of spot Bitcoin ETP.

For details, please view the Bitchain Vision article“Grayscale: Big Beauty Act, Crypto Vault Companies Are Boosting Bitcoin Demand”

This article sorts out which crypto vault companies are currently in place and explores why large companies are buying cryptocurrencies for their balance sheets.

1. From mainstream coins to altcoins, the corporate treasury is setting off a cryptocurrency trend

BTC

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

Strategy is undoubtedly a big currency holder.In 2020, Strategy announced for the first time that it would use Bitcoin as its main reserve asset, allocating its company’s funds to Bitcoin, and actively raising funds through various means to increase Bitcoin holdings.They see Bitcoin as a long-term store of value and inflation hedging tool, and use the “buy and hold” strategy to take advantage of the gains from the rise in Bitcoin’s price, with the goal of becoming a “digital gold treasury.”

On June 24, Strategy Michael Saylor tweeted that Strategy’s Bitcoin strategy continues to achieve significant results.As of the latest data, the company has held a total of 592,345 Bitcoins, with a total market value of US$63.018 billion.Against the backdrop of Bitcoin price climbing to $105,269, MicroStrategy has increased its holdings of 85,871 bitcoins this year, achieving a book gain of $9.04 billion.Since the beginning of 2024, the company’s Bitcoin holdings have increased by 74.3%, with a cumulative profit of US$13.133 billion.

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

MARA Holdings, Inc. is one of the most well-known Bitcoin mining listed companies in the United States.Rather than simply mining and selling Bitcoin, MARA adopts a long-term holding strategy and regards Bitcoin as a strategic reserve asset.MARA also diversified by issuing stocks and convertible bonds to raise funds and using the proceeds to buy more bitcoins in the open market.MARA is currently recognized as the second largest Bitcoin holder among listed companies, second only to Strategy.

3.Twenty One Capital, 37,230 Bitcoins, market value of US$3.96 billion

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

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

4. Riot Platforms, Inc., 19,225 Bitcoins, with a market value of US$2.045 billion

Riot Platforms’ business model is centered on large-scale Bitcoin mining business, and Riot’s Bitcoin strategy is clear and clear:Accumulate and hold a large amount of Bitcoin as core assets.By continuously expanding mining capabilities and investing in infrastructure, Riot aims to consolidate its position as a top institutional holder of Bitcoin.

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

Galaxy Digital’s strategic focus is to provide financial tools for North American Bitcoin miners and establish partnerships with third-party data center providers to deeply integrate into the infrastructure construction of the Bitcoin network.Galaxy Digital’s Bitcoin strategy is stable and diverse, not only regarding Bitcoin as a means of storage of value, but also as the underlying asset of the digital economy.

Galaxy Digital CEO Mike Novogratz has said that Bitcoin will replace gold at a price of $1 million.

6.CleanSpark, Inc., 12,502 Bitcoins, with a market value of US$1.33 billion

CleanSpark’s business model centers on sustainable large-scale Bitcoin mining, leveraging proprietary technology and strategic expansion to maximize operational efficiency and output.CleanSpark has adopted the “HODL” (long-term holding) strategy in the past and has accumulated a large amount of Bitcoin as its core assets.However,In 2025, CleanSpark turned to a more balanced strategy, monetizing some of the mined bitcoins for operations and expansion while still maintaining a large holding.

In early June, CleanSpark issued a statement saying that mining produced 694 bitcoins in May, and the number of bitcoins held as of May 31 reached 12,502.

7. Tesla, 11,509 Bitcoins, with a market value of US$1.224 billion

Tesla’s entry into the Bitcoin field marks an important milestone in the integration of traditional industries and digital assets.In early 2021, Tesla invested $1.5 billion to buy Bitcoin, becoming the focus of media attention, marking its bold layout aimed at diversifying funds and embracing the potential of decentralized finance.This strategic allocation stems from its belief in the long-term value of Bitcoin as a means of wealth storage and hedging the depreciation of fiat currencies.Tesla’s Bitcoin strategy has become a benchmark for other listed companies to include digital assets in corporate financial management.

8.Metaplanet Inc., 11,111 Bitcoins, with a market value of US$1.182 billion

Metaplanet not only regards Bitcoin as a reserve asset, but also as a strategic hedging tool to resist inflation and depreciation of fiat currencies.This strategy is exactly the same as the world’s leading Bitcoin holders.Metaplanet’s goal is to accumulate 10,000 bitcoins by the end of 2025 and 21,000 bitcoins by 2026.Metaplanet’s total cost base is $414 million, and its firm belief in Bitcoin is obvious.The continued increase in holdings has made it the largest open Bitcoin holder in Asia and ranked among the top ten Bitcoin holders in the world.

On June 24, Metaplanet approved a $5 billion investment into its U.S. subsidiary for Bitcoin vault operations, with the goal of holding 210,000 Bitcoins by the end of 2027.

9.Hut 8 Mining Corp, 10273 Bitcoins, market value of US$1.092 billion

Hut 8’s business model leverages advanced mining technology and strategic energy partnerships as the core to maximize Bitcoin production while maintaining operational efficiency.The company’s investment philosophy is rooted in Bitcoin’s long-term value proposition as a digital asset and a means of storage of value.By accumulating and holding large Bitcoin reserves, Hut 8 aims to provide shareholders with the opportunity to directly participate in the rise in Bitcoin prices while generating revenue through mining operations and related services.

Early in 2025,Hut 8 also announces a strategic partnership with Eric Trump to launch “American Bitcoin Corp”, aims to set new standards for Bitcoin mining efficiency and scale.

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

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

On June 25, Coinbase CEO Brian Armstrong disclosed on social media that Coinbase is currently providing cryptocurrency integration services to about 200 banks, brokerages, fintech companies and payment companies.Armstrong said that this business area was underestimated and invited interested institutions to negotiate cooperation with Coinbase.

ETH

11.SharpLink,188,000 ETH, worth $459 million

SharpLink bought 12,207 Ethereum (ETH) at an average of $2,513 per coin in the week ending June 20, and currently holds more than 188,000 ETH, worth $459 million.SharpLink said the company raised $27.7 million by selling 2.54 million shares, much of which is used to strengthen its ETH investment.

SharpLink’s chairman Joseph Lubin – co-founder of Ethereum – said,Increasing the company’s ETH holdings will create “long-term value” for shareholders.

12.Mega Matrix, unknown

The Mega Matrix Board of Directors approved Bitcoin and Ethereum as treasury reserve assets on May 31, 2025 to enhance the company’s long-term balance sheet.

SOL

13.Upexi, 596,714 SOL, market value of US$87.1202 million

Upexi held approximately 596,714 SOLs, currently worth $87.1202 million, including spot and locked tokens, purchased through a total of $84.2 million in funds, with an average cost of $141.10 per SOL.Upexi plans to drive long-term asset appreciation and bring profits to shareholders through accumulation and pledge SOL.Its chief financial officer Andrew Norstrud said that under the long-term “buy and hold” strategy, buying discount-locked SOLs can bring intrinsic benefits to shareholders. The discount will gradually disappear over time, and the locked SOLs are pledged. In the case of controllable risks, the combination of discounts and a weighted period of about 1.4 years effectively doubles the shareholder’s pledge rate of return.

14. Janover Inc., 317,273 SOLs, market value of US$46.3218 million

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

In April 2025, Janover announced an increase in holdings of 163,651.7 SOL, becoming a typical case of cross-border crypto markets in the traditional industry.In addition to purchasing SOL before, Janover’s total SOL holdings reached 317,273 pieces, worth approximately US$46.3218 million (including pledge rewards).

On April 4, the company’s board of directors approved the inclusion of SOL in the corporate vault, and the transaction was completed through market purchases on April 15.Janover plans to pledge these tokens to obtain 5-7% annualized income, and consider operating Solana network verification nodes to participate in ecological construction.The funding source for this move is its cash reserves and $42 million convertible bonds raised from crypto-industry institutions such as Pantera Capital and Kraken on April 7.

15.SOL Global lnvestments Corp., 260,000 SOL, 37.96 million US dollars

SOL Global lnvestments Corp. is a Toronto-based Canadian investment company focusing on tapping the potential of cryptocurrencies, blockchain and emerging technologies.

In 2025, SOL Gobal further focused on Solana (SOL), consolidated its pioneering position in the crypto market by increasing its holdings of 40,350 SOLs (worth approximately US$8.7 million), and became a benchmark for traditional investment companies to embrace the Solana ecosystem.In January 2025, SOL Global announced the raising of funds through a targeted additional issuance of US$18 million, of which US$10 million will be directly used to purchase SOL’s remaining funds to invest in Defi and NFT projects in the Solana ecosystem.As of March, about 60% of the 40,350 SOLs held by the company were pledged to lock in the Solana network to obtain 6.26% annualized income.The latest news shows that SOL Global currently holds about 260,000 SOL.The company’s CEO Paul Kania said in the announcement:We are aspiring to be the Solana Super Company, providing public market investors with a pathway to directly participate in Solana’s transformation opportunities.

BNB

16.Build & Build Corporation, plans to purchase $100 million BNB

On June 24, Bloomberg reported:cryptocurrency fund management company Build & Build Corporation is seeking to raise $100 million to acquire BNB.The company will be led by former executives at Coral Capital Holdings, with its strategy comparable to MicroStrategy’s strategy focused on Bitcoin.The company will accumulate BNB as its core asset and plans to go public through a reverse repurchase transaction with an unspecified Nasdaq listed company.

17.Nano Labs, intends to purchase $1 billion BNB

June 24,Nano Labs, a Nasdaq-listed company, announced that it will raise $500 million through private placement of convertible bonds, initially intending to purchase $1 billion worth of BNB, and plans to hold 5% to 10% of BNB circulation for a long time.The company has signed agreements with several investors for a period of 360 days, regardless of interest, and can be converted to the company’s Class A common stock at $20 per share.

Other cryptocurrencies

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

Entertainment SRM Entertainment, Inc. (NASDAQ: SRM) announced that it has signed a securities purchase agreement (“SPA”) with a private investor, which will be used by SRM to launch a Tron Token (TRX) treasury strategy in the form of a $100 million equity investment.In addition, Justin Sun, founder of Tron Blockchain, has been appointed as a company consultant.In addition, the company plans to change its name to Tron Inc.With all warrants exercising, the value of this strategic investment will reach US$210 million.

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

Nasdaq-listed Lion Group Holding (LGHL) is building a $600 million cryptocurrency vault reserve with Hyperliquid (HYPE) tokens as its main asset.The Hyperliquid token will serve as the “main reserve asset” of the company’s L1 vault reserve assets, which will also include Solana and Sui tokens.

LGHL CEO Wilson Wang pointed out: “Hyperliquid represents the natural extension of LGHL’s existing derivatives business to a decentralized market, and also reflects our belief thatDecentralized chain execution is the future of transactions.We believe that protocols with decentralized sorting such as HYPE are the basis for building scalable DeFi systems.Solana’s dominance in consumer-facing crypto apps, and Sui’s recent support from World Liberty Financial are key factors in its choice of altcoins.”

20. Everything Blockchain, intends to purchase US$10 million SOL, XRP, SUI, TAO, HYPE

Everything Blockchain Inc. (OTC: EBZT) announced plans to invest $10 million in five rapidly expanding blockchain networks: Solana (SOL), Ripple (XRP), Sui (SUI), Bittensor (TAO) and Hyperliquid (HYPE).This move allowsEBZT became the first US listed company to establish a diversified, pledged crypto warehouse, aiming to capture revenue and future institutional interests.This strategy reflects the growing market demand for crypto-backed equity games.

21.Synaptogenix, TAO (amount unknown)

Synaptogenix has purchased TAO cryptocurrency tokens for the first time, as part of its recently announced cryptocurrency funding strategy focused on artificial intelligence and machine learning.Joshua Silverman, Executive Chairman of Synaptogenix, said that under the guidance of James Altucher, Chief of Strategy at Crypto TAO,The company has begun betting on tokens to generate revenue and realize capital appreciation.

22.Interactive Strength, plans to purchase FET for US$500 million

On June 11, Interactive Strength, a Nasdaq listed fitness equipment manufacturer, announced a $500 million financing acquisition of Fetch.ai tokens andBuild the world’s largest corporate AI token library.

2. Why are big companies buying cryptocurrencies for balance sheets?

According to Bitwise, from 2025 to the present, institutional buyers have dominated Bitcoin demand and increased their holdings of 417,000 BTC.

Jesse Myers, head of Bitcoin strategy at Moon Inc., pointed out that Bitcoin holders underestimate the amount of Bitcoin that companies will accumulate in the next few decades, predicting that Bitcoin reserves will hold 50% of the world’s Bitcoin by 2045, while Strategy, led by Michael Saylor, will own $70 trillion in Bitcoin, becoming the most valuable company in history.Currently, publicly listed and private companies, ETFs and countries hold a total of about 3.23 million BTC worth about $348.25 billion, with about $318 trillion of bond capital seeking better investment channels, and Bitcoin reserves will become the main buyer of BTC in the next few decades.

1. Improved regulatory system

USA:Bitcoin is defined as a commodity by CFTC and considered a securities by SEC (required for Howey test).According to ASC 350, enterprises can use Bitcoin as an intangible asset, and measure it at the lowest cost or net realizable value, and cannot be transferred back after impairment.
France, Germany:MiCA regulations such as member states allow companies to hold Bitcoin, but must comply with MiCA’s anti-money laundering and transparency requirements.
Japan:The Payment Services Act of 2017 defines Bitcoin as “legal property” and allows businesses to hold it.
Australia:Bitcoin is presented as an intangible asset or financial asset, measured at cost or fair value, and transaction income is subject to capital gains tax.
Singapore:Bitcoin is regarded as a payment tool by MAS and is allowed to be held by businesses.
Germany:Bitcoin is regarded as a private asset and is freely held by businesses.

2. Hedging inflation

The essence of inflation is the decline in purchasing power of fiat currency, and Bitcoin, as a decentralized asset, is not affected by the monetary policy of a single country.When the central bank implements loose policies (such as interest rate cuts and money printing), expectations of fiat currency depreciation heat up, and some funds may flow into Bitcoin in order to maintain value.Moreover, Bitcoin has a “halving” mechanism that causes its annual inflation rate to decrease over time (currently about 1.7%, and it will drop to 0.85% after halving in 2024), which is close to zero for a long time, far lower than the fiat currency inflation rate in most countries.

3. Occupy emerging financial markets

Enterprises holding cryptocurrencies is essentially a layout of the “blockchain + Web3” technology ecosystem, and is at the forefront of Web3 technology.Buying cryptocurrencies by large companies can be seen as a signal to seize emerging financial markets and will affect the company’s development prospects to a certain extent.

For example, in February 2021, Tesla announced that it had purchased $1.5 billion in Bitcoin and plans to accept Bitcoin payments.This move caused Tesla’s stock price to rise by more than 10% in a week, with its market value exceeding $800 billion (previously about $700 billion), and Musk’s subsequent series of cryptocurrency-related remarks will attract a lot of attention.

David Bailey, president of Bitcoin Magazine, said 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 a company is actually the liquidity of Bitcoin. If you do not join the company, you will face “death”.

4. The future of the crypto market is promising

In 2009, BTC was valued close to zero when it first came out; in 2013, BTC rose from US$13 to US$1,200; in 2017, ICO tropical drives BTC to approach US$20,000; in 2021, BTC hit a new high of US$69,000; in 2024, BTC price rose from about US$42,000 to US$108,000; in 2025, BTC broke the high of US$110,000.

ARK Invest CEO Cathie Wood believes that BTC prices will grow 15 times over the next five years.“BTC represents a distinctive global monetary system, and its volatility is decreasing as more and more investors hold it.”