Corporate Bitcoin Bets Push Crypto Treasury Holdings Beyond $100B Milestone

Wall Street's new favorite piggy bank just got fatter. Corporate treasuries now hold over $100 billion in crypto—with Bitcoin leading the charge as the institutional darling.

The great hedge experiment

Once laughed out of boardrooms, BTC allocations are now standard operating procedure for CFOs chasing yield (and desperately trying to look innovative). MicroStrategy's playbook went mainstream faster than a DeFi exploit.

Zero-interest-rate trauma runs deep

Traditional finance still scoffs—right before quietly adding another zero to their own crypto research budgets. Meanwhile, the 'volatility' boogeyman looks increasingly silly as Bitcoin's 2025 correlation with the S&P 500 hits 0.78.

The closing irony? These same corporations that spent years dismissing crypto now rely on it to spice up their earnings calls. Nothing boosts stock prices like pretending to understand blockchain.

• Crypto treasury holdings by public companies have surpassed $100 billion, signaling a major shift toward digital asset adoption.
• Bitcoin and Ethereum dominate, with nearly 4% of all BTC and 1.1% of ETH supply held by Digital Asset Treasury Companies (DATCOs).
• Global adoption is rising, but risks remain from overvaluations, regulatory pressure, and potential liquidity crunches.

The crypto market of 2025 is riding a wave of institutional momentum, with fading macroeconomic angst and growing investor demand for alternative assets. But beneath the surface of price action, something more profound is at work, something that is reordering the way companies think of their treasuries.

There is now a new crop of publicly listed companies, rechristened Digital Asset Treasury Companies (DATCOs), emerging. Unlike earlier cycles where corporate holdings of cryptocurrencies were treated as high-risk speculative holdings, such companies are embracing digital assets like Bitcoin and ethereum as primary components of their treasury reserves, alongside fiat currencies or gold.

According to Galaxy Research’s latest report, The Rise of Digital Asset Treasury Companies, the phenomenon has expanded exponentially. Collectively, these corporates hold more than $100 billion in digital assets, representing a rising share of global token supply and transforming capital deployment strategy across public markets.

Galaxy’s figures indicate that DATCOs currently possess roughly 791,662 BTC ($93B) and 1.31 million ETH ($4B), accounting for nearly 4% of all Bitcoin and 1.1% of Ethereum’s supply. These figures rival the holdings of some sovereign wealth funds, demonstrating the serious attention being given to digital assets as part of financial infrastructure.

Though Bitcoin is still king, Ethereum is picking up steam, especially among yield-seeking companies. ETH held in treasuries is typically staked, allowing companies to earn passive income on dormant assets.

Concurrently, alternative Layer-1 tokens are being adopted by newer DATCOs like SharpLink Gaming, BitMine, and GameSquare, which prefer yield-boosted treasury programs over pure appreciation plays.

The DATCOs don’t resemble idle ETFs, either. Instead, most of them employ advanced capital-market tactics to build out their crypto war chests. Some raise capital through at-the-market (ATM) equity offerings once their shares trade above net asset value, converting share premiums into cheap crypto buys.

They employ PIPE deals, private placements, or SPAC mergers to accelerate accumulation. This strategy has generated huge paper profits; some companies now report billion-dollar unrealized gains based on accumulation timed during bull cycles.

Crypto Treasuries Surge, Bubble Fears Grow

Although most of the DATCOs are American due to DEEP capital markets access, the strategy is rapidly expanding globally. Listed businesses on foreign exchanges are beginning to replicate such strategies, spurring crypto liquidity and bridging the correlation between equity performance and the value of digital assets.

However, the trend isn’t riskless. A sharp decline in equity premiums, rising regulatory pressure, or liquidity stress could trigger panic selling of crypto. Additionally, the valuations of many DATCOs far exceed the value of their corresponding assets, by as much as 10x in some cases, raising concerns about another speculative bubble.

With close to 1 million BTC now controlled by an estimated 160 publicly traded businesses, and over 35 individual firms each holding over $120 million in cryptocurrency, the DATCO model is gaining steam. But with new entrants emerging seemingly every day, the line between innovation and HYPE is becoming increasingly blurred.