2025 Sees Surge in Crypto Treasury Activities Among Public Firms
In 2025, publicly traded firms raised billions to stockpile cryptocurrencies beyond Bitcoin, expanding their holdings into assets such as Ethereum and Solana. Many crypto treasury firms copied Strategy's Bitcoin buying playbook, with mNAV emerging as a core valuation metric; some firms preferred enterprise value over market capitalization. Entry into the sector was frequently achieved via reverse mergers, facilitated by a regulatory shift under President Donald Trump, which enabled the SEC to approve more entrants.
Notable moves included GameStop purchasing 4,710 BTC for $512 million and Tesla holding about 11,500 BTC valued at roughly $1 billion as of early December. Strive Asset Management acquired Semler Scientific for $1.3 billion, while firms such as Microsoft and Meta rejected proposals to accumulate Bitcoin. By the end of the year, mNAVs generally discounted crypto holdings, prompting stock buybacks or crypto sales and raising concerns about attention and liquidity fragmentation. Analysts anticipate potential mergers and acquisitions within the sector.
The crypto treasury trend expanded beyond Bitcoin to tokens like Toncoin through AlphaTON Capital and The Open Network ecosystem, which featured TON-related deals and ecosystem plays. Validators and staking gained prominence: SOL Strategies pursued Solana validators, BitMine Immersion Technologies, the largest corporate Ethereum holder, explored validators, and AlphaTON along with others engaged in decentralized finance, gaming, and staking strategies.
Looking ahead, this trend may become a lasting pillar on Wall Street, supported by a favorable regulatory environment and continued entry of new firms. Bloomberg noted that Strategy could consider lending Bitcoin if the hype diminishes.
