Corporate Crypto Treasuries Expand in 2025 with Major Bitcoin, Ethereum, and Solana Holdings
In 2025, corporate crypto treasuries scaled rapidly, with firms across sectors replicating Strategy's model to raise capital for Bitcoin, Ethereum, and Solana.
Strategy (MSTR) remains the largest holder with 660,624 BTC worth about $62 billion as of December 15, financed by a mix of debt and equity.
Notable Strategy purchases this year include a February $2 billion zero-coupon convertible bond sale acquiring 20,365 BTC at $97,514 each, a March purchase of 22,048 BTC at about $87,000 amid U.S.-China trade tensions partially financed by stock and new STRK equity, and an April acquisition of 15,355 BTC for $1.42 billion mainly via stock sales, which ties funding to market-cap dynamics and raises dilution risk if market cap falls below BTC holdings.
In July, Strategy launched STRC, a monthly-dividend perpetual preferred stock to fund a 21,021 BTC purchase as part of its "21/21 Plan" to raise $21 billion each in equity and debt; STRK and STRF were earlier precedents.
Forward Industries (FORD) became the world’s largest Solana treasury, raising $1.65 billion via private placement to buy 6,822,000 SOL at $232 and reporting 6,910,568 SOL by November. The company is also preparing to raise an additional $4 billion via stock sales.
BitMine Immersion Technologies (BMNR) purchased 203,826 ETH for $963 million in October, holding about 3.8 million ETH worth over $12 billion by December 15. BMNR also holds $22 million in Bitcoin, $239 million in other investments, and approximately $1 billion in cash, ranking it as the second-largest Ethereum treasury after Strategy-related firms.
The Ether Machine (ETHM) raised $654 million in August. It holds 495,362 ETH worth over $1.4 billion and employs staking and DeFi strategies to generate yield. ETHM originated from a merger and has traded on Nasdaq since August.
Metaplanet acquired 5,419 BTC for $632.53 million in September at $116,724 per BTC, holding 30,823 BTC worth about $2.7 billion as of December 15. It ranks fourth behind Strategy, Marathon Digital, and Twenty One Capital and aims to hold 100,000 more BTC in 2026 and 210,000 by 2027, targeting about 1% of total supply.
