Crypto Treasury Firms Expand Holdings and Influence in 2025
In 2025, publicly traded crypto-treasury firms raised billions to stockpile digital assets, expanding their holdings beyond Bitcoin to include Ethereum, Solana, Dogecoin, Tron, Toncoin, and other assets. Many firms adopted the Strategy firm's model, which diversified into new securities and popularized the mNAV metric (market cap or enterprise value divided by crypto holdings). This metric became key for valuation and fundraising, influencing stock issuance to acquire more Bitcoin and generate Bitcoin yield.
The market grew increasingly crowded, leading to liquidity fragmentation and attention spreading across many players. Approximately 200 publicly traded companies held Bitcoin, and around two dozen held Ethereum. Premiums on mNAV faded, prompting several firms to buy back shares or sell crypto assets. Notably, Strive Asset Management acquired Semler Scientific for $1.3 billion. Major holders included Tesla, which owned about 11,500 Bitcoin valued near $1 billion, and GameStop, holding 4,710 Bitcoin bought for $512 million, worth about $438 million by December. The clustering of crypto treasuries attracted scrutiny and consolidation pressure.
The regulatory context shifted with changes in SEC leadership under President Donald Trump, enabling the formation of many crypto-treasury firms, often through reverse mergers. Under these conditions, firms like AlphaTON Capital, led by Brittany Kaiser, focused on stockpiling Toncoin and pursuing ventures in the TON/Tor Telegram ecosystem. January saw an exclusivity deal between The Open Network Foundation and Telegram. AlphaTON emphasized decentralized finance, gaming, and business applications alongside staking.
Other staking and validator activities included SOL Strategies, which focused on delegated stake for Solana validators, and BitMine Immersion Technologies, a large corporate Ethereum holder exploring validators to earn staking rewards. If the hype surrounding crypto treasuries diminishes, incumbents like Strategy might lend Bitcoin, though this may not be practical for new entrants, potentially leading to mergers and acquisitions as the sector matures.
