Can listed companies "change their fate" by jumping on the cryptocurrency speculation bandwagon?
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Can listed companies "change their fate" by jumping on the cryptocurrency speculation bandwagon?
2025 Public Company Crypto Treasury Strategy Overview
Navigating Web3 tides with focused insightsAuthor: Weilin, PANews
"The copycat season is here—it's just not happening in crypto, but in crypto-related stocks." This joke circulated among the crypto community after SharpLink (SBET), a U.S. publicly traded company, announced fundraising to purchase ETH and saw its stock surge tenfold within a week—highlighting the surging interest in crypto概念股.
MicroStrategy’s successful transformation has shown public companies the benefits of incorporating digital assets into corporate financial strategies. An increasing number of global listed firms—from tech giants with hundred-billion-dollar market caps to small, previously marginal enterprises—are actively adding cryptocurrencies such as Bitcoin, Ethereum, SOL, and XRP to their treasuries.
This article by PANews reviews currently active public companies holding significant crypto assets, based on market capitalization, holdings volume, and增持 trends since 2025. It covers industries including e-commerce, fintech, traditional banking, and mining, with primary data sourced from Bitcoin Treasuries.
From this overview, it's clear that while companies whose core business is crypto (such as Coinbase) maintain strong treasury positions, their share prices remain highly correlated with broader crypto market volatility. In contrast, some mid-to-small-cap firms have seen explosive valuations following sudden announcements of crypto purchases—achieving double or even multiple-fold gains in short periods. Numerous companies previously struggling with growth are now leveraging digital asset reserve strategies for "financial turnarounds," resulting in dramatic reversals in stock performance.
Top-Tier Firms: High Market Cap + Large Holdings
MicroStrategy (MSTR)｜Market Cap: $103.3B｜Holdings: 580,955 BTC
As the pioneer of the "Bitcoin treasury" strategy, MicroStrategy remains the largest corporate holder of Bitcoin among all public companies globally. As of June 3, the company has accumulated 580,955 BTC at a total cost of $40.67 billion, averaging $70,023 per BTC. The company has continued modest accumulation year-to-date, currently sitting on an unrealized gain of 49%.
Despite purchasing at elevated price levels, the firm maintains unwavering conviction in BTC. CEO Michael Saylor stated in an interview at the Bitcoin 2025 Conference that his Bitcoin accumulation plan has no upper limit. He believes Bitcoin’s price will continue rising, making future purchases exponentially more difficult—but MicroStrategy will acquire BTC with ever-increasing efficiency. As of June 1, MSTR shares were up 23.02% year-to-date, reflecting partial market endorsement of its Bitcoin strategy.
MSTR's BTC holdings changes YTD (in red)
MercadoLibre (MELI)｜Market Cap: $130B｜Holdings: 570.4 BTC
Latin American e-commerce and fintech giant MercadoLibre has included Bitcoin in its financial assets since 2021. By the end of Q1 2025, its holdings increased from 412.7 to 570.4 BTC, reflecting ongoing commitment to crypto allocation.
Although MercadoLibre allows users via its payment platform MercadoPago to use Bitcoin, Ethereum, and stablecoins for payments in regions like Brazil, these user-held cryptos are primarily used for transactions (e.g., buying goods or real estate) rather than being directly recorded on MercadoLibre’s balance sheet. The company delivered strong quarterly results, with 67 million active buyers and a 31% MoM increase in fintech user engagement. Supported by solid fundamentals, its stock rose 45.23% YTD. Its average Bitcoin acquisition cost stands at $38,569, yielding an unrealized profit of 169.06%.
Coinbase (COIN)｜Market Cap: $62.8B｜Holdings: 9,267 BTC
As the largest U.S. crypto exchange, Coinbase demonstrates confidence in Bitcoin not only as a trading gateway but also through direct investment. On March 31, 2025, the company added 2,382 BTC, bringing its total holdings to 9,267 BTC at an average cost of $55,937.
However, due to weaker-than-expected Q1 earnings and overall market downturns, Coinbase shares declined 4.12% YTD, hitting a low of $151.47 on April 18 before gradually recovering. Nonetheless, its Bitcoin holdings still enjoy over 85% unrealized gains.
Block (formerly Square)｜Market Cap: $38B｜Holdings: 8,584 BTC
Jack Dorsey-led Block is integrating Bitcoin deeply into its products and ecosystem. As of end-March, the company holds 8,584 BTC at an average cost of just $30,405—generating an unrealized gain of 243.15%. Block’s ecosystem includes popular platforms such as Cash App, Square point-of-sale systems, and the recently launched Bitkey self-custody Bitcoin wallet.
Despite solid fundamentals, Block’s stock has fallen 28.82% YTD, reflecting investor concerns about macroeconomic conditions and profitability in its payment business.
Traditional Financial Giants Enter Crypto
Intesa Sanpaolo (ISP.MI)｜Market Cap: $99.1B｜Holdings: 11 BTC
Italy’s largest bank, Intesa Sanpaolo, made its first purchase of 11 BTC on January 14, 2025, worth approximately €1 million, marking a “test operation” by a traditional bank into cryptocurrency ownership. Though minimal in scale, the move sends a powerful signal—the trend toward compliant crypto holdings is accelerating.
As Italy’s largest financial institution by assets, Intesa Sanpaolo plays a pivotal role in the national financial system, serving millions of customers across retail, corporate, and investment banking in both domestic and international markets.
As of June 1, its stock was up 27.1% YTD.
Virtu Financial (VIRT)｜Market Cap: $6.2B｜Holdings: 235 BTC
New York-based market maker and execution services provider Virtu Financial, founded in 2008, is experimenting with digital asset trading and reserves. To date, it holds 235 BTC at an average purchase price of $82,621. Despite high entry costs, the position still yields a 26.47% unrealized gain. Virtu also views Bitcoin as part of its strategic risk hedging toolkit.
Year-to-date, Virtu’s stock has risen 11.42%.
Miners & New Entrants to Treasury Holding
MARA Holdings (MARA)｜Market Cap: $5.1B｜Holdings: 49,228 BTC
MARA, one of America’s largest Bitcoin miners, has significantly expanded its treasury throughout 2025. The company made multiple Bitcoin purchases in January through May, including a single-day addition of 1,003 BTC on May 30. Its total holdings now stand at 49,228 BTC, ranking second globally among public companies by BTC quantity.
Based in the United States, MARA is known for its large-scale, institutional-grade Bitcoin mining operations. Leveraging advanced technology and strategic partnerships, it maximizes mining efficiency and output. At the core of MARA’s business model is securing and validating Bitcoin transactions, earning revenue from block rewards and transaction fees—while retaining a substantial portion of mined BTC as long-term treasury assets.
GameStop (GME)｜Market Cap: $13.3B｜Holdings: 4,710 BTC
GameStop Corp., a specialty retailer operating physical stores and e-commerce platforms across the U.S., Canada, Australia, and Europe, offers video games and entertainment products. It sells new and used gaming consoles, accessories (like controllers and headsets), physical and digital game software, downloadable content, and in-game currencies. Originally incorporated as GSC Holdings Corp. in 1996, GameStop is headquartered in Texas, USA.
The retailer, famous for its “retail investor legend” status during the meme stock era, is now pivoting toward digital assets. On March 25, GameStop officially announced that its board had unanimously approved an updated investment policy to include Bitcoin as a corporate reserve asset. On May 28, the company confirmed it had already acquired 4,710 BTC, becoming one of the fastest-moving traditional firms to adopt Bitcoin in 2025. While its stock remains down 2.80% YTD, market attention has surged significantly.
Beyond the major players mentioned above, other smaller-cap but actively accumulating firms in 2025 include Metaplanet, Core Scientific, Rumble, and Bitdeer Technologies. Additionally, several recently high-profile companies have begun entering the space, signaling growing interest in the sector.
Small-Cap, Big-Move “Newcomers”
SharpLink (SBET)｜Market Cap: $53.58M｜ETH Treasury Strategy
On May 27, SharpLink—a little-known small-cap U.S. stock previously teetering on delisting—announced a private placement raising approximately $425 million, with plans to aggressively buy ETH as its primary treasury asset. Many dubbed it the “Ethereum version of MicroStrategy.”
Betting on ETH as treasury reserve, the company raised $425 million despite a pre-deal market cap of just $2 million. The funding round featured a star-studded lineup, led by ConsenSys, an Ethereum infrastructure developer. On the day of the announcement, SharpLink’s share price soared to a peak of $50, its highest level since May 2023.
Related reading: “The ETH Version of MicroStrategy Is Here! U.S. Stock SharpLink Raises Over $400M Backed by Ethereum Supporters After Nearly Facing Delisting”
Trump Media & Technology Group (TMTG)｜Market Cap: $4.7B｜Bitcoin Treasury Plan
TMTG, founded by former U.S. President Donald Trump, announced in late May a $2.5 billion fundraising initiative to build a Bitcoin treasury and develop a “Truth Social Ecosystem” centered on crypto finance. The announcement sparked ongoing discussions about the intersection of politics and cryptocurrency.
Asset Entities (ASST) + Strive｜Market Cap: To be updated post-merger｜BTC Treasury Target
On May 7, digital marketing and content delivery firm Asset Entities (NASDAQ: ASST) announced a definitive merger agreement with Strive Asset Management. Following the merger, the combined entity will be renamed Strive, remain listed on NASDAQ, and transform into a publicly traded Bitcoin treasury company. On May 27, it was reported that Strive Asset Management completed a $750 million PIPE (Private Investment in Public Equity) round at $1.35 per share—representing a 121% premium over ASST’s prior closing price—with potential expansion via warrants up to $1.5 billion. Proceeds will fund acquisitions of undervalued biotech firms, claims against Mt. Gox bankruptcy estates, and discounted structured BTC credit products to build its Bitcoin vault.
Upexi (UPXI)｜Market Cap: $400M｜Solana Strategy
On April 21, prominent crypto trading and investment firm GSR announced a PIPE investment of up to $100 million in Upexi, Inc. (NASDAQ: UPXI), a consumer goods company, betting on its upcoming full transition to a Solana-based treasury strategy. Upon news release, Upexi’s stock surged over sixfold intraday.
VivoPower (VVPR)｜Market Cap: $46.92M｜XRP Treasury Strategy
On May 29, Nasdaq-listed energy company VivoPower International (VVPR) announced completion of a $121 million private placement, transitioning to an XRP-centric crypto reserve strategy. Prince Abdulaziz bin Turki Abdulaziz Al Saud of Saudi Arabia led the $100 million investment.
Conclusion
As Bitcoin transitions from a “fringe” asset to mainstream acceptance—from MicroStrategy to MercadoLibre, from banking giant Intesa to SharpLink—an increasing number of public companies are embracing digital assets in diverse ways. Some view Bitcoin as a store of value; others aim to build new financial frameworks around Ethereum or Solana; and some are even using “treasury strategies” to drive corporate reinvention.
This reflects not only financial diversification but also the growing integration of crypto assets into global capital markets. Looking ahead, as regulations become clearer and infrastructure continues to mature, more companies with billion- or even hundred-billion-dollar valuations may join the “coin-holding club.”
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