- Crypto treasuries held by public companies are now exceeding $124 billion, representing 3.2% of the total market cap.
- Corporate altcoin treasuries surpassed $10.8 billion, showing an over 6,700% increase in 2025 so far.
- Public companies added more Bitcoin to treasuries than all U.S. spot Bitcoin ETFs combined ($47 billion vs. $32 billion).
- ETH treasuries narrowed the gap with ETFs by nearly 30 times this year, with most of this movement came in the last two months.
- Stock reactions to altcoin treasury announcements are often short-lived, and could turn negative for stock prices in the longer term.
Public companies are doubling down on crypto. By late July 2025, the total value of digital assets held by public companies surpassed $124 billion, showing a 115% increase this year so far. Furthermore, corporate crypto treasuries are also outpacing overall market growth, now accounting for over 3.2% of the total crypto market cap, up from 1.77% in January.
Below, we explore major trends shaping this surge in corporate crypto treasuries and what they reveal about broader institutional adoption.
Altcoin Treasuries Saw Over 6,700% Growth in 2025
One of the largest trends was the rapid adoption of altcoins by public companies. At the start of the year, altcoin treasuries among public companies totaled less than $200 million. Today, they have soared to over $10.8 billion, a staggering 6,700% increase.
This explosive growth came almost entirely in the past three months, primarily in July. This month alone, the total value of altcoins held by public companies increased by over $8 billion, or 301%.
Ethereum has been the main driver of this surge in altcoin adoption, accounting for nearly $6.2 billion in holdings, which is an over 5,000% increase since January. But Ethereum is far from alone. Over the past few months, public companies have also announced or built substantial positions in Hyperliquid, XRP, and Solana. Even BNB, Dogecoin, Litecoin, and newer entrants like Sui have found their way into corporate balance sheets, albeit at smaller scales.
As a result, the landscape that was almost exclusively dominated by Bitcoin became much more diverse in a matter of months. Altcoins have grown from 0.3% of corporate crypto treasuries in January to 9% in July, highlighting expanding risk appetite and recognition of crypto’s utility beyond Bitcoin.
Public Companies Accumulated More BTC in 2025 than All U.S. Spot Bitcoin ETFs
At the start of 2025, U.S. spot Bitcoin ETFs held almost $120 billion, nearly double the amount on public companies’ balance sheets ($65.8 billion). By July, this gap narrowed significantly due to faster Bitcoin accumulation by public companies, up 96% year-to-date versus 44% for ETFs. In dollar terms, public companies added $47.3 billion worth of Bitcoin to treasuries in 2025 so far, outpacing the $31.7 billion that flowed into ETFs.
Treasuries taking market share from ETFs means that institutional adoption is becoming more native, with companies moving closer to crypto’s core infrastructure instead of staying at arm’s length. In addition, holding Bitcoin directly on a balance sheet is a less liquid approach, signaling the increase of a long-term strategic commitment to the largest cryptocurrency.
ETH Treasuries Narrowed the Gap with ETFs by Nearly 30x
Compared to Bitcoin, Ether saw an even more dramatic shift in Treasuries vs. ETFs dynamic. At the start of 2025, spot Ether ETFs outweighed corporate treasuries by more than 100 to 1 ($12.1B vs. $120M). By July, the ratio had dropped to less than 4 to 1, with treasuries surging to $6.2 billion and ETFs reaching $21.4 billion.
Most of this movement came in the last two months, when multiple public companies, including Sharplink Gaming, Bitmine Immersion Tech, and The Ether Machine, initiated ETH treasuries for the first time and rapidly scaled up their positions. ETH treasuries jumped by 415% in net value in June, and surged by 919% in July.
The growing gap reduction between Ether ETFs and corporate treasuries is not just about investment flows, but also a deeper shift toward native, utility-driven adoption. For Ethereum specifically, U.S. spot ETFs currently don’t support staking, making direct holdings more attractive since companies can earn rewards and actively engage with the network, rather than passively holding ETF shares.
In addition, holding Ethereum outright also gives companies more flexibility, as they can use the assets in operations and as collateral instead of just taking advantage of potential price appreciation.
Market Reaction to Treasury Announcements Is Short-Lived
Announcing a crypto treasury can be a double-edged sword for public companies. Historically, these announcements typically spark immediate surges in stock prices, sometimes even triple-digit spikes within minutes of market open. However, these gains frequently fade quickly within the same trading day, leading to single- or double-digit closes or even negative 1-day performance.
This suggests that while the market reacts enthusiastically to the news, investors often sell off the rally just as fast, possibly questioning the long-term business impact of the move. This is especially common among companies that were already struggling with prolonged negative performance, where launching a crypto treasury can look like an attempt to spark hype and stop the bleeding rather than a well-structured strategy.
Table: Stock Price Performance Following the First Asset Purchase/Announcement
The amount of the first crypto purchase is another crucial factor shaping stock reactions. A small, symbolic entry may not impress investors for long, whereas larger and sustained buying tends to drive stronger, more durable price moves. BTCS provides a clear example: its stock barely moved when the company first bought 1,000 ETH. But when it started accumulating significantly larger sums in July, the market responded dramatically, sending its stock soaring.
Final Thought
The doubling of corporate crypto treasuries in 2025 underscores that companies are moving beyond passive ETF exposure and directly embedding crypto into their balance sheets. While this trend highlights growing confidence in digital assets, it also introduces new risks, especially with the surge in altcoin holdings.
Bitcoin, which might be seen as a corporate-safe crypto play, has much larger liquidity and a proven track record as a store of value. Altcoins, by contrast, are far more volatile, less liquid, and heavily tied to emerging ecosystems.
Although some of these companies may be inspired by the success of pioneers like Strategy, replicating that playbook with altcoins could be far riskier. As corporate crypto adoption deepens, the next phase of this story may hinge not on how fast treasuries grow, but on whether these high-risk allocations can withstand the next major market downturn.
Sources
The data used for this research consists of publicly available information from BitcoinTreasuries, StrategicETHReserve, The Block, SoSoValue, TradingView, CoinMarketCap, CoinGecko, as well as a collection of announcements and press releases of crypto purchases by public companies. Due to the latter, altcoin treasury valuations may potentially contain non-fully-finalized crypto purchases. Treasuries held by private companies, governments, and non-profit organizations were not included in the piece to maintain focus on public companies. The observation period for this study was focused on 2025 year-to-date performance, with data points starting January 1, 2025, and ending July 31, 2025.