Updated On 1 July 2025
Published On 27 June 2025
Public companies are increasingly embracing crypto treasury strategies, allocating portions of their corporate capital to cryptocurrencies. Over the 12 months leading up to June 2025, these firms have injected more than $40 billion into digital assets. At least 14 publicly traded companies have openly embarked on this path, with the combined value of their crypto holdings exceeding $76 billion in total.
Below is an overview by DWF Ventures of crypto treasury strategies and notable companies that have adopted them.
Public companies are increasingly embracing crypto treasury strategies, injecting over $40 billion into digital assets in the past year alone. This trend highlights a significant shift in how corporations are managing their capital. We've identified 14 companies that have
A crypto treasury strategy involves a company, often one outside the traditional digital asset industry, acquiring and holding cryptocurrency as part of its corporate treasury reserves. Instead of keeping all excess cash in conventional assets such as fiat currency or bonds, these companies allocate a portion of their balance sheet to digital assets like Bitcoin or other tokens. The objectives may include asset diversification, inflation hedging, potential returns, or supporting crypto-centric business models. In several recent cases, the announcement of a crypto treasury plan has coincided with a surge in the company’s share price, signaling positive feedback from equity markets.
Launching a crypto treasury strategy often requires substantial capital, and public companies have employed various methods to raise or allocate funds for this purpose. Common funding sources and mechanisms include:
A particularly popular approach in recent deals involves combining PIPE investments with convertible notes. This structure provides companies with significant upfront capital while offering investors the option to convert debt into equity if the company performs well. It has been widely used across crypto treasury fundraising rounds. In 2025, both Trump Media & Technology Group and GameStop Corp. announced large-scale funding initiatives using this model to support planned Bitcoin purchases.
In June, Nano Labs Ltd., a blockchain infrastructure company, unveiled a $500 million plan to issue zero-coupon convertible notes to fund a Binance Coin (BNB) treasury.
Another case is Interactive Strength (TRNR), a Nasdaq-listed fitness equipment maker, which in June 2025 revealed a structured $500 million facility to acquire Fetch.ai (FET) tokens. The first $55 million of that was closed via a PIPE deal co-led by us and ATW Partners, and the overall funding plan includes issuing convertible notes, ultimately allowing the company to build the world’s largest corporate AI token treasury.
Case Study: TRON’s Reverse Merger Strategy
One notable example of an unconventional route to a crypto treasury is TRON DAO’s reverse merger. In mid-2025, the TRON blockchain platform chose to go public in the U.S. by merging with a Nasdaq-listed company rather than pursuing a traditional IPO. The target was a small firm, SRM Entertainment (SRM), which agreed to rebrand as “TRON Inc.” and serve as the vehicle for TRON’s entry into public markets. As part of the deal, SRM/TRON Inc. secured a $100 million equity investment from a private investor linked to TRON’s founder, Justin Sun, specifically to fund a TRON (TRX) token treasury. In total, the transaction enables up to $210 million to be deployed into TRX tokens through a combination of preferred stock and warrant financing, establishing a significant on-chain treasury for the new public entity.
This move effectively transforms SRM into a blockchain-centric holding company with a large crypto reserve. Justin Sun, TRON’s founder, joined as an advisor to support the strategy.
Bitcoin: The Favorite Corporate Crypto Asset
It comes as little surprise that Bitcoin (BTC) has been the predominant choice for most corporate treasury forays into crypto. MicroStrategy/Strategy (MSTR) was the trailblazer in this arena, converting essentially all its excess treasury into Bitcoin starting in 2020. As noted, it amassed over 580,000 BTC by mid-2025, largely funded through waves of convertible bonds and stock offerings. The success of this bold bet set a template that others are keen to replicate.
In May and June 2025, several companies announced major Bitcoin acquisitions or plans. Trump Media & Technology Group, for instance, raised $2.5 billion in new financing in May 2025, with the explicit goal of buying Bitcoin for its treasury. Similarly, GameStop Corp. signaled it would allocate a portion of its reserves to Bitcoin. These companies typically use the funding methods described earlier to gather capital before converting it into BTC holdings.
While some companies raise new funds to buy crypto, others have simply redeployed existing cash. Tesla, Inc. purchased $1.5 billion in Bitcoin from its corporate cash in early 2021, becoming one of the first Fortune 500 companies to do so. Smaller firms have made similar moves: Semler Scientific, a Nasdaq-listed healthcare company, bought about $20 million in BTC for its treasury, and Nexon, a Japanese gaming company, invested $100 million into Bitcoin in 2021. These firms treated Bitcoin as a strategic asset on hand, much like an investment in a marketable security.
While Bitcoin still leads, recent developments indicate growing corporate interest in other cryptocurrencies for treasury holdings. Over the past few weeks leading up to June 26, several companies have made headlines by pursuing non-Bitcoin treasury assets, reflecting a broader acceptance of diverse crypto assets in corporate strategy. For instance, SOL Strategies Inc., filed a prospectus to raise up to $1 billion for acquiring Solana (SOL) tokens. Another case, mentioned earlier, is Nano Labs Ltd., targeting Binance Coin (BNB) as its primary reserve asset through a $500 million convertible note deal. Similarly, Lion Group Holding (LGHL), a Nasdaq-listed fintech company, announced plans to build a $600 million altcoin treasury. The core holding is Hyperliquid (HYPE), a relatively new Layer-1 token, alongside additional reserves in Solana and Sui.
Meanwhile, Upexi Inc., a consumer products firm, launched a treasury dedicated to Solana (SOL) in late 2024, with executives noting it was a strategy to draw attention from crypto-minded investors and partake in Solana’s growth.
What altcoins like SOL, BNB, HYPE, Fetch.ai (FET), TRON (TRX), Sui (SUI), and others have in common is that they are seen as platforms or networks with active communities and potential upside beyond Bitcoin’s digital gold narrative. As crypto markets evolve, we may see even more variety in what corporations choose to hold, ranging from stablecoins to tokens that align with their operational ecosystems.
As mentioned before, we co-led the initial $55 million investment in Interactive Strength’s Fetch.ai token initiative, and we’re continuing to explore new opportunities within U.S. equity markets to structure similar deals.
In addition to capital, we bring technical expertise and strategic guidance to help companies navigate the complexities of crypto adoption.
If your team is considering a crypto treasury strategy and exploring structured funding or token-aligned partnerships, connect with our venture capital team to explore how we can support your vision.
Important Disclaimer: This article is written for informational purposes only and does not constitute financial or investment advice. Readers should do their own research (DYOR) and consult qualified financial advisors before making any investment decisions.
