How Public Companies Use Crypto Treasury Strategies

Public companies in the U.S. are increasingly embracing crypto treasury strategies, allocating portions of their corporate capital to digital assets. At least 26 publicly traded firms in the United States have openly disclosed such strategies, with the combined value of disclosed and on-chain holdings now exceeding $85 billion, driven primarily by large Bitcoin and Ethereum allocations from companies like Strategy (formerly MicroStrategy), Trump Media, GameStop, and SharpLink.

Below is an updated overview by DWF Ventures of crypto treasury strategies and notable companies that have adopted them. Read further to see the curated list of public companies that invest in crypto, prepared by our team.

What Is a Crypto Treasury Strategy?

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.

The corporate crypto treasury landscape expanded significantly in 2025, as several high-profile companies from the U.S. adopted bold Bitcoin reserve strategies. Video game retailer GameStop became one of the latest major firms to plunge into Bitcoin, with its board unanimously approving $BTC as a treasury asset and raising $1.3 billion via convertible notes to fund the purchase of about 4,710 bitcoins. Around the same time, Trump Media & Technology Group, former President Trump’s social media venture, announced plans to raise approximately $2.5 billion in order to establish one of the largest corporate Bitcoin treasuries. 

2025 also saw corporate treasury interest extend beyond Bitcoin into other cryptocurrencies. In a landmark move, SharpLink Gaming (NASDAQ: SBET) adopted Ethereum ($ETH) as its primary reserve asset, rapidly accumulating roughly 280,706 ETH by mid-July to become the world’s largest public Ether holder.

How Companies Fund Their Crypto Treasuries

Launching a crypto treasury strategy often requires substantial capital, and public U.S. companies have employed various methods to raise or allocate funds for this purpose. Common funding sources and mechanisms include:

• Private Investment in Public Equity (PIPE): A private placement of the company’s new shares to institutional investors, providing capital for crypto purchases. This has become the most widely used method in 2025.
• At-the-Market (ATM) Equity Sales: Selling shares gradually into the open market. Both MicroStrategy (now Strategy) and SharpLink Gaming have raised hundreds of millions through ATM programs.
• Credit Facilities or Loans: Used by companies like SOL Strategies and Lion Group, often with interest tied to staking rewards or treasury performance.
• Reverse Mergers or SPAC Deals: Twenty One Capital and Strive Asset Management are notable examples of using SPACs to rapidly build massive Bitcoin reserves.
• Existing Cash Treasury: Tesla and Nexon continue to represent cases where companies redeploy internal capital to accumulate crypto.
• Convertible Notes and Structured Instruments: Widely used across new entrants. GameStop, Trump Media, ProCap Financial, and Interactive Strength structured large convertible note rounds in 2025.

A particularly popular trend has been hybrid models, combining PIPEs with convertible notes or public equity offerings via warrants. This structure provides upfront capital while offering investors flexibility and upside exposure.

In June 2025, Nano Labs Ltd., a blockchain infrastructure company, unveiled a $500 million plan to issue zero-coupon convertible notes to fund Binance’s nativecoin ($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 DWF Labs 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. 

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.

Strive’s PIPE + Warrant Mega Raise for Bitcoin Accumulation

In July 2025, Strive Asset Management, a digital asset-focused investment firm, executed one of the year’s largest and most creative crypto treasury transactions. Rather than pursue a traditional IPO, Strive merged with Asset Entities (NASDAQ: ASST), a publicly traded media technology company. The transaction enabled Strive to go public while simultaneously raising capital through a combination of structured equity instruments.

As part of the deal, Strive secured a $750 million Private Investment in Public Equity (PIPE) round at a premium valuation. Additionally, the firm issued warrants that could unlock up to $750 million more in capital. All proceeds from this funding round are earmarked for acquiring Bitcoin and distressed crypto-related claims, allowing Strive to execute an aggressive accumulation strategy while remaining debt-free.

Strive’s model is particularly noteworthy for its alpha-focused approach. Unlike many corporate treasuries that simply buy and hold $BTC, Strive plans to actively manage its portfolio by purchasing distressed crypto credit, engaging in lending markets, and leveraging structured products to outperform passive strategies.

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 (later renamed to Strategy) (MSTR) was the trailblazer in this arena, has been converting essentially all its excess treasury into Bitcoin starting from 2020. In mid-July 2025, the company resumed its buying pattern, acquiring 4,225 BTC for $472.5 million, boosting its total holdings to 601,550 BTC, valued at over $73 billion and funded via equity offerings and debt instruments. 

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 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. Together, public firms now hold a substantial portion of $BTC: Strategy alone controls ~2.9% of the total Bitcoin supply, and dozens of other corporations collectively hold billions of dollars worth of the first cryptocurrency.

Overview of Major Public BTC Treasuries

The Rise of Ethereum and Altcoin Treasuries

While Bitcoin still leads, 2025 has seen a surge in corporate interest in holding Ethereum ($ETH) and a range of altcoins as strategic treasury assets. This shift reflects growing institutional confidence in blockchain ecosystems beyond Bitcoin's digital gold narrative—particularly in protocols that offer staking, smart contract utility, or vibrant user communities.

In one of the most high-profile moves to date, mentioned above, SharpLink Gaming (NASDAQ: SBET) emerged as the largest public Ether holder after acquiring 280,706 ETH by mid-July. 

Meanwhile, Sonnet BioTherapeutics (NASDAQ: SONN) announced a dramatic pivot, entering a merger deal to become Hyperliquid Strategies Inc. As part of the transaction, the firm committed $888 million toward a treasury consisting of 12.6 million HYPE tokens and $305 million in cash—making it the largest known HYPE allocation by a public company.

Other altcoin treasury strategies continue to emerge:

• SOL Strategies Inc. filed to raise up to $1 billion to acquire Solana (SOL) via a yield-linked convertible note.
• Nano Labs Ltd. (NA) committed $500 million to build a BNB-based treasury via zero-coupon convertible notes.
• Interactive Strength (NASDAQ: TRNR) revealed a $500 million facility to acquire Fetch.ai ($FET) tokens, with $55 million already raised via PIPE.
• Lion Group Holding (LGHL) announced plans for a $600 million multi-asset treasury focused on $HYPE, $SOL, and $SUI.
• DeFi Dev Corp (DFDV), a recent market entrant, also committed capital toward SOL, funded via a convertible instrument.
• Upexi Inc. (UPXI) continues to grow its $SOL treasury, launched in late 2024 to attract crypto-native investors.

These developments signal a broader acceptance of platform-based tokens. What altcoins like $SOL, $BNB, $HYPE, $FET, $TRX, $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. In the future, we may see even more variety in what cryptocurrencies corporations choose to hold, ranging from stablecoins to tokens that align with their operational ecosystems.

Public Crypto Treasuries List

Below is the list of U.S. public crypto treasuries, including those for $BTC, $ETH, $SOL, and other cryptocurrencies, as of August 19, 2025:

Conclusion

Today’s crypto treasury deals are not just about buying $BTC—they involve structured equity, convertible debt, staking-integrated loans, and even SPAC mergers backed by crypto-native capital.

DWF Labs co-led the initial $55 million investment in Interactive Strength’s Fetch.ai token initiative, and we’re continuing to explore new opportunities within the U.S. equity markets to structure similar deals after announcing business expansion into the country. 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 crypto venture capital firm 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.