Key Takeaways
Crypto treasury boom has hit $160B as BTC rallied to an ATH above 120K. Will the growth extend in Q3 amid macro uncertainty?
There’s no doubt that crypto treasury by public companies has been the most dominant narrative in 2025. The trend doubled in less than three months to $160 billion in market cap.
Interestingly, what began with Michael Saylor’s Strategy (MicroStrategy) bet on Bitcoin [BTC] has spread to Ethereum [ETH] and Solana [SOL], amongst other altcoins.
Source: The Block
Several Strategy copycats have sprung up amid a frenzied gold rush as they hunt and hope for the windfall enjoyed by Saylor’s firm. Currently, it has a $28 billion unrealized profit on its BTC holdings.
Between April and July, the cumulative market of public companies holding crypto (BTC, ETH, and SOL) jumped from $74B to $160 billion.
That’s more than double in growth as BTC jumped to a record high above $120K. And BTC treasury accounted for $147B of the 160B market cap.
ETH plays catch-up, SOL follows suit
While BTC dominated the crypto treasury, led by Strategy and Metaplanet, a new trend of ETH public companies emerged in Q2 as the stablecoin and tokenization craze exploded.
Now, Tom Lee-led BitMine Immersion Tech has acquired 625K ETH worth over $2.4 billion.
SharpLink Gaming and The Ether Machine are the second and largest ETH holders, each holding $1.68B and $1.28B ETH, respectively.
Overall, about 2.8 million ETH ($10B) have been stacked by public companies, Web 3 firms, and ETFs. In fact, for public companies, their stash has dropped slightly to $6.3 billion from a recent high of $7.8B.
Source: The Block
Solana has also enjoyed modest interest from public firms like DeFi Development Corp, Upexi, and SOL Strategies, amongst others.
At press time, public companies holding SOL had a market cap of $1 billion, about 6X less than ETH and 147X less than the size of BTC’s treasury.
Source: The Block
That said, those jumping on the ETH and SOL crypto treasuries are looking for staking yield and extra opportunities ahead from the expected stablecoin and tokenization boom.
However, BTC players like Saylor are playing a different arbitrage game of hedging against U.S. fiscal debt and inflation to preserve shareholders’ capital.
Whatever the crypto bet, though, market swings can affect these companies’ holdings, and rising macro uncertainty in Q3 could impact their growth.
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