Novogratz: Crypto Treasury Craze Reaches Its Peak
Michael Novogratz, the CEO of Galaxy Digital, recently stated that the trend of companies piling crypto—especially Bitcoin and Ethereum—into their corporate treasuries has likely reached its peak .
He believes:
Few new crypto‑heavy treasury companies will launch now.
Focus will shift to existing firms who already amassed hefty digital reserves.
Models like Strategy (formerly MicroStrategy), which pioneered this trend, remain influential .
📊 Top Public Companies Holding Bitcoin in Their Treasuries
Based on live tracking data, here are the largest corporate holders today:
Company Approx. BTC Holdings Share of Total BTC Supply
Strategy (MicroStrategy) ~628,800 BTC (≈ 3% global supply) Leader in corporate crypto strategy
Marathon Digital (MARA) ~50,600 BTC Major mining firm & treasurer
Twenty One Capital (XXI) ~37,230 BTC Institutional capital investor
Bitcoin Standard Treasury ~30,000 BTC Focused Bitcoin treasury fund
Riot Platforms ~19,000 BTC Vertically integrated miner & hodler
Galaxy Digital ~12,800 BTC Founded by Novogratz; treasury holder too
💎 Notable Ether (ETH) Treasuries
While many firms focused on Bitcoin, a few have pivoted to Ethereum:
BitMine Immersion Technologies leads the charge—with over 833,000 ETH, worth $2.9 billion, making it the top public ETH treasury holder. Its stock surged nearly 25–400% after transitioning from BTC mining to ETH treasury strategy .
Other growing institutional ETH treasuries: SharpLink Gaming and The Ether Machine, also gaining momentum through staking yield opportunities and DeFi utility .
🧠 Why This Shift Matters
Novogratz notes the initial rush of new crypto treasuries has slowed; future gains will depend on existing players and evolving Real‑World Asset (RWA) tokenization strategies .
He sees Ethereum as a growth engine, especially via staking, DeFi, NFTs, and institutional appetite for yield-generating assets—even if Bitcoin treasury hype softens .
✅ Summary
Crypto treasury fever—where companies stash BTC or ETH on their balance sheets—has cooled off, signaling a plateau in new entrants.
Still, heavyweights like Strategy/MicroStrategy, Marathon, Riot, and BitMine remain dominant eco-system players.
The future likely lies in Ethereum yield models, real‑world asset tokenization, and strategic corporate crypto adoption, not speculative treasury accumulation.
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