Subtitle
"The altseason is here, it just didn't happen in cryptocurrency, but in stock-backed crypto." As US-listed company SharpLink (SBET) rose tenfold in a week after announcing financing to purchase ETH, the crypto community joked, highlighting the popularity of crypto concept stocks.
The successful transformation of MicroStrategy has allowed listed companies to see the sweetness of incorporating crypto assets into corporate financial strategies. More and more global listed companies are actively incorporating crypto assets such as Bitcoin, Ethereum, SOL, and XRP into their treasury, whether they are tech giants with a market value of hundreds of billions of dollars or small listed companies that were originally on the fringe.
This article, PANews has sorted out the current active listed companies holding crypto assets based on market value, the number of crypto asset holdings, and the increase in holdings since 2025, covering e-commerce, fintech, traditional banks, mining, and other industries. The main data comes from the Bitcoin Treasuries website.
It is not difficult to find that companies whose main business is crypto (such as Coinbase), although they have strong treasury allocation, their stock prices are still highly correlated with crypto market fluctuations. Some small and medium-sized market cap companies have been hotly sought after by the capital market due to sudden 'coin purchases', and their stock prices have doubled or even several times in a short period of time. Many companies that were previously stuck in growth have achieved 'financial turnaround' by releasing digital asset reserve strategies, and their stock price trends have shown a significant reversal.
First-Tier Companies: High Market Cap + Large Holdings
MicroStrategy (MSTR) | Market Cap: $10.33 Billion | Holdings: 580,955 BTC
As a pioneer of the 'Bitcoin Treasury' strategy, MicroStrategy remains the company with the most Bitcoin holdings among global listed companies. As of June 3, the company has cumulatively purchased 580,955 BTC, with a total cost of $40.67 billion and an average purchase price of $70,023. Since the beginning of this year, the company has continued to add positions slightly, and the current book floating profit is 49%.
Although it has entered the high-level buying zone, the company still maintains a firm belief in BTC. Its CEO Michael Saylor said in an interview at the Bitcoin 2025 Conference that there is no upper limit to his Bitcoin increase plan. As the price of Bitcoin continues to rise, the difficulty of buying Bitcoin in the future will increase exponentially, but MicroStrategy will buy Bitcoin with higher efficiency. As of June 1, MSTR's stock price is up 23.02% so far this year, reflecting the capital market's partial recognition of its Bitcoin strategy.
Strategy's BTC holding changes during the year (red)
MercadoLibre (MELI) | Market Cap: $130 Billion | Holdings: 570.4 BTC
Latin American e-commerce and fintech giant MercadoLibre has included Bitcoin in its financial assets since 2021. At the end of the first quarter of 2025, the company's holdings increased from 412.7 to 570.4, reflecting the continued allocation of its crypto assets.
Although MercadoLibre allows users in Brazil and other places to use Bitcoin, Ethereum, and stablecoins for payment through its payment platform MercadoPago, the cryptocurrencies paid by these users are mainly used for transactions on the platform (such as purchasing goods or real estate) rather than directly entering MercadoLibre's balance sheet.
The company's first-quarter financial report showed strong performance, with 67 million active buyers and a 31% monthly active growth of fintech users. Supported by strong fundamentals, its stock price has risen by 45.23% year-to-date. The average holding cost of Bitcoin is $38,569, with a book floating profit of 169.06%.
Coinbase (COIN) | Market Cap: $62.8 Billion | Holdings: 9,267 BTC
As the largest crypto trading platform in the United States, Coinbase not only serves as a trading entry point, but also expresses its confidence in Bitcoin with practical actions. On March 31, 2025, the company added 2,382 BTC, increasing its holdings to 9,267, with an average cost of $55,937.
However, affected by the decline in Q1 performance and the market downturn, Coinbase's stock price has fallen by 4.12% so far this year. It once fell to a low of $151.47 on April 18, and then gradually rebounded. Nevertheless, its Bitcoin holdings still have a book floating profit of more than 85%.
Block (formerly Square) | Market Cap: $38 Billion | Holdings: 8,584 BTC
Block, led by Jack Dorsey, is integrating Bitcoin strategy into its products and ecosystem. As of the end of March this year, the company held 8,584 BTC, with an average cost of only $30,405, with a book floating profit of 243.15%.
The Block ecosystem includes many popular products such as Cash App, Square point-of-sale system, and the recently launched Bitkey Bitcoin self-custody wallet.
However, despite the company's sound fundamentals, its stock price has fallen by 28.82% cumulatively since 2025, reflecting investors' dual concerns about the macroeconomic environment and the profitability of the payment business.
Traditional Financial Giants' Crypto Attempts
Intesa Sanpaolo (ISP.MI) | Market Cap: $99.1 Billion | Holdings: 11 BTC
Italy's largest bank, Intesa Sanpaolo, purchased 11 Bitcoins for the first time on January 14, 2025, with a market value of approximately 1 million euros, marking the beginning of traditional banks exploring cryptocurrency in the form of 'test operations'. Although the measure is small in scale, it sends an important signal - compliant holding of currency is becoming a trend.
As the bank with the largest asset size in Italy, Intesa Sanpaolo is an important pillar of the country's financial system. With a strong layout in retail, corporate, and investment banking businesses, it serves millions of customers in the Italian and international markets.
As of June 1, its stock price is up 27.1% year-to-date.
Virtu Financial (VIRT) | Market Cap: $6.2 Billion | Holdings: 235 BTC
Market making and execution service provider Virtu Financial was founded in 2008 and is headquartered in New York City. The company is testing digital asset trading and reserves. As of now, its Bitcoin holdings are 235, with an average purchase price of $82,621. Although the cost is high, the floating profit still reaches 26.47%. Virtu also uses Bitcoin as part of its strategic risk hedging tools.
So far this year, Virtu's stock price has risen by 11.42%.
Mining Leaders and Newly Coin Holding Companies
MARA Holdings (MARA) | Market Cap: $5.1 Billion | Holdings: 49,228 BTC
MARA, one of the largest Bitcoin miners in the United States, continued to expand its treasury significantly this year. Since 2025, the company has purchased Bitcoin multiple times in January, February, March, April, and May, increasing its holdings by 1003 BTC on May 30 alone, with total holdings reaching 49,228, ranking second among global listed Bitcoin holding companies.
MARA Holdings is headquartered in the United States and is known for its large-scale, institutional-level Bitcoin mining operations, maximizing mining efficiency and output with advanced technology and strategic partners.
MARA's business model is centered on securing and verifying Bitcoin transactions, relying on block rewards and transaction fees for profit, while holding a considerable portion of the mined Bitcoin as treasury assets for the long term.
GameStop (GME) | Market Cap: $13.3 Billion | Holdings: 4,710 BTC
GameStop Corp. is a specialty retailer providing games and entertainment products through its stores and e-commerce platforms in the United States, Canada, Australia, and Europe. The Company sells new and pre-owned gaming platforms, accessories (such as controllers and gaming headsets), new and pre-owned gaming software, and in-game digital currency, digital downloadable content and full-game downloads.
GameStop Corp., formerly known as GSC Holdings Corp., was established in 1996 and is headquartered in Texas, USA.
This game retailer, known for the 'retail myth,' is transforming into a digital asset. On March 25, local time, according to GameStop's official announcement, the company's board of directors unanimously approved the update of its investment policy to include Bitcoin as one of the company's reserve assets. On May 28, GameStop announced that it would include Bitcoin in the company's reserves and quickly purchased 4,710, becoming one of the fastest traditional companies to increase holdings this year. Although the stock price is still down 2.80% this year, its market attention has increased significantly.
In addition to the high market value companies and well-known listed companies mentioned above, companies with relatively small market values but actively increasing their Bitcoin holdings in 2025 also include Metaplanet, Core Scientific, Rumble, and Bitdeer Technologies. In addition, some companies with high market popularity recently have also begun to deploy crypto assets, showing a strong interest in the track.
Small Market Cap but Big Action 'New Forces'
SharpLink (SBET) | Market Cap: $53.58 Million | ETH Treasury Strategy
On May 27, SharpLink, a small US stock company that was previously little known and whose stock price was hovering on the brink of delisting, announced the completion of a private placement of approximately $425 million and will purchase ETH on a large scale as its main treasury reserve asset, and many even call it the "Ethereum version of MicroStrategy".
Betting on ETH as a treasury reserve asset, obtaining 425 million in financing with a market value of 2 million. The lineup of this round of financing is luxurious, led by Ethereum infrastructure developer ConsenSys. On the day the financing news was announced, SharpLink's stock price soared to a high of $50, a new high since May 2023.
Trump Media & Technology Group (TMTG) | Market Cap: $4.7 Billion | Bitcoin Treasury Plan
Trump Media & Technology Group (TMTG), founded by US President Trump, announced in late May that it would launch a $2.5 billion financing plan to build a Bitcoin treasury and create a "Truth Social ecosystem" centered on crypto finance. Its policy direction has also sparked ongoing discussions in the industry about the intersection of politics and crypto.
Asset Entities (ASST) + Strive | Market Cap: To be updated after the merger | BTC Treasury Target
On May 7, Asset Entities (Nasdaq: ASST), a digital marketing and content delivery service provider, announced that it had reached a final merger agreement with Strive Asset Management. The merged company will be renamed Strive, continue to be listed on Nasdaq, and transform into a listed Bitcoin financial company.
On May 27, it was reported that Strive Asset Management has completed a $750 million private equity investment (PIPE) round of financing at a subscription price of $1.35 per share, a 121% premium to ASST's previous closing price, and has the opportunity to expand to $1.5 billion through warrants. The funds will be used to acquire undervalued biotech companies, bottom-fish Mt. Gox and other Bitcoin claims, and discounted structural BTC credit products to build its Bitcoin vault.
Upexi (UPXI) | Market Cap: $400 Million | Solana Strategy
On April 21, GSR, a well-known cryptocurrency trading and investment company, announced that it had made a private equity investment (PIPE) of up to $100 million in Nasdaq-listed consumer goods company Upexi, Inc. (stock code: UPXI), betting on its upcoming comprehensive transformation of Solana's financial strategy. Affected by the news, Upexi's stock price once soared more than six times during the day.
VivoPower (VVPR) | Market Cap: $46.92 Million | XRP Treasury Strategy
On May 29, Nasdaq-listed energy company VivoPower International (VVPR) announced the completion of a $121 million private placement, which will transform into a crypto asset reserve strategy centered on XRP. Saudi Arabian Prince Abdulaziz bin Turki Abdulaziz Al Saud led the investment of $100 million.
Conclusion
As Bitcoin gradually moves from a 'fringe' asset into the mainstream, more and more listed companies, from MicroStrategy to MercadoLibre, from banking giant Intesa to SharpLink, are embracing crypto assets in different ways. Some see Bitcoin as a store of value, some are trying to build new financial systems around Ethereum or Solana, and some are even driving company transformation with a 'treasury strategy'.
This is not only a reflection of financial diversification, but also reflects that crypto assets are becoming part of a new trend in the global capital market. In the future, as regulations become clearer and infrastructure continues to improve, more companies with market values of tens or even hundreds of billions of dollars may join the 'coin holding club'.
This article is a collaborative reprint from: PANews
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