Grayscale noted in a June report: Spot ETPs listed in the U.S. can be considered the most significant new source of demand for Bitcoin since its launch. During May, these products maintained high net inflows, totaling $5.2 billion. In the coming months, the Bitcoin purchases by 'Bitcoin treasury' companies (i.e., publicly traded companies buying Bitcoin for their balance sheets) may level off or even exceed the purchasing volume of spot Bitcoin ETPs.



1. From mainstream coins to altcoins, corporate treasuries are riding the crypto wave.

BTC

1. Strategy (formerly MicroStrategy), 592,345 Bitcoins, market value $63.018 billion.

Strategy is undoubtedly a major holder of Bitcoin. In 2020, Strategy first announced that it would utilize Bitcoin as a primary reserve asset, allocating company funds to Bitcoin while actively raising funds through various means to increase its Bitcoin holdings. They view Bitcoin as a long-term store of value and inflation hedge, utilizing a 'buy and hold' strategy to capitalize on the price increases of Bitcoin, aiming to become a 'digital gold treasury.'

On June 24, Strategy co-founder Michael Saylor tweeted that Strategy's Bitcoin strategy continues to yield significant results. As of the latest data, the company has accumulated 592,345 Bitcoins, with a total market value of $63.018 billion. Against the backdrop of Bitcoin prices climbing to $105,269, MicroStrategy has added 85,871 Bitcoins year-to-date (YTD), achieving a book profit of $9.04 billion. Since the beginning of 2024, the company's Bitcoin holdings have increased by 74.3%, totaling a profit of $13.133 billion.

2. MARA Holdings, 49,678 Bitcoins, market value $5.285 billion.

MARA Holdings, Inc. is one of the most well-known publicly traded Bitcoin mining companies in the U.S. MARA does not simply mine and sell Bitcoin but adopts a long-term holding strategy, viewing Bitcoin as a strategic reserve asset. MARA also raises funds through issuing stocks and convertible bonds, using the proceeds to buy more Bitcoin on the open market, achieving diversified development. MARA is currently recognized as the second-largest Bitcoin holder among public companies, second only to Strategy.

3. Twenty One Capital, 37,230 Bitcoins, market value $3.96 billion.

Twenty One is backed by stablecoin issuer Tether, cryptocurrency exchange Bitfinex, and Wall Street old-line investment bank Cantor Fitzgerald.

Twenty One CEO Jack Mallers also announced that the company will launch a proof of reserve, a public ledger to verify its Bitcoin treasury holdings.

4. Riot Platforms, Inc., 19,225 Bitcoins, market value $2.045 billion.

Riot Platforms' business model centers on large-scale Bitcoin mining operations, with a clear Bitcoin strategy: to accumulate and hold a significant amount of Bitcoin as a core asset. By continuously expanding mining capacity and investing in infrastructure, Riot aims to consolidate its position as a top institutional holder of Bitcoin.

5. Galaxy Digital Holdings Ltd, 12,830 Bitcoins, market value $1.364 billion.

Galaxy Digital's strategic focus is to provide financial tools for North American Bitcoin miners and establish partnerships with third-party data center providers, thus deeply integrating into the infrastructure development of the Bitcoin network. Galaxy Digital's Bitcoin strategy is robust and diverse, viewing Bitcoin not only as a store of value but also as a foundational asset for the digital economy.

Galaxy Digital CEO Mike Novogratz has stated that Bitcoin will replace gold, reaching a price of $1 million.

6. CleanSpark, Inc., 12,502 Bitcoins, market value $1.330 billion.

CleanSpark's business model centers on sustainable large-scale Bitcoin mining, maximizing operational efficiency and output through proprietary technology and strategic expansion. CleanSpark has previously adopted a 'HODL' (long-term holding) strategy, accumulating a large amount of Bitcoin as a core asset. However, in 2025, CleanSpark shifted to a more balanced strategy, monetizing some of the mined Bitcoin for operations and expansion while still maintaining a substantial holding.

At the beginning of June, CleanSpark reported that it mined 694 Bitcoins in May, with its Bitcoin holdings reaching 12,502 as of May 31.

7. Tesla, 11,509 Bitcoins, market value $1.224 billion.

Tesla's entry into the Bitcoin space marks an important milestone in the integration of traditional industries with digital assets. At the beginning of 2021, Tesla invested $1.5 billion in Bitcoin, becoming a media focal point, aiming to diversify its funding and embrace the potential of decentralized finance. This strategic allocation stems from its belief in Bitcoin as a store of wealth and a tool to hedge against fiat currency depreciation. Tesla's Bitcoin strategy has set a benchmark for other public companies incorporating digital assets into their financial management.

8. Metaplanet Inc., 11,111 Bitcoins, market value $1.182 billion.

Metaplanet views Bitcoin not only as a reserve asset but also as a strategic hedge against inflation and the depreciation of fiat currency. This strategy aligns with global leading Bitcoin holders, with Metaplanet aiming to accumulate 10,000 Bitcoins by the end of 2025 and 21,000 Bitcoins by 2026. Metaplanet's total cost basis is $414 million, and its firm belief in Bitcoin is evident. Continuous accumulation has made it the largest publicly held Bitcoin holder in Asia and among the top ten Bitcoin holders globally.

On June 24, Metaplanet approved a $5 billion investment into its U.S. subsidiary for Bitcoin treasury operations, aiming to hold 210,000 Bitcoins by the end of 2027.

9. Hut 8 Mining Corp, 10,273 Bitcoins, market value $1.092 billion.

Hut 8's business model focuses on leveraging advanced mining technology and strategic energy partnerships to maximize Bitcoin output while maintaining operational efficiency. The company's investment philosophy is rooted in the long-term value proposition of Bitcoin as a digital asset and store of value. By accumulating and holding a substantial Bitcoin reserve, Hut 8 aims to provide shareholders with direct participation in Bitcoin price increases while generating revenue through mining operations and related services.

At the beginning of 2025, Hut 8 also announced a strategic partnership with Eric Trump to launch 'American Bitcoin Corp', aiming to set new standards for Bitcoin mining efficiency and scale.

10. Coinbase Global, Inc., 9,267 Bitcoins, $985 million.

As a major cryptocurrency exchange, Coinbase holds a large amount of Bitcoin, both for its own reserves and to provide custodial services for customers.

On June 25, Coinbase CEO Brian Armstrong disclosed on social media that Coinbase is currently providing cryptocurrency integration services for approximately 200 banks, brokerages, fintech companies, and payment companies. Armstrong stated that this business area is undervalued and invited interested institutions to discuss cooperation with Coinbase.

ETH

SharpLink purchased 12,207 Ethereum (ETH) at an average price of $2,513 each in the week ending June 20, currently holding over 188,000 ETH, valued at $459 million. SharpLink stated that the company raised $27.7 million by selling 2.54 million shares, most of which will be used to strengthen its ETH investment.

Joseph Lubin, chairman of SharpLink's board and co-founder of Ethereum, stated that increasing the company's ETH holdings will create 'long-term value' for shareholders.

12. Mega Matrix, unknown.

The Mega Matrix board approved on May 31, 2025, to hold Bitcoin and Ethereum as treasury reserve assets to strengthen the company's long-term balance sheet.

SOL

13. Upexi, 596,714 SOL, market value $87.1202 million.

As of May 12, 2025, Upexi holds approximately 596,714 SOL, currently valued at $87.1202 million. These tokens include spot and locked tokens, purchased through a total of $84.2 million in funding, with an average cost per SOL of $141.10. Upexi plans to drive long-term asset appreciation and provide returns to shareholders through the accumulation and staking of SOL. Its CFO Andrew Norstrud stated that under a long-term 'buy and hold' strategy, purchasing discounted locked SOL can provide inherent returns to shareholders, as discounts gradually disappear over time. Additionally, staking locked SOL, in a controlled risk environment, effectively doubles shareholders' staking yields when combined with discounts and an approximately 1.4-year weighted holding period.

14. Janover Inc., 317,273 SOL, market value $4.63218 million.

Janover Inc. is a Nasdaq-listed fintech company based in Boca Raton, Florida, focusing on commercial real estate loan matching.

In April 2025, Janover announced the acquisition of 163,651.7 SOL, becoming a typical case of traditional industry crossing into the crypto market. Along with previous purchases of SOL, Janover's total SOL holdings reached 317,273, valued at approximately $4.63218 million (including staking rewards).

On April 4, the company's board approved the inclusion of SOL in the corporate treasury, with the transaction completed via market purchase on April 15. Janover plans to stake these tokens for an annualized yield of 5-7% and is considering operating Solana network validation nodes to participate in ecosystem building. The funding for this initiative comes from its cash reserves and $42 million in convertible bonds raised from crypto industry institutions such as Pantera Capital and Kraken on April 7.

15. SOL Global Investments Corp., 260,000 SOL, $3.796 million.

SOL Global Investments Corp. is a Canadian investment company based in Toronto, focused on exploring the potential of cryptocurrencies, blockchain, and emerging technologies.

In 2025, SOL Global further focused on Solana (SOL), consolidating its pioneering position in the crypto market by increasing its holdings by 40,350 SOL (valued at approximately $870,000). In January 2025, SOL Global announced a fundraising of $18 million through a private placement, of which $10 million was used directly to purchase SOL, and the remaining funds were directed towards DeFi and NFT projects in the Solana ecosystem. As of March, approximately 60% of the 40,350 SOL held by the company has been staked and locked in the Solana network to earn an annualized yield of 6.26%. The latest news indicates that SOL Global currently holds around 260,000 SOL. The company's CEO Paul Kania stated in an announcement: we aspire to become a Solana super company, providing public market investors with direct opportunities to participate in Solana's transformation.

BNB

16. Build & Build Corporation, plans to purchase $100 million in BNB.

On June 24, Bloomberg reported that cryptocurrency fund management company Build & Build Corporation is seeking $100 million in financing to acquire BNB. The company will be led by former executives of Coral Capital Holdings, and its strategy is comparable to MicroStrategy's focus on Bitcoin. The company plans to accumulate BNB as its core asset and aims to go public through a reverse merger with a yet-to-be-determined NASDAQ-listed company.

17. Nano Labs, plans to purchase $1 billion in BNB.

On June 24, Nasdaq-listed company Nano Labs announced it will raise $500 million through a private placement of convertible bonds, initially intended to purchase $1 billion in BNB and plans to hold 5% to 10% of the circulating supply of BNB long-term. The company has signed agreements with multiple investors for a term of 360 days, with no interest during the period, convertible into Class A common stock of the company at $20 per share.

Other cryptocurrencies.

18. SRM Entertainment, Inc., plans to purchase $100 million in TRX.

Entertainment company SRM Entertainment, Inc. (Nasdaq stock code: SRM) announced that it has signed a securities purchase agreement (SPA) with a private investor for a $100 million equity investment, which SRM will use to launch its Tron token (TRX) treasury strategy. Additionally, the founder of the Tron blockchain, Justin Sun, has been appointed as a company advisor. The company also plans to change its name to Tron Inc. Under the full exercise of the warrants, the strategic investment will reach a value of $210 million.

19. Lion Group, plans to purchase $600 million in HYPE, SOL, Sui.

Nasdaq-listed Lion Group Holding (LGHL) is establishing a $600 million cryptocurrency treasury reserve, with Hyperliquid (HYPE) tokens as its primary asset. Hyperliquid tokens will serve as the 'main reserve asset' of the company's L1 treasury reserve, which will also include Solana and Sui tokens.

LGHL CEO Wilson Wang pointed out: 'Hyperliquid represents a natural extension of LGHL's existing derivatives business into the decentralized market and reflects our belief that decentralized on-chain execution is the future of trading. We believe that protocols with decentralized ordering like HYPE are fundamental to building scalable DeFi systems. Solana's dominance in consumer-facing crypto applications and Sui's recent backing by World Liberty Financial are key factors in its selection of altcoins.'

20. Everything Blockchain, planning to purchase $10 million in SOL, XRP, SUI, TAO, HYPE.

Everything Blockchain Inc. (OTC: EBZT) announced plans to invest $10 million in five rapidly expanding blockchain networks: Solana (SOL), Ripple (XRP), Sui (SUI), Bittensor (TAO), and Hyperliquid (HYPE). This move makes EBZT the first U.S. publicly traded company to establish a diversified, stake-focused crypto treasury aimed at capturing yield and future institutional interest. This strategy reflects the growing demand for crypto-backed equity plays in the market.

21. Synaptogenix, TAO (amount unknown).

Synaptogenix has purchased TAO cryptocurrency tokens for the first time as part of its recently announced focus on artificial intelligence and machine learning in its cryptocurrency fund strategy. Synaptogenix Executive Chairman Joshua Silverman stated that under the guidance of Crypto TAO strategy head James Altucher, the company has begun to bet on tokens to generate income and achieve capital appreciation.

22. Interactive Strength, $500 million plan to acquire FET.

On June 11, Nasdaq-listed fitness equipment manufacturer Interactive Strength announced financing of $500 million to acquire Fetch.ai tokens and establish the world's largest corporate AI token repository.

2. Why are big companies increasingly purchasing cryptocurrencies for their balance sheets?

According to Bitwise data, from 2025 to date, institutional buyers have dominated Bitcoin demand, accumulating 417,000 BTC.

Moon Inc.'s Bitcoin strategy head Jesse Myers pointed out that Bitcoin holders underestimate the quantity of Bitcoin that companies will accumulate over the coming decades. He predicts that by 2045, Bitcoin reserve companies will hold 50% of the world's Bitcoin, and Strategy, led by Michael Saylor, will possess Bitcoin valued at $70 trillion, becoming the most valuable company in history. Currently, publicly listed and private companies, ETFs, and nations collectively hold approximately 3.23 million BTC, valued at about $348.25 billion, while approximately $318 trillion in bond capital is seeking better investment channels, with Bitcoin reserve companies becoming the main buyers of BTC in the coming decades.

1. Comprehensive regulatory framework.

  • United States: Bitcoin is defined as a commodity by the CFTC and viewed as a security by the SEC (subject to the Howey test). According to ASC 350, businesses may treat Bitcoin as an intangible asset, measured at the lower of cost or net realizable value, with impairment not reversible.

  • France, Germany: Member countries of the MiCA regulation allow companies to hold Bitcoin, but must comply with MiCA's anti-money laundering and transparency requirements.

  • Japan: In 2017, the Payment Services Act defined Bitcoin as 'legal property', allowing businesses to hold it.

  • Australia: Bitcoin is reported as an intangible asset or financial asset, measured at cost or fair value, and trading gains are subject to capital gains tax.

  • Singapore: Bitcoin is considered a payment tool by MAS, allowing businesses to hold it.

  • Germany:Bitcoin is regarded as private property, and businesses can freely hold it.

2. Hedge against inflation.

The essence of inflation is the decline in the purchasing power of fiat currency, while Bitcoin, as a decentralized asset, is not affected by the monetary policies of a single country. When central banks implement easing policies (such as lowering interest rates and printing money), expectations of fiat depreciation rise, and some funds may flow into Bitcoin to seek preservation of value. Additionally, Bitcoin has a 'halving' mechanism that reduces its annual inflation rate over time (currently about 1.7%, dropping to 0.85% after the 2024 halving), trending toward zero in the long term, far below the inflation rates of most fiat currencies.

3. Occupying emerging financial markets.

Corporate holdings of cryptocurrencies are essentially an investment in the 'blockchain + Web3' technology ecosystem, staying at the forefront of emerging Web3 technologies. Large companies buying cryptocurrencies can be seen as a signal to seize opportunities in emerging financial markets, which will impact the company's development prospects to some extent.

In February 2021, Tesla announced the purchase of $1.5 billion in Bitcoin and planned to accept Bitcoin payments. This move caused Tesla's stock price to rise over 10% within a week, with its market value briefly surpassing $800 billion (previously around $700 billion), and a series of subsequent statements by Musk related to cryptocurrency garnered significant attention.

David Bailey, president of Bitcoin Magazine, stated that whenever a company adds Bitcoin to its corporate treasury, it eliminates a traditional company that does not own Bitcoin; today's corporate liquidity is essentially Bitcoin liquidity, and failing to join means facing 'death.'

4. The future of the cryptocurrency market is promising.

In 2009, when BTC first emerged, its value was close to zero; in 2013, BTC rose from $13 to $1,200; in 2017, the ICO boom drove BTC close to $20,000; in 2021, BTC reached a new high of $69,000; in 2024, BTC's price rose from around $42,000 at the beginning of the year to $108,000; in 2025, BTC broke the $110,000 mark.

ARK Invest CEO Cathie Wood believes that the price of BTC will grow 15 times in the next five years. 'BTC represents a unique global currency system, and as more investors hold it, its volatility is decreasing.'

#BTC、 #ETH