A Comprehensive Review of Public Companies' Encryption Treasury Strategies: The Road to Reversal Amidst the Speculation Frenzy

Recently, the popularity of encryption concept stocks has continued to rise. After a certain U.S. stock company announced financing to purchase ETH, its stock price surged, leading the crypto community to jokingly remark, "The altcoin season has arrived, it just didn't happen in cryptocurrencies, but rather in coin stocks."

An increasing number of publicly listed companies worldwide are beginning to incorporate encryption assets such as Bitcoin and Ethereum into their corporate financial strategies, whether they are tech giants with a market capitalization in the hundreds of billions or smaller listed companies that were previously on the fringes. This article organizes the currently active publicly listed companies in encryption holdings, covering multiple industries including e-commerce, fintech, traditional banking, and mining.

It is worth noting that companies whose main business is encryption, despite having strong treasury management, still have stock prices that are highly correlated with fluctuations in the encryption market. Some small and medium-sized companies have gained a speculative surge in the capital market due to sudden "buying coins", resulting in their stock prices doubling or even increasing several times in a short period. Many companies that were previously stuck in growth difficulties are achieving a "financial turnaround" by releasing digital asset reserve strategies, leading to a significant reversal in stock price trends.

Leading Companies: High Market Value + Large Holdings

Strategy｜Market Cap: 103.3 billion USD｜Holding: 580,955 BTC

As a pioneer of the "Bitcoin Treasury" strategy, Strategy remains the company that holds the most Bitcoin among publicly listed companies worldwide. As of June 3, the company has accumulated a total of 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 continuously increased its holdings slightly, and the current paper profit is 49%.

Although it has entered a high buying zone, the company still maintains a strong belief in BTC. Its CEO stated at the Bitcoin 2025 conference that there is no limit to the Bitcoin accumulation plan, and that the difficulty of purchasing Bitcoin in the future will grow exponentially, but the Strategy will buy Bitcoin with greater efficiency. As of June 1, MSTR's stock price has increased by 23.02% this year, reflecting some recognition from the capital markets of its Bitcoin strategy.

MercadoLibre | Market Cap: 130 billion USD | Holdings: 570.4 BTC

Latin American e-commerce and fintech giant MercadoLibre has included Bitcoin as a financial asset since 2021. By the end of Q1 2025, the company's holdings increased from 412.7 coins to 570.4 coins, reflecting its ongoing allocation of encryption assets.

The company allows users to make payments using Bitcoin, Ethereum, and stablecoins in places like Brazil, but these encryptions are primarily used for transactions on the platform rather than directly entering the company's balance sheet. The first-quarter financial report showed strong performance, with the number of active buyers reaching 67 million and monthly active fintech users growing by 31%. Supported by strong fundamentals, its stock price has increased by 45.23% this year. The average holding cost of Bitcoin is $38,569, with a book profit of 169.06%.

A trading platform | Market Cap: $62.8 billion | Holdings: 9,267 BTC

As the largest encryption trading platform in the United States, the company not only serves as a trading entry but also expresses its confidence in Bitcoin through concrete actions. On March 31, 2025, the company increased its holdings by 2,382 BTC, raising its total to 9,267, with an average cost of $55,937.

However, affected by the decline in Q1 performance and the sluggish market, the company's stock price has fallen 4.12% since the beginning of the year. On April 18, it briefly dropped to a low of $151.47, and then gradually rebounded. Nevertheless, its Bitcoin holdings still show an unrealized profit of over 85%.

Block | Market Cap: $38 billion | Holdings: 8,584 BTC

Block, led by Jack Dorsey, is integrating its Bitcoin strategy into its products and ecosystem. As of the end of March this year, the company holds 8,584 BTC, with an average cost of only $30,405, resulting in a paper profit of 243.15%. The Block ecosystem includes several 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 strong fundamentals, the stock price has cumulatively fallen by 28.82% since 2025, reflecting investors' dual concerns about the macro environment and the profitability of the payment business.

Traditional Financial Giants' Encryption Attempts

Intesa Sanpaolo｜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 encryption through "test operations." Although this move is relatively small in scale, it sends an important signal - compliance-based holding of cryptocurrencies is becoming a trend.

As the largest bank in Italy by asset size, Intesa Sanpaolo is an important pillar of the country's financial system. With a strong presence in retail, corporate, and investment banking, it serves millions of customers in both the Italian and international markets.

As of June 1, its stock price has increased by 27.1% this year.

Virtu Financial｜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, USA. The company is testing the waters in digital asset trading and reserves. As of now, its Bitcoin holding is 235 coins, with an average purchase price of $82,621. Despite the high cost, the unrealized profit still reaches 26.47%. Virtu also considers Bitcoin as part of its strategic risk hedging tools.

Since the beginning of the year, Virtu's stock price has increased by 11.42%.

Mining Leaders and Emerging Token Holding Companies

MARA Holdings | Market Cap: $5.1 billion | Holdings: 49,228 BTC

One of the largest Bitcoin miners in the United States, MARA, has been significantly expanding its treasury 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, bringing its total holdings to 49,228 BTC, making it the second-largest publicly listed company by Bitcoin holdings in the world.

MARA Holdings is headquartered in the United States and is known for its large-scale, institutional-grade Bitcoin mining operations. Leveraging advanced technology and strategic partnerships, it maximizes mining efficiency and output. MARA's business model centers on securing and verifying Bitcoin transactions, profiting from block rewards and transaction fees, while holding a significant portion of the mined Bitcoins as treasury assets for the long term.

GameStop | Market Cap: $13.3 billion | Holdings: 4,710 BTC

GameStop Corp. is a specialty retailer that provides gaming and entertainment products through its stores and e-commerce platforms in the United States, Canada, Australia, and Europe. The company sells new and used gaming consoles, accessories (such as controllers and gaming headsets), new and used game software, as well as in-game digital currencies, digitally downloadable content, and full game download versions. GameStop was formerly known as GSC Holdings Corp., founded in 1996 and headquartered in Texas, USA.

The game retailer known for its "retail investor myth" is transitioning to digital assets. On March 25 local time, according to the company's official announcement, the board has unanimously approved an update to the investment policy to include Bitcoin as one of the company's reserve assets. On May 28, GameStop announced the inclusion of Bitcoin in its reserves and quickly purchased 4,710 coins, becoming one of the traditional companies with the fastest accumulation rate this year. Although its stock price has still fallen by 2.80% this year, its market attention has significantly increased.

In addition to the high market capitalization companies and well-known listed companies mentioned above, there are also smaller companies that are actively increasing their Bitcoin holdings by 2025, including Metaplanet, Core Scientific, Rumble, and Bitdeer Technologies. Moreover, some companies that have recently gained significant market attention have also begun to invest in encryption assets, demonstrating a strong interest in this sector.

Smaller Market Cap but Strong Moves from "New Forces"

SharpLink | Market Cap: $53.58 million | ETH Treasury Strategy

On May 27, the small US stock company SharpLink, which had previously received little attention and whose stock price hovered on the brink of delisting, announced the completion of approximately $425 million in private financing and plans to significantly purchase ETH as its main treasury reserve asset. Many even referred to it as the "Ethereum version of Strategy."

Betting on ETH as treasury reserve assets, securing 425 million in financing with a market value of 2 million. The lineup for this round of financing is luxurious, led by a certain Ethereum infrastructure developer. On the day the financing news was announced, SharpLink's stock price surged to a peak of 50 dollars, reaching a new high since May 2023.

Trump Media & Technology Group｜Market Value: $4.7 Billion｜Bitcoin Treasury Plan

The Trump Media & Technology Group ( TMTG ), founded by Trump, announced in late May that it will launch a $2.5 billion financing plan to establish a Bitcoin treasury and create a "Truth Social ecosystem" centered around encryption finance. Its policy direction has also sparked ongoing discussions in the industry about the intersection of politics and encryption.

Asset Entities + Strive｜Market Value: To be updated after consolidation｜BTC Treasury Target

On May 7, digital marketing and content delivery service provider Asset Entities announced that it has reached a final merger agreement with Strive Asset Management. After the merger, the company will be renamed Strive, continue to be listed on NASDAQ, and transform into a publicly traded Bitcoin financial company. On May 27, it was reported that Strive Asset Management has completed a $750 million private equity investment round, with a subscription price of $1.35 per share, representing a 121% premium over the previous closing price of ASST, and has the opportunity to expand to $1.5 billion through warrants. The funds will be used to acquire undervalued biotech companies, bottom fishing for Mt. Gox Bitcoin claims, and discount structured BTC credit products, building its Bitcoin treasury.

Upexi｜Market Cap: 400 million USD｜Solana Strategy

On April 21, a well-known cryptocurrency trading and investment company announced that it has made a private equity investment of up to $100 million in Upexi, a Nasdaq-listed consumer goods company, betting on its upcoming comprehensive transformation of the Solana financial strategy. As a result of the news, Upexi's stock price surged more than six times during the day.

VivoPower | Market Cap: 46.92 million USD | XRP Treasury Strategy

On May 29, Nasdaq-listed energy company VivoPower International announced the completion of a $121 million private placement financing, transitioning to a strategy centered on XRP as its core encryption asset reserve. A Saudi prince led the investment with $100 million.

Conclusion

As Bitcoin gradually transitions from a "fringe" asset to mainstream, more and more publicly listed companies are embracing encryption assets in different ways, from Strategy to MercadoLibre, from banking giant Intesa to SharpLink. Some view Bitcoin as a store of value, others attempt to build new financial systems around Ethereum or Solana, and some even promote corporate transformation through a "treasury strategy."

This is not only a reflection of financial diversification but also indicates that encryption assets are becoming part of the new trend in the global capital market. In the future, as regulations become clearer and infrastructure continues to improve, more companies with a market value of tens of billions or even hundreds of billions may join the "holding coin club."