Key Insights
The crypto treasury sector has seen a significant surge, reaching $160 billion as BTC soared to an all-time high above $120,000. Will this growth continue in the face of macroeconomic uncertainties in Q3?
Undoubtedly, the rise of crypto treasuries held by public companies has been a defining trend in 2025. In less than three months, the market cap of these treasuries has doubled to $160 billion.
What initially started with Michael Saylor’s MicroStrategy making a bold bet on Bitcoin has now expanded to include Ethereum and Solana, among other altcoins.
Source: The Block
Numerous companies have followed in Saylor’s footsteps, hoping to replicate his success in the crypto space. Currently, MicroStrategy holds an unrealized profit of $28 billion on its BTC holdings.
Between April and July, the cumulative market cap of public companies holding crypto assets such as BTC, ETH, and SOL surged from $74 billion to $160 billion.
This growth was largely driven by BTC, which accounted for $147 billion of the total $160 billion market cap.
Ethereum and Solana Adoption
While BTC remains dominant in the crypto treasury space, a new trend emerged in Q2 with the rise of ETH-focused public companies, fueled by the popularity of stablecoins and tokenization.
For instance, BitMine Immersion Tech, led by Tom Lee, recently acquired 625,000 ETH valued at over $2.4 billion.
Other companies like SharpLink Gaming and The Ether Machine are also significant ETH holders, with holdings worth $1.68 billion and $1.28 billion, respectively.
Overall, public companies, Web 3 firms, and ETFs have stacked around 2.8 million ETH (approximately $10 billion). However, the ETH holdings of public companies have slightly decreased to $6.3 billion from a recent high of $7.8 billion.
Source: The Block
Solana has also garnered interest from public companies like DeFi Development Corp and Upexi, with a combined market cap of $1 billion. This is significantly lower than ETH and BTC treasuries.
Source: The Block
Companies investing in ETH and SOL treasuries are seeking staking rewards and additional opportunities in the growing stablecoin and tokenization market. Conversely, players like Michael Saylor are using BTC as a hedge against U.S. fiscal debt and inflation to protect shareholder capital.
Despite the potential benefits, fluctuations in the market and increasing macroeconomic uncertainties in Q3 could impact the growth of these companies’ crypto holdings.
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