The Surge of Crypto Treasuries in 2025

Last year was the year of ETFs, so far 2025 is shaping up to be the year of crypto treasuries. An increasing number of companies have begun integrating cryptocurrencies into their treasury strategies instead of holding idle cash on their balance sheets. An idea that would have sounded unfathomable a few years ago is becoming an emerging trend in crypto adoption. The various reasons for why companies are doing so are as a viable hedge against inflation, a portfolio diversifier, and a signal of long-term conviction in the digital asset space.

What began as a contrarian bet by MicroStrategy in 2020 has evolved into a broader movement. From technology giants to newly public entities, crypto is no longer just a speculative asset, it’s an asset class being embedded into corporate finance.  In this blog, we’ll explore the rise of crypto treasuries, beginning with Bitcoin’s dominance, then moving into the growing interest in Ethereum (ETH) and XRP.

The Rise of Bitcoin Treasuries

Why Bitcoin?

Bitcoin’s fixed supply of 21 million coins, coupled with its decentralization and resilience over 15 years, has earned it the title “digital gold.” Its appeal lies in its predictability, scarcity, and increasing institutional adoption. With the world continuing to evolve at faster rates and as of late becoming more uncertain the need to find an alternative store of value has become clear.

For corporations, especially those looking for alternatives to cash or government bonds, Bitcoin offers a long-term inflation hedge. With ETFs now giving institutional players cleaner access, and increasing regulatory clarity in the U.S., Bitcoin has become a legitimate treasury tool.

Strategy’s Pioneering Role

No conversation about corporate crypto treasuries is complete without Strategy. The business intelligence firm, led by Bitcoin evangelist Michael Saylor, first began buying BTC in 2020.  The company has essentially become a proxy Bitcoin ETF, with Saylor framing BTC as a “superior form of money.” This aggressive treasury approach has made MicroStrategy the de facto blueprint for other corporate entrants. Keep up to date with their whopping 580,000 Bitcoin treasury at the time of writing. 

New Players  21 Capital & Gamestop

21 Capital, a Bitcoin-focused entity backed by Tether, Bitfinex, and SoftBank, is structured to build a significant Bitcoin treasury through a SPAC merger, aiming to become a major corporate holder. Tether has recently moved a combined 37,229 Bitcoin, worth about $3.9 billion, to addresses linked to the new Bitcoin-native financial platform. 21 Capital’s will focus on long-term Bitcoin accumulation, prioritizing BTC per share over traditional earnings metrics, leveraging institutional partnerships and market supply constraints.

Gamestop has also started buying Bitcoin as they raised $1.5 billion through a private convertible notes offering to fund Bitcoin purchases, with an initial commitment of $1.3 billion for BTC acquisition. Last week they started it off with a bang by purchasing $500 million in Bitcoin. GameStop, under CEO Ryan Cohen, updated its investment policy in March 2025 to include Bitcoin as a treasury reserve asset, aiming to diversify its cash reserves amid declining retail sales.

Trump Media & Technology Group’s Bold Bet

The most politically charged Bitcoin treasury move this year came from Trump Media & Technology Group (DJT). The company announced in May 2025 that it raised $2.44 billion, with $2.32 billion earmarked specifically for Bitcoin purchases, catapulting it into the ranks of the largest corporate BTC holders overnight.

This move aligns with broader “America First” economic messaging and dovetails with Trump’s Strategic Bitcoin Reserve initiative. This reinforced Bitcoin’s emerging role as a politically significant financial instrument.

The Top Bitcoin Treasuries 

A diverse range of companies from ETFs and mining firms to software giants and newcomers now hold substantial BTC on their balance sheets.

 Beyond Bitcoin – Ethereum and XRP Treasuries

While Bitcoin dominates the headlines, 2025 has introduced a notable shift: corporations are expanding beyond BTC and exploring other digital assets for their treasuries—namely Ethereum (ETH) and XRP. These assets offer different value propositions that resonate with specific industries, from decentralized finance and infrastructure to cross-border payments.

SharpLink Gaming’s Ethereum Treasury

In a surprising yet decisive move, SharpLink Gaming announced a $425 million Ethereum treasury strategy, with plans to raise up to $1 billion for further acquisitions. Backed by Joseph Lubin, co-founder of Ethereum and founder of Consensys, this initiative is a strategic bet on Ethereum’s foundational role in the application side of crypto.

Why Ethereum?
As the most widely used smart contract platform, Ethereum provides programmability that Bitcoin lacks. For firms in the gaming, tech, or finance sectors, ETH offers exposure to the future of decentralized applications, an attractive hedge in a world leaning into tokenization and automation.

VivoPower’s XRP Treasury

Meanwhile, VivoPower, a Nasdaq-listed sustainable energy firm, made headlines by announcing a $121 million raise to build an XRP-focused treasury. This decision, led by Saudi Prince Abdulaziz bin Turki Al Saud, positions VivoPower as the first publicly traded company to officially hold XRP as a treasury reserve.

Why XRP?
Ripple’s technology offers real-time settlement capabilities for cross-border payments. This is useful for globally oriented firms. With ongoing speculation about an XRP ETF and the SEC’s softened stance toward Ripple, XRP is being reframed not as a security liability but as a practical financial tool.

Why Companies Are Embracing Crypto Treasuries 

Macro Drivers

Several macroeconomic and regulatory tailwinds are accelerating crypto adoption at the treasury level:

• Inflation Hedge: As central banks continue aggressive monetary easing, Bitcoin’s hard cap and Ethereum’s burn mechanism offer scarce alternatives to fiat.

   

• Regulatory Clarity: Trump’s pro-crypto administration has revived efforts to clarify the classification of digital assets, allowing companies to operate with greater confidence.

   

• Institutional FOMO: The success of MicroStrategy and the approval of spot Bitcoin and Ethereum ETFs (e.g., BlackRock, Fidelity, WisdomTree) have created a new wave of legitimacy.

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Disclaimer

The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions.

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The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.