The Biggest Bitcoin and Crypto Treasury Plays of 2025

This year was the first time that the script of the top Bitcoin business owner, Strategywas widely replicated, with companies from various sectors building large government bonds in Bitcoin, Ethereum and Solana through formal capital raising pipelines.

As that playbook spread across sectors and regions, five companies in particular helped shape the way corporate treasuries approached crypto in 2025.

Here’s a closer look at the extent to which the largest companies in the sector have gone all-in this year.

Strategy (MSTR)

Strategy by Michael Saylor (formerly MicroStrategy) bought his first Bitcoin in August 2020 when shares were trading at $14.44.

Five years later, the company is holding strong 660,624 BTC from December 15valued at $62 billion, with its stock price up 1.204%, according to Yahoo Finance facts. This year, Strategy bought Bitcoin with a mix of debt and equity.

February: $2 billion bond sale

Strategy Bought 20,365 BTC at $97,514 in February, financed through $2 billion of zero-coupon convertible notes. The bonds do not pay interest, but will be converted into shares at maturity in 2030.

Initially, the market reacted negatively as Strategy’s shares fell 2.37% on the announcement day, but later recovered.

March: $1.92 billion during trade war

Strategy grabbed 22,048 BTC at $87,000 in March as President Donald Trump’s trade war with China roiled markets Bitcoin down of his highlights.

The company raised $1.2 billion by selling shares and another $1.85 million through STRK, a new perpetual preferred stock product it introduced in January.

April: $1.42 billion stock sale

Strategy bought 15,355 BTC for $1.42 billion in April by selling 4 million shares. Almost all the money, about 97%, came from stock sales and not debt.

This approach works when Strategy’s shares are trading at a value above the value of their Bitcoin holdings.

If MSTR’s market cap is higher than its Bitcoin value, the company can sell shares and buy more Bitcoin than those shares represent, increasing the value of Bitcoin per share for existing holders.

But in November, Strategy’s market cap fell below its Bitcoin holdings, diluting rather than increasing future share sales.

July: STRC launch worth $2.5 billion

Strategy’s most significant raise came in July with the launch of STRC, a perpetual preferred stock that pays monthly dividends and which the company used to fund a capital market. 21,021 BTC purchase.

It was the third preferred product strategy introduced this year STRF and STRK, and the first time a Bitcoin treasury company issued a monthly dividend-paying preferred stock on a US exchange.

The company has spent billions this year as part of its ‘21/21 Plan“—a three-year goal to raise $21 billion through equity and $21 billion through debt.

Joshua Chu, a lawyer, lecturer and co-chairman of the Hong Kong Web3 Association, said Declutter that the timing of this year’s crypto-treasury plays prompted warnings from many firms following the strategy manual.

“Several publicly traded companies jumped into digital asset treasury strategies just as Bitcoin was at or near all-time highs,” Chu said. “Many of the most aggressive proposals were of the same type that the Hong Kong stock exchange had already rejected on listing rules and prudential grounds earlier this year.”

Multiple struggling companies have “swinged for the fences” in allocations despite having “no overall need” to hold crypto as they had no intention of using it for actual projects, Chu said.

Forward Industries (FORD)

Forward Industries completed a turnaround in September when the medical device accessories company became the largest in the world Solana Treasury.

The New York company raised $1.65 billion in a private placement backed by Galaxy Digital, Jump Crypto and Multicoin Capital, using almost all of it buy 6,822,000 SOL for $232 per token.

Shares of Forward rose 1.32% on the news, with the company immediately filing to raise an additional $4 billion through the sale of shares for “working capital, pursuing its Solana token strategy and purchasing income-generating assets.”

As of November, Forward owned 6,910,568 SOL, by far the most extensive Solana treasury among publicly traded companies such as SOL Strategies, DeFi Development Corp. and Upex.

Jad Comair, CEO and founder of Melanion Capital, which was behind Europe’s first private Bitcoin treasury model, said Declutter that 2026 will likely be an ‘altcoin treasury year’.

Because “the broader crypto universe” typically lags behind Bitcoin, he said companies buying BTC often “expand the playbook.”

BitMine Immersion Technologies (BMNR)

BitMine, led by Tom Lee, built the largest listed company Ethereum treasury by buying aggressively during market chaos.

In October, BitMine bought 203,826 ETH for $963 million during a post-tariff crypto sell-off that wiped out $19 billion in leveraged positions and sent ETH down to $3,709.

As of December 15, Bitmine’s total ETH holdings were 3.8 million, which according to StrategicETHReserve.xyz. Shares of BitMine rose 4.35% to $54 after the October purchase, although they were down from above $60 during the sell-off.

The company is the second largest crypto asset globally, behind only Strategy’s Bitcoin holdings. It also owns $22 million in Bitcoin and $239 million in other investments as of December 15, along with about $1 billion in cash.

Comair joked that large-scale allocations to crypto treasuries are becoming structural rather than cyclical.

“Companies have moved from opportunistic purchases to implementing formal treasury policies,” he said. “The combination of fair-value accounting, institutional custody and ETF liquidity rails means these allocations are no longer ‘experiments’.”

Asked whether corporate bonds will continue this trend in 2026, Comair said “FOMO at board level” will drive adoption.

Once Bitcoin recovers, “no CFO wants to be the one to ignore the cheapest balance sheet trade of the cycle,” he said.

The Ether Machine (ETHM)

The ether machine Raised $654 million in August when Jeffrey Berns, a longtime Ethereum backer, invested 150,000 ETH and joined the board.

The company held 495,362 ETH worth over $1.4 billion as of December 15, making it the third largest Ethereum treasury after BitMine and SharpLink Gaming.

The Ether Machine was formed in June from a merger between The Ether Reserve and blank check firm Dynamix Corporation.

The company debuted on the Nasdaq in July and began trading under the ticker ETHM in August. Unlike passive holders, the company stakes and uses its ETH decentralized finance strategies to generate returns.

Metaplanet

Listed on the Tokyo Exchange Metaplanet bought 5,419 BTC for $632.53 million in September at $116,724 per coin, through a $1.45 billion international equity offering.

As of December 15, Metaplanet holds 30,823 BTC, worth $2.7 billion, and ranks fourth after Strategy, Marathon Digital, and Twenty One Capital, according to Bitcoin Treasuries. facts.

This year, the company set an ambitious goal to acquire another 100,000 BTC next year 210,000 BTC by 2027or about 1% of the total possible supply of 21 million Bitcoin.

The company operated hotels and technology companies until 2024, when it focused on Bitcoin. The strategy earned it the nickname “The Asian microstrategy” for following Saylor’s Strategy Playbook.

In the end

Comair noted that the most common risk management failure this year came from companies that “broke their own story or were implemented without conviction.”

The most obvious missteps came from companies that “panicked” or reversed course, he said, singling out New York-listed chipmaker Sequans, which subsequently bought Bitcoin. sold to pay off debtswhich shows that there is ‘no long-term vision’.

“The biggest mistake of 2025 was not volatility, but inconsistency,” he noted. “Investors reward clarity and conviction. They punish hesitation.”

“There is no general need for companies that have no concrete plans to deploy crypto to support projects, products or on-chain infrastructure to own significant crypto at this time,” noted Chu of the Hong Kong Web3 Association.

“For these issuers, crypto is not a strategic input; it is a source of avoidable earnings volatility and associated liquidity risk,” he said.