Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Corporate Crypto Treasuries Cross $137B as DATCos Multiply
Digital Assets | Nov 12, 2025
Digital Asset Treasury Companies (DATCos) Move from Niche to Mainstream
On November 5, 2025 CoinGecko published a comprehensive 2025 Digital Asset Treasury Companies Report unveiling the trends, rankings and strategies of mainly public companies that are increasingly adding digital assets to their balance sheets.
See: LQwD Joins Microstrategy’s Bitcoin for Corporations
The report outlines three types of public DATCos including (1) Crypto mining firms (i.e., MARA Holdings), (2) Pure play firms whose sole purpose is to accumulate crypto assets (i.e., Strategy or Bitcoin Treasury Corp), and (3) Companies with crypto reserves (i.e., Bitfarms Ltd), with the full source data being available in the report along with CoinGecko's Treasuries Tracker (NB: includes government holdings in rankings).
CoinGecko’s data shows the number of Digital Asset Treasury Companies expanding from just 4 in early 2020 to 142 by October 2025. Total holdings rose from about $30 million to $137.3 billion USD, more than doubling in 2025 alone.
Bitcoin represents about 82.6 % of total holdings, Ethereum 13.2 %, and Solana 2.1 %, with the rest spread among smaller tokens. The United States leads with 60 companies; Canada ranks second with 19, reflecting its strong base of listed miners and crypto firms.
The takeaway is that public companies are increasingly adding digital assets to their balance sheet. Below are highlights of the ins and outs of how they do it, and some lessons learned.
Strategy Remains the Flagship Case
CoinGecko traces Strategy’s transformation from a software company into the world’s largest corporate Bitcoin holder. Since pivoting in August 2020, Strategy has acquired about 640,800 BTC, roughly 3 % of total Bitcoin supply, and now manages holdings exceeding $70 billion USD.
See: GameStop Joins Growing List of Bitcoin Treasury Holders
The company funded these purchases through a mix of equity offerings, bond issuances, and preferred shares. Its stock has traded at premiums to its Bitcoin net asset value during parts of 2024, underlining investor appetite for exposure to corporate crypto reserves.
The Pace and Mix of New Buying
CoinGecko tracks at least $42.7 billion USD in new crypto purchases by DATCos between January and October 2025, with more than half occurring in the third quarter. Bitcoin accounted for roughly 70 % of total spend, Ethereum for 18 %, and Solana led among smaller allocations.
This acceleration reflects growing comfort with digital assets as long-term treasury instruments rather than short-term speculative holdings.
Who Holds the Most and What They Hold
As of November 2025, Strategy leads with $70.7 billion USD in Bitcoin. BitMine Immersion ranks second with combined Ethereum and Bitcoin holdings of $12.9 billion USD, followed by Sharplink, a major Ethereum holder.
The top group also includes Marathon Digital, Riot Platforms, Coinbase, Galaxy Digital, and Tesla. Together, the top 15 account for most corporate-owned digital assets.
See: New Hampshire First U.S. State to Legalize Bitcoin Reserve
Three Canadian-listed firms, Galaxy Digital, Hut 8 Mining, and Bitfarms Ltd., remain among the most significant international participants, confirming Canada’s status as a leader in Bitcoin and Ethereum treasury adoption. Both Galaxy Digital and Hut 8 are listed as U.S. firms on the tracker but they are registered and originated in Canada.
Treasury Snapshots for Bitcoin, Ethereum, and Solana
Bitcoin treasuries held by DATCos now total about 1.03 million BTC, equal to 4.9 % of total Bitcoin supply. Strategy alone holds roughly 61.5 % of that amount.
Ethereum holdings across DATCos reached 4.7 million ETH, or 3.9 % of supply, with BitMine Immersion responsible for about 69 % of the total.
Solana treasuries rose to 15.9 million SOL, about 2.9 % of supply. Forward Industries’ $1.65 billion purchase of 6.8 million SOL in September 2025 represents nearly half of all corporate Solana reserves.
4 Channels of DATCo Funding
CoinGecko documents four key financing methods that DATCos have been using to acquire crypto assets:
See: Fidelity Report Insights on Digital Assets in 2025
- Private placements and PIPE deals for initial seeding of corporate treasuries.
- At-the-market equity programs to raise capital when stock prices trade above net asset value.
- Perpetual preferred shares used to attract income-focused investors with fixed yields.
- Convertible senior notes debt instruments offering optional equity conversion for large-scale acquisitions.
Together, these options spotlight structured financing strategies that balance investor access with risk control.
Why Market Net Asset Value (mNAV) Matters
mNAV compares a company’s market capitalization to the value of its crypto holdings, which acts as a sustainability barometer. When mNAV falls below 1.0, raising new equity dilutes shareholders rather than adding value.
CoinGecko found several DATCos near or below that threshold in late 2025. As a result some companies paused new acquisitions, while others turned to preferred shares or buybacks to stabilize their valuations.
Lessons from Funding Limits and Early Consolidation
CoinGecko’s report offers several clear lessons from 2025’s wave of funding stress and consolidation among crypto treasury companies.
See: Trump Media and Crypto.com Launch Cronos Treasury Firm
1. Equity breaks when the stock weakens
When a company’s share price falls and its mNAV drops near or below 1.0, equity financing becomes uneconomical. Semler Scientific (SMLR) faced this in mid-2025, as weak stock performance made new issuance impossible and a shareholder vote to authorize preferred shares failed.
2. Mergers are the fallback when capital dries up
With no viable financing options left, Semler merged with Strive in September 2025. Consolidation often becomes the only path forward when market access closes.
3. Preferred shares can buy time but not certainty
After the merger Semler relied on preferred equity but its combined valuation still dropped by about 80 %, showing that preference structures help liquidity but not long-term confidence.
4. Low debt means room to diversify funding
Across all DATCos, outstanding debt stood near $12.7 billion USD, which is modest compared with roughly $200 billion USD in crypto assets, leaving space for responsible borrowing to reduce reliance on stock issuance.
See: FinTech’s Role in Modern Treasury Management: Streamlining Operations and Capital Optimization
5. Buybacks and preferred equity are short-term levers
Companies use buybacks or issue preference shares to support valuations when mNAV weakens. ETHZilla even sold Ethereum in October 2025 to fund a buyback (a rare reversal of the usual accumulation pattern).
6. Early stock spikes fade fast
Several DATCos saw share prices surge briefly after announcing digital asset strategies, then retreat as fundamentals reasserted themselves. Some cases drew regulator scrutiny for pre-announcement trading. Companies should not base treasury policy on short-lived market premiums.
7. Dividend transparency builds trust
Strategy’s perpetual preferred shares attract investors through structured yields, but questions remain when dividends are financed by new share issuance. Transparent funding disclosure maintains credibility.
Implications for Canada
At a time when Canada's policymakers are creating stablecoin rules, it can learn from these global cases by allowing fair-value accounting for digital assets, enabling multiple funding tools, and setting clear disclosure standards. Canada’s listed mining and fintech firms already play a leading role in corporate crypto adoption. Yet few non-mining public companies have introduced digital reserves.
See: Budget 2025 Accelerates Fintech, AI, and Capital Growth
By updating accounting rules, modernizing treasury disclosure, and piloting a Digital Treasury Sandbox, regulators could enable more smaller scale companies with well-governed asset allocations to improve competitiveness and financial resilience. Digital assets are now a recognized part of global corporate finance. Bitcoin remains the anchor, while Ethereum and Solana continue to gain traction.
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