Crypto Treasuries: Companies Raise $86B for Digital Assets

Corporate Crypto Adoption Surges

Companies worldwide have collectively raised nearly $86 billion this year, specifically to invest in digital assets. This significant capital influx, detailed in recent reports, underscores a growing trend of corporate crypto adoption, surpassing capital raised through U.S. IPOs. For many firms, cryptocurrencies are now a core component of their treasury strategy.

Key Insights:

• Companies have raised $86 billion this year to purchase digital assets.
• Strategy Inc. leads the trend, raising over $10 billion to expand its Bitcoin reserves.
• Ethereum, XRP, and other altcoins are gaining traction in corporate treasuries.

Strategy Inc. Sets the Pace

Strategy Inc., formerly known as MicroStrategy, continues to spearhead corporate crypto adoption. Since its initial Bitcoin investment in 2020, the company has raised over $10 billion this year alone to bolster its Bitcoin holdings.

Strategy Inc.'s performance has inspired other companies to allocate substantial capital to digital assets. According to The Wall Street Journal, nearly 100 companies have announced plans to raise $43 billion for crypto purchases since June, contributing to the year-to-date total of $86 billion.

Altcoins Gain Traction

While Bitcoin remains the primary target, Ethereum is gaining popularity due to its smart contract capabilities and DeFi exposure. Other digital assets like XRP, BNB, and Ethena are also attracting interest due to their strong use cases and large user bases.

Why the Shift to Crypto?

Several factors drive this shift:

• Inflation hedging: Companies seek to protect against fiat currency devaluation.
• Speculative upside: Early adopters like Strategy Inc. have demonstrated the potential for crypto exposure to boost stock performance.
• Balance sheet optimization: Executives aim to showcase innovation and optimize financial strategies.

In essence, crypto has transitioned from an experimental asset to a strategic treasury option.

Potential Risks

Despite the optimism, concerns remain. Matthew Sigel, head of digital asset research at VanEck, has cautioned against funding crypto purchases through at-the-market (ATM) share offerings, which could lead to dilution if stock prices fall below net asset value (NAV).

Sigel advises companies to suspend ATM programs if shares fall below 95% of NAV for 10 consecutive days and to consider stock buybacks during crypto bull runs. He also suggests linking executive compensation to NAV-per-share growth to protect shareholder interests.

Conclusion

The fact that companies have raised more capital for crypto reserves than through all U.S. IPOs in 2025 is a significant indicator of the evolving financial landscape. It signifies a fundamental shift in how companies view and utilize digital assets, marking a move from speculative investment to strategic treasury management.

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