Corporate treasuries are undergoing a structural transformation. Once focused primarily on liquidity and capital preservation, treasury departments are now exploring digital assets as strategic reserves. As of mid-2025, over 90 publicly listed companies hold crypto on their balance sheets, with total holdings exceeding $76 billion. This shift is driven by multiple factors: persistent inflation, fiat currency debasement, low yields on traditional instruments, and the desire to align with Web3-native ecosystems. Bitcoin remains the dominant asset, but Ethereum, XRP, Solana, and even AI-linked tokens like (FET) are gaining traction.
Funding Mechanisms: PIPEs, Convertible Notes, and Structured Facilities
Launching a crypto treasury strategy requires capital—and companies are deploying increasingly sophisticated financing structures. Private Investment in Public Equity (PIPE) deals have become a preferred method, offering upfront capital from institutional investors in exchange for discounted equity. Convertible notes, often zero-coupon and secured by crypto assets, provide another flexible option. For example, GameStop and Trump Media & Technology Group raised billions in 2025 using PIPEs and convertible notes to fund Bitcoin acquisitions. Meanwhile, Interactive Strength (TRNR) structured a $500 million facility to acquire FET tokens, combining PIPEs with convertible debt to build the largest corporate AI token reserve.
Diversification Beyond Bitcoin: Ethereum, FET, and Stablecoins
While Bitcoin remains the flagship asset, companies are increasingly diversifying their crypto treasuries. SharpLink Gaming raised $425 million to build an Ethereum treasury, signaling a pivot toward smart contract platforms. VivoPower International added $121 million in XRP, while Nano Labs structured a $500 million convertible note program to acquire Binance Coin (BNB). This diversification reflects a broader trend: aligning treasury assets with operational focus. For instance, AI-focused firms are accumulating FET, while fintechs are exploring stablecoins like USDC and PYUSD for yield generation and cross-border payments.
Risk Management: Hedging Volatility and Ensuring Liquidity
Crypto’s volatility presents unique challenges for treasury managers. According to FinchTrade, key risks include market risk, liquidity risk, counterparty risk, and regulatory uncertainty. To mitigate these, companies are adopting several strategies:
- Cash flow forecasting and liquidity buffers to avoid forced liquidations.
- Diversified portfolios that include stablecoins and altcoins to reduce exposure to Bitcoin price swings.
- NAV-based metrics like market-adjusted NAV (mNAV) and Bitcoin per Share (BPS) to communicate exposure transparently.
- Hedging instruments such as forward contracts and options to manage FX and crypto price risk.
Some firms also use BTC-secured loans to unlock liquidity without selling assets, preserving upside potential while meeting operational needs.
Regulatory Clarity and Institutional Tailwinds
The regulatory landscape in 2025 is far more favorable than in previous years. The GENIUS Act in the U.S. has provided a framework for stablecoin issuance, while the OCC, FDIC, and Federal Reserve have withdrawn prior restrictions on corporate crypto activity. This has opened the door for treasuries to earn 4–5% yields on stablecoins backed by U.S. Treasuries, or even issue their own stablecoins to capture float revenue. Meanwhile, the U.S. Strategic Bitcoin Reserve and the launch of BlackRock’s BUIDL fund have further legitimized crypto as a treasury asset class.
Case Studies: Strategy Inc., Metaplanet, and GameStop
- Strategy Inc. (formerly MicroStrategy) holds 553,555 BTC, worth over $52 billion, acquired at an average cost of $68,459. Its MSTR stock now trades as a proxy for Bitcoin exposure.
- Metaplanet, a Japanese firm, has accumulated over $1.07 billion in BTC through bond issuance and equity sales.
- GameStop purchased 4,710 BTC (~$500 million) in May 2025, citing Bitcoin as a hedge against fiat devaluation and systemic risk.
These companies have not only restructured their balance sheets but also redefined their market narratives, attracting investors seeking indirect crypto exposure.
The Road Ahead: Institutionalization and Strategic Signaling
Analysts at Bernstein project that public companies could allocate up to $330 billion to Bitcoin over the next five years. This would represent a fourfold increase from current levels and signal a structural shift in corporate finance. Crypto treasuries are no longer fringe experiments—they are becoming strategic signaling tools, aligning companies with innovation, resilience, and long-term value creation.
Shogun Lin
