Corporate crypto treasuries are clearly taking center stage in the current bull market. Entrepreneurial adoption is now estimated at $100 billion in cryptocurrencies, with a total market capitalization of over $170 billion. Let’s do the math.
Corporate crypto treasuries continue to accumulate cryptocurrencies
Each bull cycle for Bitcoin and cryptocurrencies is associated with a central narrative that helps determine its underlying dynamics. Clearly, this 2025 edition seems to be dedicated to entrepreneurial adoption, as represented by the proliferation of corporate crypto treasuries.
This momentum was initiated in 2020 by the pioneer and current leader in the field, Strategy, and has taken a few years to convince its audience, which is now largely committed to what can be described as aggressive accumulation.
Indeed, these funds managed by publicly traded companies are currently buying more BTC and Ether (ETH) than their blockchains can produce. The figures speak for themselves, with more than $100 billion in cryptocurrencies now locked up in these Digital Asset Treasury Companies (DATCOs), according to figures recently published by the analysis firm Galaxy Research:
- Bitcoin treasury companies dominate this category with more than $93 billion in BTC, representing almost 4% of its circulating supply;
- Ethereum treasuries have accumulated more than $4 billion in ETH, representing just over 1% of its circulating supply;
- Strategy alone accounts for more than $28 billion in unrealized gains, with $71.8 billion in BTC at current market prices;
- New treasury companies have started holding at least ten other cryptocurrencies, including SOL, XRP, BNB, and HYPE.
However, analysts at Galaxy Research are quick to warn of the potential risks associated with the current proliferation of these corporate treasuries. Indeed, even if “DATCOs are currently generating a positive feedback loop on cryptocurrency prices, if this category becomes large enough, a reversal could potentially have the opposite effect.”
Global capitalization quadrupled over the last 12 months
At the same time, the valuation of companies involved in this race for crypto cash is experiencing a fairly exceptional rise. This is highlighted by the graph available on The Block Data website, which shows that the total market capitalization of this sector exceeded $174.5 billion on July 16.
This historic high represents an increase of more than 300% over the last 12 months, with the total amount rising from $42.5 billion in July 2024 to $154.8 billion at the time of writing.
Despite these impressive figures, the only truly important value in this field remains the calculation of the Net Asset Value multiple, summarized under the term “mNAV.” This is a calculation designed to measure the ratio of cryptocurrencies held per share, in order to ensure a return that outperforms the underlying asset. Otherwise, is it really necessary to expose oneself to this type of financial arrangement?
