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Crypto Treasury Companies in 2025: Fat Wallets, Thin Ice, and Market Power

Updated: 24 hours ago


Market Titans: Value, Names, and Strategic Momentum

There are hundreds of crypto treasury companies globally, but this review focuses on the most influential and transparent firms shaping the future of digital asset management. Combined, these leaders hold over $145 billion in crypto assets, with top players spanning BTC, ETH, SOL, SUI, LINK, HYPE, and multi-asset models. Key firms include Strategy (formerly MicroStrategy), Marathon Digital, XXI (Twenty One Capital), Bitcoin Standard Treasury Company, Bullish, Metaplanet, Riot Platforms, Trump Media & Technology Group, Galaxy Digital, CleanSpark, Tesla, Hut 8, Semler Scientific, GameStop, Bitmine Immersion (BMNR), SharpLink Gaming, Bit Digital (BTBT), BTCS, ETHZilla, Upexi, DeFi Development, Sol Strategies, Torrent Capital, Sui Group Holdings, Lion Group, CEA Industries, Nano Labs, Interactive Strength, CaliberCos (CWD), and Hyperion DeFi.


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This table highlights the "fat wallets" driving market power, with BTC still dominant but altcoins like SUI and HYPE gaining traction through yield-focused strategies.


BTC Treasury Giants & Models


Strategy (MicroStrategy)

Industry leader with 638,460 BTC (~$72.8B). Strategy drives value through four core models: (1) ATM equity offerings at a NAV premium, (2) convertible debt for rapid accumulation, (3) strategic timing using NAV premium cycles, and (4) maximizing “BTC per share” growth. An emerging fifth model involves diversifying into tokenized bonds and stablecoin pools, though BTC remains the centerpiece.


XXI (Twenty One Capital)

Holding 43,514 BTC (~$5B), XXI prioritizes direct auditability—publicly reporting on-chain reserves. Managed by Jack Mallers, it stands as a proxy for institutional Bitcoin investment.


Metaplanet Inc.

The Japanese champion, with 20,000+ BTC, leverages regulatory arbitrage while showcasing transparent balance sheets.


Bullish

Maintains dynamic BTC reserves as both liquidity and treasury assets for exchange operations.


Marathon Digital, CleanSpark, Riot Platforms

Mining-centric firms acquire BTC through operations rather than passive accumulation. Treasury holdings: Marathon (52,477 BTC, ~$6B), CleanSpark (12,608 BTC), Riot Platforms (19,309 BTC).


Other large holders

Tesla (11,509 BTC), Hut 8 (10,237 BTC), Semler Scientific (4,846 BTC), GameStop (4,710 BTC). Additional diversified holders include Galaxy Digital, Trump Media, Bit Digital, and Nano Labs.


SOL and Multi-Asset Treasury Leaders


Upexi

Largest public Solana treasury with 2,000,518 SOL (~$438M at current prices). Upexi’s model includes 8%+ APY staking, validator investments, and dynamic accumulation, supported by equity line growth.


Sol Strategies

Nasdaq-listed, holding 402,783 SOL (~$88M) plus 3.62M delegated assets. Model integrates validator expansion, active yield management, and reporting ^16,24^.


DeFi Development Corp

2,027,817 SOL (~$444M), focused on validator-based staking optimization.


Torrent Capital

Holding 40,039 SOL (~$8.8M), pursues smaller-yield validator pools.


Other notable holders

Sui Group Holdings, CEA Industries, and Nano Labs contribute reserves within sector-focused treasury pools. Solana's high TPS and low fees position it as a hedge against Ethereum scaling challenges.


ETH Treasury Strategies and Evolution

Ethereum treasuries are increasingly yield-driven machines, tracked by independent outlets such as Coindesk and CoinMetrics. ETH proof-of-stake yields (often 4-6% via staking) outpace BTC's HODL-only approach, with restaking protocols pushing APYs higher in 2025.


Bitmine Immersion Technologies (BMNR)

Holds over 2.069M ETH (~$9.2B), staking via Beacon Chain and DeFi lending for 5%+ annual yields. Bitmine is the world's largest ETH treasury, ahead of private players like Ether Machine.


SharpLink Gaming Ltd.

Restaking, multi-chain DeFi vault strategies, 5%+ APY in a liquidity-first model.


Bit Digital (BTBT)

Institutional ETH staking, SEC-backed, liquidity and yield focus.


ETHZilla

Balances direct staking and restaking, principal protection, stable APY.


BTCS Inc.

Staking mainnet and ecosystem ETH, lending strategies for risk-adjusted yield.


Ether Machine (unlisted)

495,000 ETH (~$2.2B). Not publicly ranked.

ETH treasuries emphasize income, reducing volatility exposure through DeFi integrations—a trend accelerating with Ethereum's upgrades.


Emerging Multi-Chain Treasuries: SUI, LINK, HYPE and Beyond

Treasury diversification is accelerating. Sui's object-centric model and parallel processing have attracted institutional interest; treasuries leverage its ecosystem for high-yield staking.


SUI Treasury Leaders

Sui Group Holdings leads with 101.8M SUI (~$344M), up strongly via validator staking and investments. SUI treasuries trade at mNAV multiples; CEA Industries also uses SUI pools for diversification.


LINK (Chainlink) Treasuries

On September 9, 2025, CaliberCos announced its initial LINK purchase as part of a new digital asset strategy. With this, LINK becomes an anchor for oracle-enabled treasury programs. Analysts forecast LINK's utility driving future treasuries, with bullish price targets.


HYPE (Hyperliquid) Treasuries

Hyperliquid's HYPE token is a yield play. Lion Group converted SOL and SUI holdings into HYPE via phased accumulation, signaling confidence in the DeFi ecosystem. Hyperion DeFi added ~$5M in HYPE to its treasury in July, sequestering over 25M tokens overall. HYPE's focus on perpetuals offers 10%+ yields, attracting miners and validators.


Other Players

Avalanche Foundation is eyeing a $1B raise for two AVAX treasury companies. This multi-chain move broadens resilience against single-asset risk.

Visual Suggestion: Pie chart: BTC 65%, ETH 15%, SOL/SUI/LINK/HYPE 20%—shows diversification momentum.


Pros, Cons, Risks & Opportunities

Pros

  • Inflation hedging: Crypto treasuries insulate balance sheets against fiat depreciation.

  • Yield generation: Staking and validator strategies (ETH, SOL, SUI, HYPE) routinely beat TradFi returns.

  • Proxy leverage: BTC, ETH, altcoin treasuries amplify investor yield.

  • Diversification: Exposure to ETH, SOL, SUI, LINK, HYPE, stables, RWAs broadens resilience.

  • Market leadership: Pioneering moves like Caliber's LINK pivot set governance benchmarks.

Cons & Risks

  • Dilution/premium compression: Leveraged expansion can shrink NAV in downturns—e.g., Strategy's NAV impact in BTC moves.

  • Regulatory uncertainty: Compliance (MiCA, etc) significant for altcoin treasuries.

  • Concentration risk: Decisions by giants like Bitmine (ETH) or SUIG (SUI) move markets.

  • Operational volatility: Mining-based treasuries ebb/flow with production cycles.

Opportunities

  • Institutional demand: ETFs, ETPs, new products; spot ETF flows surpassing $118B, ETH ETPs $11B.

  • Treasury innovation: On-chain analytics, staking rewards, cross-chain DeFi are baseline.

  • Global expansion: Multi-asset approaches yield post-announcement growth.


Analyst’s Diamond: Execution Over Excitement

Success in crypto treasury isn’t just about size. The best deploy smart governance, auditable reserves, disciplined acquisition, and yield-centric capital. As SUI, LINK, HYPE rise, only firms with real transparency and multi-chain agility will thrive. Action: Favor audited, multi-chain exposed companies.


Disclaimer: This is not financial advice. Always conduct your own research before investing. You can reach me at simon.l@myntracapital.com.


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