The recent surge in what the crypto community calls "stock-to-crypto plays" highlights a growing trend. Publicly traded companies, both large and small, are increasingly integrating digital assets like Bitcoin, Ethereum, and Solana into their corporate treasury strategies. This movement, largely inspired by pioneers like MicroStrategy, is no longer confined to crypto-native firms. It now spans diverse sectors including e-commerce, fintech, traditional banking, and even mining.
This strategic shift serves multiple purposes: hedging against inflation, diversifying assets, and sometimes, revitalizing market perception. For some smaller companies, announcing a new crypto treasury has led to dramatic short-term stock price increases. This article explores the key players, their strategies, and the impact of these decisions, providing a clear view of how corporate finance is evolving in the digital age.
Major Players: High Market Cap and Significant Holdings
MicroStrategy (MSTR) | Market Cap: $103.3 Billion | Holdings: 580,955 BTC
As the pioneer of the "Bitcoin treasury" strategy, MicroStrategy remains the largest corporate holder of Bitcoin globally. As of June 3, the company holds 580,955 BTC, acquired at an average price of $70,023 per coin for a total cost of $40.67 billion. This represents an unrealized gain of approximately 49%.
Despite purchasing at higher price points, the company's commitment remains steadfast. CEO Michael Saylor has publicly stated that there is no upper limit to their Bitcoin acquisition strategy, believing that the asset's value will continue to appreciate. The company's stock (MSTR) has risen 23.02% year-to-date, reflecting strong market confidence in their approach.
MercadoLibre (MELI) | Market Cap: $130 Billion | Holdings: 570.4 BTC
The Latin American e-commerce and fintech giant MercadoLibre began adding Bitcoin to its balance sheet in 2021. By the end of Q1 2025, its holdings had increased from 412.7 to 570.4 BTC, demonstrating a continued commitment to crypto assets.
It's important to distinguish that while its payment platform, MercadoPago, allows users in countries like Brazil to pay with cryptocurrencies like Bitcoin and Ethereum, these are primarily used for transactions on the platform and do not directly enter the company's treasury. MercadoLibre reported a strong Q1, with 67 million active buyers and a 31% growth in fintech monthly active users. Its stock is up 45.23% year-to-date, and its Bitcoin holdings are reporting an impressive unrealized gain of 169.06% with an average cost basis of $38,569.
Coinbase (COIN) | Market Cap: $62.8 Billion | Holdings: 9,267 BTC
As a leading cryptocurrency exchange, Coinbase not only facilitates crypto trading but also backs its belief with action. The company increased its Bitcoin holdings by 2,382 BTC in Q1 2025, bringing its total to 9,267 BTC with an average cost of $55,937.
Despite this, its stock price faced headwinds due to a weaker-than-expected Q1 earnings report and broader market conditions, declining 4.12% year-to-date. However, its Bitcoin investment itself remains highly profitable, with an unrealized gain exceeding 85%.
Block (SQ) | Market Cap: $38 Billion | Holdings: 8,584 BTC
Under the leadership of Jack Dorsey, Block has deeply integrated Bitcoin into its product ecosystem, which includes Cash App, Square POS systems, and the Bitkey self-custody wallet. The company holds 8,584 BTC, purchased at an average cost of just $30,405, resulting in a remarkable unrealized gain of 243.15%.
Interestingly, despite the stellar performance of its Bitcoin investment, Block's stock price has fallen 28.82% in 2025. This suggests investor concerns are focused more on the profitability of its core payment services and the broader macroeconomic environment.
Traditional Finance Giants Dip Their Toes In
Intesa Sanpaolo (ISP.MI) | Market Cap: $99.1 Billion | Holdings: 11 BTC
In a significant symbolic move, Italy's largest bank, Intesa Sanpaolo, purchased 11 Bitcoin (worth approximately €1 million) on January 14, 2025. This "test operation" signals a growing openness to cryptocurrency exploration within the traditionally conservative banking sector.
As a pillar of the Italian financial system, its actions are closely watched. The bank's stock has performed well, rising 27.1% year-to-date, indicating that this cautious step into crypto has been received positively by the market.
Virtu Financial (VIRT) | Market Cap: $6.2 Billion | Holdings: 235 BTC
This market maker and execution services provider is testing the waters with digital assets. Virtu Financial holds 235 BTC, though its average purchase price is relatively high at $82,621. Despite the elevated cost basis, the position is still in profit with a 26.47% unrealized gain. The company treats Bitcoin as part of a broader strategic risk hedging tool. Its stock is up 11.42% this year.
Mining Leaders and Aggressive Newcomers
Marathon Digital (MARA) | Market Cap: $5.1 Billion | Holdings: 49,228 BTC
As one of the largest U.S.-based Bitcoin miners, Marathon Digital has aggressively expanded its treasury throughout 2025. The company made consistent purchases in January, February, March, April, and May, including a single-day purchase of 1,003 BTC on May 30. With total holdings of 49,228 BTC, it is the second-largest corporate holder of Bitcoin globally.
Its business model revolves around securing the Bitcoin network through mining, earning block rewards and transaction fees, while holding a significant portion of the mined Bitcoin as a long-term treasury asset.
GameStop (GME) | Market Cap: $13.3 Billion | Holdings: 4,710 BTC
Famous for its "meme stock" status, the video game retailer is making a bold pivot into digital assets. On March 25, its board unanimously approved a new investment policy to include Bitcoin as a reserve asset. By May 28, it had swiftly acquired 4,710 BTC, making it one of the fastest-moving traditional companies to enter the space this year.
While its stock is down 2.80% year-to-date, the announcement generated significant market attention and discussion, showcasing the powerful narrative effect of a crypto treasury strategy.
Beyond these well-known names, other companies like Metaplanet, Core Scientific, Rumble, and Bitdeer Technologies have also been actively accumulating Bitcoin in 2025.
Small-Cap Companies Making Big Moves
The most dramatic stories often come from smaller companies using crypto treasury announcements to fundamentally alter their market trajectory.
SharpLink (SBET) | Market Cap: $53.58 Million | ETH Treasury Strategy
On May 27, SharpLink, a small company previously facing delocation threats, announced it had completed a $425 million private financing round. The capital is intended for the large-scale purchase of Ethereum to serve as its primary treasury reserve asset, earning it the nickname "the Ethereum version of MicroStrategy."
The round was led by Ethereum infrastructure developer ConsenSys. The news caused its stock price to skyrocket, briefly hitting $50—a high not seen since May 2023.
Trump Media & Technology Group (TMTG) | Market Cap: $4.7 Billion | Bitcoin Treasury Plan
In late May, the company behind Truth Social announced a plan to raise $2.5 billion to establish a Bitcoin treasury, aiming to build a "Truth Social ecosystem" centered on crypto finance. This move has sparked extensive discussion on the intersection of politics and cryptocurrency.
Asset Entities (ASST) + Strive | Market Cap: To be updated | BTC Treasury Target
On May 7, digital marketing provider Asset Entities announced a merger with Strive Asset Management. The combined entity, to be named Strive, will transform into a publicly-traded Bitcoin financial company. Subsequently, Strive secured $750 million in a private investment round, with funds earmarked for acquiring discounted Bitcoin and related债权, such as those from the Mt. Gox proceedings.
Upexi (UPXI) | Market Cap: $400 Million | Solana Strategy
On April 21, trading firm GSR announced a $100 million private investment in consumer goods company Upexi. The investment is a bet on Upexi's planned pivot to a Solana-based treasury strategy. The news triggered a massive intraday stock price surge of over 600%.
VivoPower (VVPR) | Market Cap: $46.92 Million | XRP Treasury Strategy
On May 29, this Nasdaq-listed energy company announced it had completed a $121 million private financing round, led by a Saudi prince, to transition to an XRP-centric crypto asset reserve strategy.
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Frequently Asked Questions
What is a corporate crypto treasury strategy?
A corporate crypto treasury strategy involves a company allocating a portion of its cash reserves to purchase cryptocurrencies, primarily as a long-term store of value or hedge against inflation. It's a modern approach to asset diversification beyond traditional bonds and equities.
Why are companies buying Bitcoin for their treasury?
Companies are motivated by several factors: the potential for high returns, hedging against currency devaluation and inflation, diversifying corporate assets, and generating positive publicity within the innovative tech and finance sectors.
What are the risks for companies holding crypto?
The primary risks are high price volatility, which can lead to significant short-term losses on the balance sheet; regulatory uncertainty across different jurisdictions; and cybersecurity threats related to the storage and custody of the digital assets.
How do these purchases affect the company's stock price?
The effect can be dualistic. It can generate positive momentum and attract investors interested in crypto, potentially boosting the stock price in the short term. However, if the crypto market crashes, it can also drag the stock price down due to the perceived risk and potential losses on the company's books.
Is this trend only about Bitcoin?
While Bitcoin is the dominant choice due to its perception as "digital gold," the trend is expanding. Companies like SharpLink and Upexi are building strategies around Ethereum and Solana, respectively, indicating a growing interest in other major crypto assets.
How can investors track these corporate holdings?
Websites like Bitcoin Treasuries aggregate publicly disclosed information on corporate Bitcoin holdings. For other cryptocurrencies, investors typically must rely on official press releases and SEC filings from the companies themselves.
Conclusion
The integration of crypto assets into corporate treasuries is a trend rapidly moving from the fringe to the mainstream. From industry giants like MicroStrategy and MercadoLibre to traditional banks like Intesa Sanpaolo and unlikely candidates like GameStop and SharpLink, the strategies are diverse. Some view Bitcoin as a pristine reserve asset, while others are building entirely new financial ecosystems around assets like Ethereum and Solana.
This shift is more than just a financial experiment; it signifies that digital assets are becoming a recognized component of global capital markets. As regulatory frameworks become clearer and crypto infrastructure continues to mature, it is likely that more companies, including those with market caps in the hundreds of billions, will consider joining the "crypto holder club."