The landscape of corporate treasury investment is evolving rapidly. While Bitcoin was once the sole focus for public companies diving into crypto, a significant shift is underway. Major US-listed firms are now diversifying their digital asset treasuries by allocating billions into prominent altcoins like Ethereum (ETH), Solana (SOL), and BNB.
This movement signals a new phase in the market cycle—often referred to as 'altcoin season'—where alternative cryptocurrencies capture significant institutional interest. This article explores the key players, their strategies, and what this trend means for the broader market.
Companies Building Ethereum Treasuries
SharpLink Gaming (SBET)
SharpLink Gaming, a Nasdaq-listed company, has made one of the most substantial commitments to Ethereum. Originally focused on sports betting and iGaming technology, the company pivoted its strategy in mid-2025.
- ETH Holdings: 194,000 ETH (worth approximately $476 million as of late June 2025).
- Investment Strategy: The company raised $425 million through a public offering specifically to purchase ETH for its corporate treasury. Its average purchase price is around $2,611 per ETH.
- Market Reaction: The announcement triggered an immediate stock price surge of over 650%, highlighting strong investor enthusiasm for this strategic shift.
Siebert Financial Corp. (SIEB)
Siebert Financial Corp., a well-established brokerage and financial services firm, has also entered the crypto treasury arena.
- Planned Allocation: The company secured approval to raise up to $100 million, with proceeds potentially allocated to Bitcoin, Ethereum, Solana, and other digital assets.
- Strategic Focus: Part of the funds may also be directed toward investments in AI technology, indicating a broader tech-forward investment strategy.
Treasure Global, Inc. (TGL)
Treasure Global operates an e-commerce platform and has announced a ambitious $100 million digital asset treasury initiative.
- Funding Structure: The plan is funded equally through existing equity agreements and new investments from strategic institutional investors.
- Asset Focus: The capital will be used to acquire a diversified portfolio including Bitcoin, Ethereum, and regulated stablecoins to build a foundation for future tokenization and blockchain-based loyalty programs.
Leading Solana Treasury Adopters
Upexi (UPXI)
Upexi, a consumer goods company, underwent a dramatic transformation by pivoting to a Solana-focused treasury strategy.
- SOL Holdings: 679,677 SOL (valued at nearly $100 million).
- Financing & Pivot: The company secured a $100 million financing round led by crypto market maker GSR, with 95% dedicated to building its SOL treasury. It has publicly committed to a full transition into the crypto space, including future plans for mining and DeFi operations.
- Stock Performance: The news initially caused its stock to soar over 600%, though it has since experienced significant volatility.
DeFi Development Corp. (DFDV)
Formerly known as Janover Inc., this company rebranded entirely to reflect its new focus on decentralized finance and Solana.
- SOL Holdings: 621,313 SOL (worth approximately $90 million).
- Rebranding & Funding: After its initial SOL purchase in April 2025, the company changed its name and ticker symbol. It later secured a massive $5 billion equity financing facility to continue accumulating SOL.
DeFi Technologies (DEFT)
DeFi Technologies offers a more diversified approach, with SOL being its second-largest holding after Bitcoin.
- Diversified Portfolio: Holds 208.8 BTC, 14,375 SOL, 121 ETH, and other altcoins.
- Business Model: The company provides traditional investors with access to decentralized finance (DeFi) markets through its subsidiary, Valour.
Other Notable SOL Holders
Several other firms have built significant Solana treasuries, including:
- Sol Strategies Inc. (HODL): Hold 420,706 SOL and is pursuing a dual listing on the Nasdaq.
- SOL Global Investments Corp. (SOL): Shifting its entire focus to Solana ecosystem investments, currently holding 40,350 SOL.
- MemeStrategy (2440.HK): A Hong Kong-listed firm that purchased 2,440 SOL, rebranding from a traditional tech company to a digital asset enterprise.
Diversification into BNB, TRX, and XRP
The trend extends beyond Ethereum and Solana. Companies are also building treasuries in other major altcoins.
Nano Labs Ltd (NA) - BNB
- Strategy: Announced a $500 million convertible note offering to fund the acquisition of BNB.
- Long-term Goal: Aims to eventually hold 5-10% of BNB's total circulating supply.
SRM Entertainment, Inc. (SRM) - TRX
- Rebranding: Plans to change its name to Tron Inc. after a controlling stake was acquired by a private investor group.
- Planned Holdings: Intends to accumulate up to $210 million worth of TRX (Tron) as a strategic asset.
The XRP Corporate Treasury Movement
Multiple companies have announced initiatives to build XRP treasuries, though many are in the early funding stages.
- Trident Digital Tech Holdings Ltd. (TDTH): Plans to raise $500 million to establish an XRP treasury and participate in the Ripple ecosystem.
- VivoPower International (VVPR): Secured funding led by a Saudi prince to launch an XRP-centric treasury strategy.
- Wellgistics Health (WGRX): Integrating XRP for real-time payments and treasury functions within its healthcare network.
- Webus International (WETO): Announced a plan to raise $300 million to build an XRP strategic reserve for its global transportation payment network.
The Emergence of Hyperliquid (HYPE) Treasuries
A newer, more speculative trend involves companies investing in the HYPE token from the Hyperliquid ecosystem.
Eyenovia (EYEN)
- HYPE Holdings: 1,040,584.5 HYPE (worth approximately $38.5 million).
- Radical Pivot: The struggling ophthalmology company completed a $50 million financing, purchased HYPE, and announced plans to rebrand entirely to Hyperion DeFi (ticker: HYPD). Its stock price surged 134% on the news.
Lion Group Holding Ltd. (LGHL)
- Announced Strategy: Secured $600 million in funding support to make HYPE a primary treasury asset alongside SOL and SUI.
Analyzing the Trend: Hype vs. Substance
While the announcements have generated tremendous volatility in these companies' stock prices, it's crucial to analyze the underlying fundamentals.
- Company Health: Many firms announcing these strategies are not profitable and operate in struggling industries. The crypto treasury shift is often a drastic attempt to generate market interest and secure funding.
- Price Volatility: Most stocks experience a "pump and dump" pattern—a sharp rise on the news followed by a significant correction as early investors take profits.
- The Regulatory Landscape: A more relaxed global regulatory environment for crypto assets is a key enabler, giving public companies the confidence to hold these assets on their balance sheets.
This trend represents a novel convergence of traditional equity markets and the crypto world. It offers public companies a new narrative for growth and provides traditional stock investors with a regulated, familiar vehicle to gain exposure to the potential upside of altcoins.
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Frequently Asked Questions
What is a "crypto treasury" company?
A crypto treasury company is a publicly-traded firm that holds a significant portion of its corporate reserves in cryptocurrencies like Bitcoin or altcoins instead of traditional cash or cash equivalents. This is often done to hedge against inflation, seek higher returns, and align the company with innovative technology.
Why are companies suddenly buying altcoins instead of just Bitcoin?
While Bitcoin is seen as digital gold, altcoins like Ethereum and Solana offer exposure to different ecosystems and use cases, such as smart contracts and decentralized finance (DeFi). Companies are diversifying to capture potential growth across the broader crypto market and to embrace specific blockchain technologies relevant to their future plans.
Is investing in these stocks a good way to gain crypto exposure?
It can be, but it comes with unique risks. You are exposed to both the volatility of the underlying crypto assets and the business risks of the company itself. Many of these companies have weak fundamentals, so thorough research is essential before investing.
How does the performance of the altcoin affect the company's stock?
There is often a strong correlation. If the value of the company's crypto holdings increases, its balance sheet looks stronger, which can positively impact its stock price. Conversely, a crypto market crash can negatively affect the stock.
Are these investments compliant with US regulations?
Yes, these moves are made possible by evolving SEC guidelines and a more accepting regulatory environment. Companies work with legal advisors to ensure their purchases and disclosures comply with all applicable securities laws.
What is the biggest risk with this trend?
The biggest risk is the quality of the companies involved. Many are using crypto announcements as a strategy to generate hype and raise capital, masking underlying business weaknesses. Investors must differentiate between substantive strategic shifts and mere publicity stunts.