A Comprehensive Overview of Listed Companies' Encryption Treasury Strategies: From Traditional to Emerging, Who is Positioning in Digital Assets?

The popularity of encryption concept stocks continues to rise, with more and more publicly listed companies worldwide actively incorporating digital assets such as Bitcoin and Ethereum into their treasury. From technology giants with a market capitalization of hundreds of billions to marginalized small public companies, all are actively laying out plans in this field.

This article analyzes the current publicly listed companies that are active in cryptocurrency holdings based on market capitalization, the number of digital assets held, and recent changes in holdings, covering various industries such as e-commerce, fintech, traditional banking, and mining.

It is worth noting that companies whose main business is encryption, despite having a strong treasury allocation, still have their stock prices highly correlated with the fluctuations of the encryption market. Some small and medium-sized companies have gained the capital market's hype due to sudden "buying coins," achieving several times the increase in stock prices in the short term. Many companies that were previously trapped in growth difficulties are now achieving a "financial turnaround" by releasing digital asset reserve strategies, resulting in a significant reversal in stock price trends.

Leading Companies: High Market Value + Large Holdings

Strategy｜Market Cap: 103.3 billion USD｜Holding: 580,955 BTC

As a pioneer of the "Bitcoin treasury" strategy, Strategy remains the company with the largest Bitcoin holdings among publicly listed companies worldwide. As of June 3, the company has purchased a total of 580,955 BTC, with a total cost of $40.67 billion and an average purchase price of $70,023. So far this year, the company has continued to slightly increase its holdings, currently showing an unrealized profit of 49%.

Despite entering a high buying zone, the company still maintains a strong belief in BTC. Its CEO stated at the Bitcoin 2025 conference that there is no limit to the Bitcoin accumulation plan, and the difficulty of purchasing Bitcoin in the future will increase exponentially, but the company will buy Bitcoin with greater efficiency. As of June 1, the Strategy stock price has increased by 23.02% this year, reflecting some recognition from the capital market of its Bitcoin strategy.

MercadoLibre | Market Cap: $130 billion | Holdings: 570.4 BTC

This Latin American e-commerce and fintech giant has included Bitcoin as a financial asset since 2021. By the end of the first quarter of 2025, the company's holdings increased from 412.7 coins to 570.4 coins, reflecting the sustainability of its digital asset allocation.

The company allows users in certain regions to make payments using Bitcoin, Ethereum, and stablecoins, but the cryptocurrencies paid by these users are primarily used for transactions on the platform, rather than directly entering the company's balance sheet. The company's Q1 financial report showed strong performance, with its stock price rising 45.23% year-to-date supported by robust fundamentals. The average holding cost of Bitcoin is $38,569, with a book profit margin of 169.06%.

A trading platform｜Market cap: 62.8 billion USD｜Holdings: 9,267 BTC

As the largest encryption trading platform in the United States, the company not only serves as a trading entry point but also expresses its confidence in Bitcoin through concrete actions. On March 31, 2025, the company increased its holdings by 2,382 BTC, raising its total holdings to 9,267, with an average cost of $55,937.

However, affected by the decline in Q1 performance and the sluggish market, the company's stock price has dropped 4.12% since the beginning of the year. On April 18, it once fell to a low of $151.47, and then gradually rebounded. Nevertheless, its Bitcoin holdings still have an unrealized gain of over 85%.

Block | Market Cap: 38 billion USD | Holdings: 8,584 BTC

Block, led by Jack Dorsey, is incorporating its Bitcoin strategy into its products and ecosystem. As of the end of March this year, the company holds 8,584 BTC, with an average cost of only $30,405, resulting in an unrealized gain of 243.15%. The Block ecosystem includes many popular products, such as Cash App, Square point-of-sale system, and the recently launched Bitcoin self-custody wallet.

However, despite the company's solid fundamentals, the stock price has cumulatively fallen by 28.82% since 2025, reflecting investors' dual concerns about the macro environment and the profitability of the payment business.

Traditional Financial Giants' Encryption Attempts

Intesa Sanpaolo｜Market Cap: 99.1 billion USD｜Holdings: 11 BTC

Italy's largest bank, Intesa Sanpaolo, purchased 11 bitcoins for the first time on January 14, 2025, with a market value of approximately 1 million euros, marking the beginning of traditional banks exploring encryption in the form of "test operations." Although this move is relatively small in scale, it sends an important signal - the trend of compliant asset holding is becoming mainstream.

As the largest bank in Italy by asset size, Intesa Sanpaolo is an important pillar of the country's financial system. With a strong presence in retail, corporate, and investment banking, it serves millions of customers in both the Italian and international markets.

As of June 1, its stock price has increased by 27.1% this year.

Virtu Financial｜Market Cap: $6.2 billion｜Position: 235 BTC

Market-making and execution service provider Virtu Financial was founded in 2008 and is headquartered in New York City, USA. The company is testing the waters in digital asset trading and reserves. As of now, its Bitcoin holdings amount to 235 coins, with an average purchase price of $82,621. Despite the high cost, the unrealized profit has reached 26.47%. Virtu also uses Bitcoin as part of its strategic risk hedging tools.

Since the beginning of the year, Virtu's stock price has increased by 11.42%.

Mining Leaders and Newly Established Holding Companies

MARA Holdings | Market Cap: $5.1 billion | Holdings: 49,228 BTC

One of the largest Bitcoin miners in the United States, MARA, has been significantly expanding its financial reserves this year. Since 2025, the company has repeatedly purchased Bitcoin in January, February, March, April, and May, adding 1003 BTC on May 30 alone, bringing its total holdings to 49,228 BTC, making it the second-largest publicly listed company by Bitcoin holdings globally.

MARA Holdings is headquartered in the United States and is known for its large-scale, institutional-grade Bitcoin mining operations. Leveraging advanced technology and strategic partnerships, it maximizes mining efficiency and output. MARA's business model centers around securing and verifying Bitcoin transactions, profiting from block rewards and transaction fees, while holding a significant portion of mined Bitcoin as treasury assets for the long term.

GameStop｜Market Cap: 13.3 Billion USD｜Holdings: 4,710 BTC

The game retailer known for its "retail investor myth" is transitioning to digital assets. On March 25 local time, according to an official announcement from GameStop, the company's board of directors unanimously approved an updated investment policy, incorporating Bitcoin as one of the company's reserve assets. On May 28, GameStop announced the inclusion of Bitcoin in its company reserves and quickly purchased 4,710 units, becoming one of the fastest traditional companies to increase its holdings this year. Although its stock price has still fallen by 2.80% this year, its market attention has significantly increased.

In addition to the aforementioned high market capitalization enterprises and well-known listed companies, there are also smaller market capitalization companies that are actively increasing their Bitcoin holdings in 2025, including Metaplanet, Core Scientific, Rumble, and Bitdeer Technologies. Furthermore, some companies that have recently gained significant market attention are also beginning to invest in digital assets, demonstrating a strong interest in this sector.

Smaller Market Cap but Big Moves "New Forces"

SharpLink | Market Cap: 53.58 million USD | ETH Treasury Strategy

On May 27, the small U.S. stock company SharpLink, which had previously attracted little attention and whose stock price hovered on the brink of delisting, announced the completion of approximately $425 million in private financing and plans to significantly purchase ETH as its main treasury reserve asset, with many even referring to it as the "Ethereum version of Strategy."

Betting on ETH as a treasury reserve asset, raising 425 million in financing with a market value of 2 million. The lineup for this round of financing is luxurious, led by a certain Ethereum infrastructure developer. On the day the financing news was announced, SharpLink's stock price surged to a maximum of 50 dollars, reaching a new high since May 2023.

Trump Media & Technology Group｜Market Value: $4.7 Billion｜Bitcoin Treasury Plan

The Trump Media Technology Group ( TMTG), founded by Trump, announced in late May that it will launch a $2.5 billion financing plan to establish a Bitcoin treasury and create an "ecosystem" centered around encryption finance. Its policy direction has also sparked ongoing discussions in the industry about the intersection of politics and encryption.

Asset Entities + Strive｜Market Cap: To be updated after merger｜BTC Treasury Target

On May 7, digital marketing and content delivery service provider Asset Entities announced that it has reached a final merger agreement with Strive Asset Management. After the merger, the company will be renamed Strive, continue to be listed on Nasdaq, and transform into a publicly traded Bitcoin financial company. On May 27, news emerged that Strive Asset Management had completed a $750 million private equity investment round, with a subscription price of $1.35 per share, a 121% premium over the previous closing price of ASST, and the opportunity to expand to $1.5 billion through warrants. The funds will be used to acquire undervalued biotech companies, buy into certain Bitcoin debts, and discount structured BTC credit products to build its Bitcoin treasury.

Upexi | Market Cap: $400 million | Solana Strategy

On April 21, the well-known cryptocurrency trading and investment firm GSR announced that it had made a private equity investment of up to $100 million in Nasdaq-listed consumer goods company Upexi, betting on its upcoming comprehensive transformation of the Solana financial strategy. Following the news, Upexi's stock price surged more than six times at one point during the day.

VivoPower｜Market Cap: $46.92 million｜XRP Treasury Strategy

On May 29, Nasdaq-listed energy company VivoPower International announced the completion of a $121 million private placement financing and will transition to a digital asset reserve strategy centered around XRP. A certain Saudi prince led the investment with $100 million.

Conclusion

As Bitcoin gradually transitions from a "fringe" asset into the mainstream, more and more listed companies are embracing digital assets in various ways, from Strategy to MercadoLibre, and from banking giant Intesa to SharpLink. Some view Bitcoin as a store of value, others attempt to build new financial systems around Ethereum or Solana, and some even promote company transformation through a "treasury strategy."

This not only reflects the diversification of finances but also indicates that digital assets are becoming part of a new trend in the global capital market. In the future, as regulations become clearer and infrastructure continues to improve, more companies with market capitalizations of tens of billions or even hundreds of billions may join the "holding coin club."