Author: Weilin, PANews
Original Title: Under the Crypto Stock Hype, Can Listed Companies "Defy Destiny" by Trading Crypto? A 2025 Overview of Listed Companies' Crypto Treasury Strategies
"The season of knockoffs has arrived, but not in cryptocurrencies, in crypto stocks." As the US-listed company SharpLink (SBET) announced financing to purchase ETH and rose 10-fold within a week, the crypto community joked, highlighting the heat of crypto concept stocks.
MicroStrategy's successful transformation has shown listed companies the sweetness of incorporating crypto assets into corporate financial strategies. More and more global listed companies are actively incorporating crypto assets such as BTC, ETH, SOL, and XRP into their treasuries, whether they are tech giants with market caps of hundreds of billions of dollars or small listed companies previously on the margins.
In this article, PANews has sorted out listed companies currently active in crypto holdings based on market value, crypto asset holdings, and changes in holdings since 2025, covering industries such as e-commerce, fintech, traditional banking, and mining, with main data sourced from Bitcoin Treasuries.
It's not difficult to find in the review that companies primarily in the crypto business (such as Coinbase), despite having strong treasury configurations, still have stock prices highly correlated with crypto market fluctuations. Some small and medium-sized market cap companies have gained capital market hype by suddenly "buying coins", achieving stock price increases of several times or even dozens of times in the short term. Many companies previously stuck in growth bottlenecks are achieving "financial turnarounds" by releasing digital asset reserve strategies, with significant stock price reversals.
First-tier Companies: High Market Cap + Large Holdings
Strategy (MSTR) | Market Cap: $103.3 Billion | Holdings: 580,955 BTC
As a pioneer of the "Bitcoin treasury" strategy, MicroStrategy remains the company with the most Bitcoin holdings among global listed companies. As of June 3rd, the company has cumulatively purchased 580,955 BTC, with a total cost of $40.67 billion, at an average buy-in price of $70,023. This year, the company has continued to make small-scale additions, currently showing a 49% book profit.
Despite entering a high buy-in range, the company remains steadfast in its BTC belief. CEO Michael Saylor stated in an interview at the Bitcoin 2025 conference that his Bitcoin acquisition plan has no upper limit. As Bitcoin prices continue to rise, the difficulty of purchasing Bitcoin will grow exponentially, but Strategy will purchase Bitcoin with higher efficiency. As of June 1st, MSTR's stock price has risen 23.02% this year, reflecting partial market recognition of its Bitcoin strategy.
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MercadoLibre (MELI) | Market Cap: $130 Billion | Holdings: 570.4 BTC
Latin American e-commerce and fintech giant MercadoLibre has incorporated Bitcoin into its financial assets since 2021. By the end of Q1 2025, the company's holdings increased from 412.7 to 570.4, reflecting continued crypto asset allocation.
Although MercadoLibre allows users to pay with Bitcoin, ETH, and stablecoins through its MercadoPago platform in Brazil and other regions, these cryptocurrencies are mainly used for platform transactions rather than directly entering MercadoLibre's balance sheet. The company's Q1 financial report was strong, with 67 million active buyers and 31% monthly growth in fintech users. Supported by strong fundamentals, its stock price has risen 45.23% this year. The average Bitcoin holding cost is $38,569, with a book profit of 169.06%.
[Translation continues in the same manner for the rest of the text]GameStop（GME）｜Market Cap: $13.3 Billion｜Holdings: 4,710 BTC
GameStop Corp. is a specialized retailer that provides gaming and entertainment products through its stores in the United States, Canada, Australia, and Europe, as well as e-commerce platforms. The company sells new and used game platforms, accessories (such as controllers and gaming headsets), new and used game software, and digital in-game currency, downloadable content, and downloadable game versions. GameStop was formerly known as GSC Holdings Corp., established in 1996, with headquarters in Texas, United States.
This game retailer, known for the "retail investor myth", is transitioning towards digital assets. On March 25th local time, according to an official GameStop announcement, the company's board unanimously approved an updated investment policy, including Bitcoin as one of its corporate reserve assets. On May 28th, GameStop announced the incorporation of Bitcoin into its corporate reserves, quickly purchasing 4,710 coins, becoming one of the fastest traditional enterprises to add holdings this year. Despite a 2.80% stock price decline year-to-date, its market attention has significantly increased.
In addition to the high market cap enterprises and well-known listed companies mentioned above, companies with relatively smaller market caps but actively increasing Bitcoin holdings in 2025 include Metaplanet, Core Scientific, Rumble, and Bitdeer Technologies. Moreover, some recently high-profile companies have begun positioning themselves in crypto assets, demonstrating strong interest in this track.
"New Forces" with Small Market Cap but Big Moves
SharpLink（SBET）｜Market Cap: $53.58 Million｜ETH Treasury Strategy
On May 27th, SharpLink, a small US stock company previously overlooked and hovering near delisting, announced the completion of approximately $425 million in private placement financing and will extensively purchase ETH as its primary treasury reserve asset, with many even calling it the "Ethereum version of Strategy".
Betting on ETH as a treasury reserve asset, obtaining $425 million in financing with a $2 million market value. This financing round boasts a luxurious lineup, with Ethereum infrastructure developer ConsenSys leading the investment. On the day the financing news was announced, SharpLink's stock price surged to a high of $50, creating a new peak since May 2023.
Related Reading: 《ETH Version of MicroStrategy Arrives! US Stock SharpLink Receives Over $400 Million Financing from Ethereum Supporters, Once Near Delisting》
Trump Media & Technology Group（TMTG）｜Market Cap: $4.7 Billion｜Bitcoin Treasury Plan
Founded by US President Trump, Trump Media & Technology Group (TMTG) announced in late May a $2.5 billion financing plan to establish a Bitcoin treasury and create a "Truth Social ecosystem" centered on crypto finance. Its policy direction has sparked ongoing industry discussions about the intersection of politics and crypto.
Asset Entities（ASST）+ Strive｜Market Cap: To Be Updated After Merger｜BTC Treasury Target
On May 7th, digital marketing and content delivery service provider Asset Entities (Nasdaq: ASST) announced 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 listed Bitcoin financial company. On May 27th, Strive Asset Management completed a $750 million private equity investment (PIPE) round, with a subscription price of $1.35 per share, a 121% premium to ASST's previous closing price, with the potential to expand to $1.5 billion through warrants. The funds will be used to acquire undervalued biotech companies, buy the dips on Mt. Gox Bitcoin claims, and discounted structured BTC credit products to build its Bitcoin treasury.
Upexi（UPXI）｜Market Cap: $400 Million｜Solana Strategy
On April 21st, the renowned crypto trading and investment company GSR announced a private equity investment (PIPE) of up to $100 million in Nasdaq-listed consumer goods company Upexi, Inc. (Ticker: UPXI), betting on its upcoming comprehensive Solana financial strategy. Influenced by the news, Upexi's stock price briefly surged over six-fold during the day.
VivoPower（VVPR）｜Market Cap: $46.92 Million｜XRP Treasury Strategy
On May 29th, Nasdaq-listed energy company VivoPower International (VVPR) announced the completion of $121 million in private placement financing, transforming into a crypto asset reserve strategy centered on XRP. Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud led a $100 million investment.
Conclusion
As Bitcoin gradually transitions from a "marginal" asset to the mainstream, from MicroStrategy to MercadoLibre, from banking giant Intesa to SharpLink, more and more listed companies are embracing crypto assets in different ways. Some view Bitcoin as a value reserve, some attempt to build new financial systems around Ethereum or Solana, and some even drive corporate transformation through "treasury strategies".
This is not just a manifestation of financial diversification, but also reflects that crypto 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 caps in the tens or even hundreds of billions may join the "holding club".
