9 Companies Embracing Crypto Treasuries

Key Takeaways

• Companies in various sectors, including tech, gaming, healthcare, and energy, are building crypto treasuries.
• Crypto adoption by traditional companies is driven by a variety of goals, including hedging against inflation, enabling Web3 integration, and preserving long-term value.
• Strategy’s (formerly MicroStrategy) Bitcoin accumulation strategy has set a precedent, influencing others to follow.
• These moves reflect mainstream crypto acceptance in corporate finance and strategic planning.

On May 27, 2025, Trump Media & Technology Group announced plans to raise $2.5 billion to establish a bitcoin treasury, marking a significant shift in corporate finance strategies. This move aligns with the broader trend of companies diversifying their assets by building cryptocurrencies into their treasuries. The establishment of the US Strategic Bitcoin Reserve further underscores the growing institutional acceptance of digital assets. 

As this trend accelerates, businesses across various sectors are rethinking how they manage and store value, taking cues from early adopters like Strategy (formerly Microstrategy), which has amassed a substantial Bitcoin reserve.

Against this backdrop, this article examines nine companies that have recently integrated crypto into their treasuries, analyzing their strategies and what these moves may signal for the future of corporate finance.

9 Companies With Crypto Treasuries

Below are the nine companies that have made headlines with their crypto treasury initiatives, showcasing diverse approaches and motivations.

Strategy (MSTR) – Bitcoin – $60 Billion in BTC

Strategy, formerly known as MicroStrategy, has become synonymous with corporate Bitcoin adoption. Founded in 1989 by Michael J. Saylor, Sanju Bansal, and Thomas Spahr, the Virginia-based firm initially specialized in business intelligence and cloud-based services. While Phong Le currently serves as CEO, Saylor, now Executive Chairman, remains the driving force behind the company’s Bitcoin strategy.

In August 2020, Strategy began its foray into digital assets, citing concerns over declining returns from traditional cash reserves and macroeconomic instabilities. By April 28, 2025, the company’s Bitcoin holdings had grown to 553,555 BTC, acquired at a total cost of $37.9 billion, averaging $68,459 per Bitcoin.

Strategy’s aggressive accumulation has positioned it as a blueprint for other corporations considering digital assets. The company’s MSTR stock has become a proxy for Bitcoin investment, attracting traditional investors seeking exposure to the cryptocurrency market.

SharpLink Gaming (SBET) – Ethereum – $425 Million in ETH

SharpLink Gaming Ltd., trading under the Nasdaq ticker SBET, operates in the iGaming and affiliate marketing sector. Under CEO Rob Phythian, the company provides technology solutions for sports betting and casino operators.

In late May 2025, SharpLink announced it had raised $425 million to establish an Ethereum treasury, converting the entire amount into ETH. This move signaled a significant shift in the company’s financial strategy. Adding to the momentum, Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, was appointed Chairman of SharpLink’s board.

This transition suggests SharpLink’s intent to integrate blockchain solutions into its core offerings, potentially revolutionizing aspects of iGaming with decentralized applications and smart contracts. The market responded positively, with SBET’s stock price experiencing a notable surge. This strategic move indicates SharpLink’s commitment to embracing emerging technologies to enhance its services.

GameStop (GME) – Bitcoin – Approximately $500 Million in BTC

GameStop, known for its GME stock ticker, has been a prominent player in the video game retail industry since its inception in 1984 as Babbage’s. Under CEO Ryan Cohen, the company has undergone a digital transformation to adapt to changing market dynamics.

In late May 2025, GameStop announced the purchase of 4,710 Bitcoin, valued at approximately $500 million. Cohen cited Bitcoin as a hedge against global currency devaluation and systemic risk, aligning with sentiments from other Bitcoin proponents.

This acquisition reflects GameStop’s broader strategy to diversify its corporate treasury and explore the potential of digital assets. The move could pave the way for integrating blockchain technology into its operations, such as using Non-Fungible Tokens (NFTs) for in-game items or accepting cryptocurrency payments, signaling a forward-thinking approach to its business model.

The Blockchain Group (ALTBG)- Bitcoin – $154 million

The Blockchain Group has launched a $342.5 million ATM-style program to grow its Bitcoin treasury. It is Europe’s first Bitcoin treasury firm. The program is in partnership with French asset manager TOBAM. Shares can be issued daily at market price and are capped at 21% of that day’s trading volume. Unlike typical US ATM programs, TOBAM may choose to keep the shares it acquires. This approach follows a model inspired by Michael Saylor’s Strategy and reflects rising institutional interest in Bitcoin as a reserve asset. As of June 2025, the company holds 1,471 BTC, including a 624 BTC addition for $68.7 million.

CEO Jean-Philippe Casadepax-Soulet leads the company, with Deputy CEO Alexandre Laizet directing its bitcoin strategy. Their goal is to increase Bitcoin per share over time. The leadership places strong emphasis on transparency and disciplined accumulation. They are focused on long-term Bitcoin adoption at the corporate level. This strategy highlights careful capital deployment and ongoing growth in bitcoin holdings.

K33 (K33) – Bitcoin – Initial $6.2 Million in BTC

K33, formerly Arcane Crypto, is a Nordic crypto brokerage and research firm listed on the Nasdaq First North Growth Market. Led by CEO Torbjørn Bull Jenssen, K33 focuses on digital asset investment services and research, primarily serving the European market.

In May 2025, K33 announced it had secured approximately SEK 60 million (around $6.2 million) to purchase Bitcoin and establish a dedicated Bitcoin treasury strategy. Jenssen emphasized Bitcoin’s role as a strategic asset, not just an investment. The company plans to leverage its Bitcoin reserves to enhance product offerings, including Bitcoin-backed lending services and improved trading margins.

K33’s approach exemplifies how crypto-native companies can utilize digital assets to bolster their core business, demonstrating the maturation of the crypto industry and its integration into traditional financial services.

VivoPower International PLC (VVPR) – XRP – $121 Million in XRP

VivoPower International PLC, trading on Nasdaq under VVPR, is a London-based sustainable energy solutions company. Under Executive Chairman Kevin Chin, VivoPower focuses on battery technology, electric vehicles, solar energy, and critical power services.

On May 28, 2025, VivoPower announced it had raised $121 million to launch an XRP-focused digital asset treasury strategy. The initiative aims to contribute to the XRP Ledger (XRPL) ecosystem for real-world decentralized finance solutions. The capital raise was notably led by His Royal Highness, Prince Abdulaziz bin Turki Abdulaziz Al Saud of Saudi Arabia. Adam Traidman, a former Ripple board member, joined as Chairman of VivoPower’s Board of Advisors.

VivoPower’s choice of XRP highlights the diversification within corporate crypto treasuries, focusing on XRP’s utility in payments and cross-border settlements. This move could enable VivoPower to explore blockchain-based solutions for its sustainable energy projects, such as carbon credit tracking and energy trading, merging the realms of sustainable energy and digital finance.

KindlyMD (NAKA) – Bitcoin – 21 BTC (~$2.3 Million)

KindlyMD Inc., a healthcare services provider, has taken a notable step into the digital asset market. In May 2025, the company acquired 21 bitcoins for approximately $2.3 million, marking its initial move toward establishing a crypto treasury. This acquisition symbolizes ownership of one millionth of the total Bitcoin supply, reflecting the company’s ambitious goal to accumulate up to one million BTC.

The purchase was financed by exercising some of KindlyMD’s outstanding warrants. This strategic move precedes the company’s planned merger with Nakamoto Holdings, a firm known for its Bitcoin accumulation strategy, which is similar to that of Strategy. The merger, expected to be completed in the third quarter of 2025, aims to strengthen KindlyMD’s position in the digital asset space.

Post-merger, the combined entity plans to partner with Anchorage Digital for custody and trading services, ensuring secure management of its Bitcoin holdings. This move positions the company at the forefront of financial innovation as the company adapts to dynamic market conditions.

Metaplanet (3350.T) – Bitcoin – 11,111 BTC

Metaplanet, a publicly listed firm in Tokyo originally focused on hospitality, has shifted attention to digital asset accumulation as a balance sheet strategy. According to an X post by Metaplanet CEO Simon Gerovich, the company acquired 1,111 Bitcoin for approximately $118.2 million, averaging $106,408 per coin.

This purchase brings Metaplanet’s total Bitcoin holdings to 11,111 BTC, acquired at an average price of $95,869. As of June 23, 2025, the company’s total Bitcoin investment is approximately $1.07 billion. With Bitcoin trading just above $101,000, the value of its holdings has surpassed $1.1 billion, with a Year-to-date yield of 306.7% as of June 23rd, 2025.

While Metaplanet’s origins lie outside financial services, its steady acquisition of Bitcoin has attracted attention from local and international investors. The firm’s approach is frequently compared to Strategy’s early playbook: allocate idle capital into Bitcoin as a long-term treasury reserve. In an environment marked by geopolitical and monetary instability, Metaplanet appears to be treating Bitcoin not as a hedge but as its base layer.

Vault Ventures (VULT) – Bitcoin, Ethereum, Solana – $2.73 Million

Vault Ventures PLC (AQSE: VULT), a London-based blockchain and fintech firm, has strengthened its position in digital assets with the acquisition of Bitcoin, Ethereum, and Solana as part of its evolving treasury strategy. In July 2025, the company purchased 1.72 BTC, 216.31 ETH, and 1,262.42 SOL for a combined investment of approximately $2.73 million.

These additions bring Vault’s current holdings to 3.80 BTC, 654.16 ETH, and 2,143.52 SOL, with allocations weighted heavily toward Ethereum (71.2%), followed by Bitcoin (16.3%) and Solana (12.5%). The purchases reflect Vault Ventures’ view of digital assets as a long-term store of value and strategic reserve.

The company’s market capitalization now stands at approximately $6 million, resulting in a market-to-net-asset-value ratio of 2.22. Leadership indicated that the expanded crypto treasury is intended to reinforce the firm’s broader operating and investment activities in blockchain and fintech innovation.

Closing Thoughts

Corporate treasury management is undergoing a notable transformation. The companies highlighted here are making deliberate financial decisions grounded in long-term strategy. More companies are treating Bitcoin, Ethereum, and XRP as viable stores of value or strategic assets. Each organization brings a different rationale, from hedging against currency risk to aligning with decentralized infrastructure.

While outcomes will vary, the message is clear: digital assets are being integrated into boardroom conversations and balance sheet planning. These moves suggest that digital currency strategies are shifting from theory to practice. What was once niche financial behavior is now being tested at scale by firms seeking alternatives to cash-heavy holdings, often in public markets.