A Comprehensive Review of Listed Companies' Encryption Treasury Strategies: From Giants to Emerging Enterprises' Layouts

The heat of encryption concept stocks has surged recently, with more and more global listed companies incorporating encryption assets such as Bitcoin and Ethereum into their treasury. Not only the tech giants with a market value of hundreds of billions of dollars, but even some small listed companies on the fringes are beginning to lay out their plans. This article summarizes the listed companies that are currently active in encryption holdings, covering various industries including e-commerce, fintech, traditional banking, and mining.

It is worth noting that companies primarily engaged in encryption, despite having strong treasury configurations, still have stock prices that are highly correlated with fluctuations in the encryption market. Meanwhile, some small and medium-sized companies have gained capital market hype due to sudden "buying coins," resulting in stock prices doubling or even increasing several times in a short period. Many companies that were previously in a growth predicament are achieving a "financial turnaround" by releasing digital asset reserve strategies, resulting in a significant reversal in stock price trends.

Large Holdings of High Market Capitalization Companies

Strategy (MSTR)

• Market Cap: 103.3 billion USD
• Position: 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 cumulatively purchased 580,955 BTC, with a total cost of $40.67 billion, and an average purchase price of $70,023. Since the beginning of this year, it has continued to slightly increase its holdings, currently showing an unrealized gain of 49%.

The company's CEO stated that there is no limit to the Bitcoin accumulation plan, and in the future, they will purchase Bitcoin with greater efficiency. As of June 1, MSTR's stock price has risen 23.02% this year, reflecting the capital market's partial recognition of its Bitcoin strategy.

MercadoLibre (MELI)

• Market Cap: $130 billion
• Position: 570.4 BTC

Latin America's e-commerce and fintech giant MercadoLibre has included Bitcoin as a financial asset since 2021. By the end of the first quarter of 2025, its holdings increased from 412.7 to 570.4 coins, indicating its ongoing allocation to encryption assets.

The company allows users in certain regions to pay with Bitcoin, Ethereum, and stablecoins through the payment platform MercadoPago. The first quarter financial report showed strong performance, with active buyers reaching 67 million and monthly active users in fintech growing by 31%. Supported by strong fundamentals, its stock price has risen by 45.23% this year. The average holding cost for Bitcoin is $38,569, with a paper profit of 169.06%.

Coinbase (COIN)

• Market Cap: 62.8 billion USD
• Position: 9,267 BTC

As the largest encryption trading platform in the United States, Coinbase not only provides trading access but also demonstrates its confidence in Bitcoin through its actions. On March 31, 2025, it increased its holdings by 2,382 BTC, raising its total position to 9,267 BTC, with an average cost of $55,937.

Affected by the decline in Q1 performance and a sluggish market, Coinbase's stock price has fallen 4.12% since the beginning of the year. On April 18, it briefly dropped to a low of $151.47, and then gradually recovered. Its Bitcoin holdings still show a paper profit of over 85%.

Block ( Front Square )

• Market Cap: $38 billion
• Position: 8,584 BTC

Block is integrating its Bitcoin strategy into its products and ecosystem. As of the end of March this year, it holds 8,584 BTC, with an average cost of only $30,405, resulting in an unrealized profit of 243.15%. The Block ecosystem includes several popular products, such as Cash App, Square's point-of-sale system, and the recently launched Bitkey Bitcoin self-custody wallet.

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

Traditional Financial Giants' Encryption Attempts

Intesa Sanpaolo (ISP.MI)

• Market Cap: $99.1 billion
• Position: 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 a "test operation" format. Although this move is relatively small in scale, it sends an important signal: the trend of compliant holding of cryptocurrencies is becoming prevalent.

As the largest bank by assets in Italy, 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 clients in both the Italian and international markets. As of June 1, its stock price has risen by 27.1% this year.

Virtu Financial (VIRT)

• 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 are 235 coins, with an average purchase price of $82,621. Despite the high costs, the unrealized gains have reached 26.47%. Virtu also uses Bitcoin as part of its strategic risk hedging tool.

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

Mining Leaders and Emerging Token Holding Companies

MARA Holdings (MARA)

• Market Cap: $5.1 billion
• Position: 49,228 BTC

One of the largest Bitcoin miners in the United States, MARA, has continued to significantly expand its treasury this year. Since 2025, it has repeatedly purchased Bitcoin, increasing its holdings by 1,003 BTC on May 30 alone, bringing its total holdings to 49,228 BTC, making it the second largest publicly listed company by Bitcoin holdings in the world.

MARA Holdings is known for its large-scale, institutional-grade Bitcoin mining operations, leveraging advanced technology and strategic partnerships to maximize mining efficiency and output. Its business model centers around securing and verifying Bitcoin transactions, profiting from block rewards and transaction fees, while holding a significant portion of the mined Bitcoin as treasury assets for the long term.

GameStop (GME)

• Market Cap: $13.3 billion
• Position: 4,710 BTC

This game retailer, known for the "retail investor myth," is transitioning to digital assets. On March 25, GameStop officially announced that its board of directors unanimously approved an update to its investment policy, making Bitcoin one of the company's reserve assets. On May 28, it announced the inclusion of Bitcoin in its reserves and quickly purchased 4,710 coins, 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 value enterprises and well-known listed companies, smaller market cap companies that are actively increasing their Bitcoin holdings in 2025 include Metaplanet, Core Scientific, Rumble, and Bitdeer Technologies. Moreover, some companies that have recently gained significant market attention are also beginning to invest in encryption assets, demonstrating a strong interest in this sector.

Small market cap but big moves "new forces"

SharpLink (SBET)

• Market Cap: $53.58 million
• Strategy: ETH Treasury

On May 27, SharpLink, a small U.S. stock company that had previously attracted little attention and whose stock price hovered on the brink of delisting, announced the completion of approximately $425 million in private equity financing and plans to significantly purchase ETH as its main treasury reserve asset. The lineup for this round of financing is considered luxurious, led by Ethereum infrastructure developer ConsenSys. On the day the financing news was announced, SharpLink's stock price surged to a high of $50, marking a new peak since May 2023.

Trump Media & Technology Group (TMTG)

• Market Cap: $4.7 billion
• Strategy: 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 a "Truth Social ecosystem" centered on encryption finance. Its policy direction has also sparked ongoing discussions in the industry about the intersection of politics and encryption.

Asset Entities (ASST) + Strive

• Market Cap: To be updated after the merger
• Strategy: BTC Treasury Objective

On May 7, digital marketing and content delivery service provider Asset Entities 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 public bitcoin financial company. On May 27, news reported that Strive Asset Management has completed a $750 million private equity investment round, with a subscription price of $1.35 per share, a premium of 121% over the last 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 distressed bitcoin claims from Mt. Gox, and structure discounted BTC credit products to build its bitcoin treasury.

Upexi (UPXI)

• Market Cap: $400 million
• Strategy: Solana Strategy

On April 21, the well-known encryption trading and investment company GSR announced a private equity investment of up to 100 million USD in the Nasdaq-listed consumer goods company Upexi, Inc., betting on its upcoming comprehensive transformation of the Solana financial strategy. As a result of the news, Upexi's stock price surged more than sixfold during the day.

VivoPower (VVPR)

• Market Cap: 46.92 million USD
• Strategy: XRP Treasury Strategy

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

Summary

As Bitcoin gradually transitions from a "marginal" asset to mainstream, more and more listed companies are embracing encryption assets in different 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 corporate transformation with a "treasury strategy."

This not only reflects the diversification of finances but also shows that encryption assets are becoming part of a new trend in the global capital market. In the future, with clearer regulations and continuous improvement of infrastructure, more companies with a market value of tens of billions or even hundreds of billions may join the "holding coin club."