The biggest treasury strategies in Bitcoin and cryptocurrencies for 2025

Source: PortaldoBitcoin Original Title: The Largest Treasury Strategies in Bitcoin and Cryptocurrencies of 2025 Original Link: This year marked the first time that Bitcoin accumulation strategies were widely replicated, with companies from various sectors building large reserves in Bitcoin, Ethereum, and Solana through formal fundraising processes.

As this strategy spread across sectors and regions, five companies in particular helped shape how corporate treasuries approached cryptocurrencies in 2025.

MicroStrategy (MSTR)

Michael Saylor’s MicroStrategy bought its first Bitcoin in August 2020, when shares were trading at $14.44.

Five years later, the company held 660,624 BTC as of December 15, valued at $62 billion, with its stock price increasing by 1,204%. This year, MicroStrategy purchased Bitcoin using a combination of debt and equity.

February: In February, the company bought 20,365 BTC at $97,514 each, financed through $2 billion in zero-coupon convertible bonds. The bonds do not pay interest but convert into shares at maturity in 2030.

March: MicroStrategy acquired 22,048 BTC at $87,000 each, while the US-China trade war shook markets. The company raised $1.2 billion through a share sale and another $1.85 million via a new perpetual preferred stock product.

April: The company acquired 15,355 BTC for $1.42 billion, selling 4 million shares. Nearly all the money, approximately 97%, came from share sales.

July: The most significant fundraising occurred with the launch of a perpetual preferred stock paying monthly dividends, used to finance the purchase of 21,021 BTC. This was the third preferred stock product launched by MicroStrategy this year.

The company invested billions this year as part of its “Plan 21/21” — a three-year goal to raise $21 billion in equity and $21 billion in debt.

Forward Industries (FORD)

Forward Industries completed a strategic shift in September, becoming the world’s largest holder of Solana.

The company raised $1.65 billion through a private placement supported by institutional investors, using almost all the funds to buy 6,822,000 SOL at $232 per token.

In November, Forward held 6,910,568 SOL, by far the largest Solana reserve among public companies.

BitMine Immersion Technologies (BMNR)

Led by Tom Lee, BitMine built the largest publicly traded Ethereum treasury, aggressively buying during market chaos.

In October, BitMine purchased 203,826 ETH for $963 million during a wave of cryptocurrency sales when ETH dropped to $3,709.

As of December 15, BitMine held a total of 3.8 million ETH, valued at over $12 billion. The company ranks second among the world’s largest cryptocurrency treasuries, behind only MicroStrategy’s Bitcoin reserves. It also holds $22 million in Bitcoin and $239 million in other investments, plus about $1 billion in cash.

The Ether Machine (ETHM)

The Ether Machine raised $654 million in August when a long-time Ethereum supporter invested 150,000 ETH and joined the board.

As of December 15, the company held 495,362 ETH, valued at over $1.4 billion, making it the third-largest Ethereum treasury.

Unlike passive holders, the company stakes its ETH and uses decentralized finance strategies to generate yields.

Metaplanet

Listed on the Tokyo Stock Exchange, Metaplanet bought 5,419 BTC for $632.53 million in September at $116,724 per coin, through an international share offering of $1.45 billion.

As of December 15, Metaplanet held 30,823 BTC, valued at $2.7 billion, ranking fourth globally in Bitcoin treasuries.

This year, the company set an ambitious goal to acquire an additional 100,000 BTC next year and 210,000 BTC by 2027, roughly 1% of the total possible supply of 21 million Bitcoins.

The company operated hotels and technology businesses until 2024, when it shifted its focus to Bitcoin. This strategy earned it the nickname “Asia’s MicroStrategy.”

Conclusion

The most common risk management mistake this year came from companies that “broke their own narrative or executed without conviction.” The most blatant errors came from companies that “panicked” or changed course, revealing “no long-term vision.”

“2025’s biggest mistake was not volatility but inconsistency,” analysts note. “Investors reward clarity and conviction. They punish hesitation.”

For companies without concrete plans to deploy cryptocurrencies in support of projects, products, or infrastructure, cryptocurrencies are not a strategic input; they are a source of avoidable volatility in profits and correlated liquidity risk.