The biggest treasury strategies in Bitcoin and cryptocurrencies for 2025

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The Largest Treasury Strategies in Bitcoin and Cryptocurrencies of 2025

This year marked the first time that corporate treasury strategies were widely replicated, with companies across 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 traded at US$ 14.44.

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

February: US$ 2 billion bond sale

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

In March, MicroStrategy acquired 22,048 BTC at US$ 87,000 each, while the trade war shook markets and pushed Bitcoin away from its highs. The company raised US$ 1.2 billion through stock sales and another US$ 1.85 billion via perpetual preferred shares issued in January.

In April, MicroStrategy bought 15,355 BTC for US$ 1.42 billion, selling 4 million shares. Almost all the money, approximately 97%, came from share sales rather than debt. This strategy works when MicroStrategy’s shares trade at a value higher than its Bitcoin reserves.

If the company’s market value exceeds the value of its Bitcoin reserves, it can sell shares and buy more Bitcoin than the value of those shares, thereby increasing Bitcoin per share for existing shareholders.

However, in November, MicroStrategy’s market value fell below its Bitcoin reserves, making future share sales dilutive rather than accretive.

The most significant fundraising by MicroStrategy occurred in July with the issuance of a perpetual preferred stock paying monthly dividends, which the company used to finance the purchase of 21,021 BTC.

This was the third preferred product launched by MicroStrategy this year, and the first time a Bitcoin treasury company issued a preferred stock with monthly dividend payments on a US stock exchange.

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

Joshua Chu, lawyer, speaker, and co-chair of the Hong Kong Web3 Association, said that the timing of this year’s cryptocurrency treasury strategies raised suspicions among many companies following MicroStrategy’s approach.

“Several listed companies invested in digital asset treasury strategies precisely when Bitcoin was at or near its all-time highs,” Chu said. “Many of the more aggressive proposals were of the same type that had already been rejected due to listing rules and prudential concerns.”

Several struggling companies made “bold” allocations despite “not having a general need” to hold cryptocurrencies, as they had no intention of using them for concrete projects, Chu added.

Forward Industries (FORD)

Forward Industries completed a strategic shift in September when the medical device accessories company became the world’s largest Solana holder.

The New York-based company raised US$ 1.65 billion through a private placement supported by major crypto investment funds, using almost all the proceeds to buy 6,822,000 SOL at US$ 232 per token.

Forward’s shares rose 1.32% on the news, and the company immediately filed to raise an additional US$ 4 billion through stock sales to “working capital, executing its strategy with the Solana token, and acquiring income-generating assets.”

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

Jad Comair, CEO and founder of Melanion Capital, the firm behind Europe’s first private Bitcoin treasury model, said that 2026 is likely to become the “altcoin treasury year.”

With the “crypto universe in general” usually lagging behind Bitcoin, he stated that companies buying BTC often “expand their strategy.”

BitMine Immersion Technologies (BMNR)

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

In October, BitMine purchased 203,826 ETH for US$ 963 million during a wave of cryptocurrency sales following the imposition of tariffs, which wiped out US$ 19 billion in leveraged positions and caused ETH to fall to US$ 3,709.

As of December 15, BitMine held a total of 3.8 million ETH, valued at over US$ 12 billion. BitMine’s shares rose 4.35% to US$ 54 after the October purchase, although they had fallen from over US$ 60 during the sell-off.

The company ranks second among the world’s largest cryptocurrency treasuries, behind only MicroStrategy’s Bitcoin reserves. It also holds US$ 22 million in Bitcoin and US$ 239 million in other investments as of December 15, along with about US$ 1 billion in cash.

Comair joked that large-scale cryptocurrency treasury allocations are becoming structural rather than cyclical.

“Companies have moved from opportunistic buying to the incorporation of formal treasury policies,” he said. “The combination of fair value accounting, institutional-level custody, and ETF liquidity means these allocations are no longer ‘experiments.’”

When asked whether corporate treasuries will continue this trend into 2026, Comair said that the “fear of missing out” at the board level will drive adoption.

Once Bitcoin recovers, “no CFO will want to be the one who ignored the cheapest operation in the cycle,” he said.

The Ether Machine (ETHM)

The Ether Machine raised US$ 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 US$ 1.4 billion, making it the third-largest Ethereum treasury.

Ether Machine was formed in June through a merger between The Ether Reserve and a special purpose acquisition company (SPAC).

The company debuted on Nasdaq in July and began trading under its ticker in August. Unlike passive holders, the company stakes its ETH and uses decentralized finance strategies (DeFi) to generate yield.

Metaplanet

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

As of December 15, Metaplanet held 30,823 BTC, valued at US$ 2.7 billion, ranking it the fourth-largest Bitcoin treasury among corporations.

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 tech businesses until 2024, when it shifted its focus to Bitcoin. This strategy earned it the nickname “Asia’s MicroStrategy,” following Saylor’s model.

Conclusion

Comair noted that 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, he said, citing firms that bought cryptocurrencies and then sold them to pay debts, revealing “no long-term vision.”

“The biggest mistake of 2025 was not volatility but inconsistency,” he observed. “Investors reward clarity and conviction. They punish hesitation.”

“There is no general need for companies without concrete plans to deploy cryptocurrencies in support of on-chain projects, products, or infrastructure to hold significant amounts of crypto at this time,” Chu of the Hong Kong Web3 Association said.

“For these issuers, cryptocurrencies are not a strategic input; they are a source of avoidable volatility in profits and correlated liquidity risk,” he added.