Yeliz Akmaca 
Throughout 2025, global companies have raised more than $86 billion in Bitcoin and cryptocurrency reserves. This figure surpassed the total capital raised through initial public offerings (IPOs) in the United States during the same year.
This development signals that Bitcoin and similar digital assets are now viewed not only as investments but also as core balance sheet items. The transformation in the corporate world is especially notable as large firms increasingly adopt crypto as a strategic tool.
Strategy Inc. stands out as a pioneer in this trend. The company raised over $10 billion in 2025 to expand its BTC reserves. This aggressive move boosted its stock performance to new heights and inspired other companies.
https://twitter.com/HODL15Capital/status/1948728547809325485
Meanwhile, Japan-based Metaplanet and US miner Marathon Digital also raised significant funds for large-scale crypto investments. Both firms focus primarily on leading digital assets like Bitcoin and Ethereum.
Growing Interest in Ethereum and Other Assets
Since June, about 100 companies have announced plans to raise over $43 billion for acquiring crypto assets. These firms aim to allocate funds to Bitcoin, Ethereum, XRP, and other digital assets.
This trend highlights that institutional investors are placing digital assets at the center of their long-term strategies. BitMine Immersion Technologies aims to raise up to $5 billion specifically for Ethereum reserves.
SharpLink is also seeking hundreds of millions in capital aligned with its Ethereum strategy. The company is led by Joseph Lubin, one of Ethereum’s co-founders.
Additionally, institutional investors are not limiting themselves to BTC and ETH. Some firms have invested millions in assets such as XRP, Ethena, and BNB as part of their treasury strategies.
Analysts Warn: Risks for Shareholders Should Not Be Ignored
Alongside this rising trend, some analysts have raised concerns about companies’ funding models. Matthew Sigel, head of digital asset research at VanEck, highlighted potential risks in frequently used at-the-market (ATM) fundraising programs.
According to Sigel, these programs may diminish shareholder value if stock prices fall below net asset value (NAV). He recommends halting ATM programs if prices remain under 95% of NAV for 10 consecutive days. Furthermore, when crypto prices rise but company valuations do not reflect this, share buybacks should be prioritized.
No public BTC treasury company has traded below its Bitcoin NAV for a sustained period.
But at least one is now approaching parity.
As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near…
— matthew sigel, recovering CFA (@matthew_sigel) June 16, 2025
Lastly, Sigel suggests that executive incentive packages be based on NAV growth per share rather than total crypto holdings. This approach aims to better align management with shareholder interests.
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