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The 7 Largest Publicly Traded Ethereum Treasury Firms

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In brief

  • Publicly traded companies are now racing to accumulate Ethereum.
  • Firms with strategic ETH reserves now account for more than 3% of the entire ETH supply.
  • The top holders include BitMine Immersion Technologies, SharpLink Gaming, and Coinbase.

The trend of publicly traded companies adopting crypto treasury strategies may have started with Bitcoin, but it has since expanded to a wide variety of digital assets—including the second-largest crypto asset by market cap, Ethereum. 

Now the race to accumulate ETH is on, led by key figures like Fundstrat’s Tom Lee and Ethereum co-founder Joe Lubin, who are championing public firms as they rally around Ethereum and its future. 

Per StrategicETHReserve.xyz, public entities with Ethereum treasuries maintain more than 3.7 million ETH valued at nearly $17 billion, as of this writing, and more than 3% of the entire supply. These are the biggest holders as of this writing.

1. BitMine Immersion Technologies

Led by crypto bull and Fundstrat CIO Tom Lee, BitMine Immersion Technologies burst onto the scene at the end of July when the firm detailed plans for an Ethereum treasury. 

Formerly focused on Bitcoin mining, BitMine (BMNR) first secured a $250 million private investment in public equity (PIPE) fundraising round to begin its ETH purchases. 

Since that time, it hasn’t looked back, acquiring 1,150,263 ETH or more than $5 billion worth as of this writing.

The aggressive buying spree has coincided with Lee’s seemingly unfathomable ETH price predictions, which include calls for $60,000 ETH. That’s a sizable multiple of the current price.

After planning a raise of $4.5 billion to accumulate the asset, Lee and company upsized their offering by $20 billion in August as BitMine aims to expand its already industry-leading Ethereum treasury. 

2. SharpLink Gaming

Gambling marketer turned Ethereum treasury company SharpLink Gaming holds the second-largest publicly traded ETH treasury. 

The firm maintains 728,804 ETH, or $3.2 billion as of its latest release—around 73% of the way to its first stated goal of accumulating 1 million ETH. 

While SharpLink’s existing business did not have immediate ties to crypto, it brought on direct ties to Ethereum when it shaped its board of directors. The firm’s chairman Joe Lubin is the co-founder of Ethereum itself, and founder and CEO of Ethereum software company, Consensys, the maker of popular crypto wallet, MetaMask.

(Disclaimer: Consensys is one of 22 investors in an editorially independent Decrypt)

Lubin and company have followed BitMine in a relentless pursuit of Ethereum, raising funds in a variety of ways including a recent $400 million direct offering, plus plans to collect up to $6 billion via stock sales. 

In July, the firm added BlackRock’s former head of digital asset strategy Joseph Chalom as its newly appointed CEO. 

3. The Ether Machine

There’s no questioning the business of The Ether Machine, a firm made public via a merger of The Ether Reserve, LLC and a blank-check company earlier this year. 

The third-largest treasury on the list, The Ether Machine currently holds 345,362 ETH, or $1.5 billion at today’s ETH prices. 

Funded with startup capital and approximately 170,000 ETH from co-founder and chairman Andrew Keys, the Ether Machine stated a mandate to put its ETH to work on-chain or create a “machine” to grow its stash, differentiating it from more passive accumulation vehicles. 

It most recently acquired around $40 million worth of ETH using cash from a previously established private placement. At the time of inception, it expected to pull in around $1.6 billion in total proceeds to use to fund Ethereum purchases.

4. Coinbase

Leading American crypto exchange Coinbase maintains an investment of around $602 million or 136,782 ETH, according to its most recent 10-Q filing. That is more than 20,000 ETH greater than it ended 2024 with when it held 115,700 ETH based on an end of year 10-K filing.

The firm also holds more than 11,000 Bitcoin as an investment, placing it among the top publicly traded holders of the largest crypto asset, as well.  

First hitting the public markets in 2021, shares in Coinbase made a new all-time high in July 2025 as crypto firms continued a streak of success alongside traditional equities. 



5. Bit Digital

Bitcoin miner Bit Digital formed an Ethereum treasury strategy during Q2 2025. In just a few short months, it’s quickly added to its stash, jumping from 30,663 ETH at the end of June to 121,076 ETH as of August 11—now valued at more than $530 million. 

As part of its transition, the firm is ending its Bitcoin mining operations and redeploying funds towards ETH accumulation. Public markets didn’t react strongly to the strategy shift, as shares of BTBT have gained just 2.63% year-to-date. 

6. ETHZilla

Biotech firm 180 Life Sciences rebranded its company to “ETHZilla,” as it shifted focus to a digital assets treasury centered on Ethereum. 

The firm raised $425 million in late July to kickstart its treasury and quickly jumped up the holder rankings, acquiring 82,186 ETH as of August 12, valued around $362 million at today’s ETH prices. 

A few weeks later, shares in ETHZilla (ATNF) quickly tripled after it was revealed that billionaire tech investor Peter Thiel and related entities had purchased a 7.5% stake in the company. 

As for its unique name? Chairman of the board McAndrew Rudisil told Decrypt in July that it  “comes from our focus to be one of the largest holders of ETH in the world.”

7. BTCS Inc.

Blockchain Technology Consensus Solutions (BTCS) holds 70,140 ETH, worth around $309 million as of mid-August.

The firm boasts a proactive strategy to acquire more Ethereum, putting its ETH to work on-chain using what is described as a “powerful DeFi/TradFi financial model” to generate value for shareholders. 

In addition to acquiring ETH, the firm also bolstered its treasury with three Ethereum-based Pudgy Penguins NFTs in August.

BTCS posted record revenues in Q2 of $2.77 million, marking a 394% increase year-over-year. Shares are up nearly 90% year-to-date.

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Adam Back’s $2.1B BTC Treasury Play Plans to Overtake MARA in BTC Holdings
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Adam Back’s $2.1B BTC Treasury Play Plans to Overtake MARA in BTC Holdings

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Bitcoin Standard Treasury Co. (BSTR), a bitcoin

treasury vehicle led by cryptography pioneer Adam Back, sees itself as a company with a mission to accelerate real-world bitcoin adoption.

But it might be setting out on another milestone: becoming one of the biggest corporate bitcoin holders.

The company, which is preparing to go public on Nasdaq by merging with Cantor Equity Partners (CEPO), already has 30,021 BTC on its balance sheet, with plans to grow its stack beyond 50,000 coins.

This will set it on the path of potentially overtaking MARA Holdings (MARA) as the second-largest corporate holder of BTC behind Strategy. MARA has more than 50,600 BTC, according to bitcointreasuries.net. Strategy has just under 629,000.

Currently, MSTR, MARA, and BSTR collectively hold roughly 710,000 bitcoin, which represents about 3.38% of bitcoin’s fixed supply of 21 million.

‘Liquidity, security, and scale’

Unlike some corporate treasuries that sit on bitcoin passively, BSTR intends to use techniques that include selling puts to accumulate BTC at lower prices, using bitcoin-backed revolvers and placing collateral with regulated tri-party custodians.

“We’re not interested in chasing DeFi yield or taking on counterparty risk we can’t manage. This is about liquidity, security, and scale,” Back said exclusively with CoinDesk. “Bitcoin was created as sound money and BSTR is being created to bring that same integrity to modern capital markets.”

The SPAC deal with Cantor combines, for the first time, traditional Wall Street financing with a bitcoin-denominated private placement of equity (PIPE).

In addition to 25,000 BTC contributed by the company’s founders, another 5,021 BTC will be raised from the bitcoin community.

The company is also raising up to $1.5 billion in fiat financing, the largest PIPE ever announced alongside a bitcoin treasury SPAC merger.

  • $400 million in common equity at $10 per share.
  • Up to $750 million in convertible senior notes (30% conversion premium, $13 per share).
  • Up to $350 million in convertible preferred stock with a 7% dividend and a $13 per share equivalent conversion price.

CEPO could add up to $200 million from its trust, subject to redemptions.

“By securing both fiat and bitcoin funding on day one, we are putting unprecedented firepower behind a single mission: maximizing bitcoin ownership per share while accelerating real-world bitcoin adoption,” Back said.

A first for bitcoin treasuries

The in-kind PIPE allows investors to deliver BTC at closing and potentially capture upside before settlement. Back said the approach was designed to appeal to both crypto-native players and traditional managers seeking exposure without waiting for post-close market buys.

The firm’s CIO Sean Bill, who previously helped a U.S. pension fund make one of the first institutional allocations to BTC, said the strategy resonated with traditional investors. “We’re building the Berkshire Hathaway (BRK) of Bitcoin, an actively managed Treasury that will pursue yield and alpha strategies, and strategic acquisitions within the Bitcoin ecosystem”.

“We’re flipping the script on Wall Street as we seek to fuse Bitcoin into Finance and Capital Markets, unlike other Treasury companies we’re not coming to Wall Street seeking fiat currency to buy Bitcoin, we’re showing up with a 25,000 Bitcoin commitment and more importantly we issued the first ever Bitcoin in kind Equity PIPE in the United States, raising another 5,021 Bitcoins from OG Bitcoiners. We’re brining the Bitcoin to Wall Street. We believe that the future of finance runs on Bitcoin”,” Bill told CoinDesk exclusively.

Bridging bitcoin and Wall Street

The leadership team sees BSTR as a bridge between the bitcoin ecosystem and institutional capital markets.

“We’re bringing the traders, we’re bringing the bitcoiners to Wall Street,” Back said, noting the potential for the U.S. market’s liquidity to amplify the success of bitcoin-denominated convertibles that have already gained traction in Europe.

The deal is expected to close in the fourth quarter, with the company trading under the reserved ticker BSTR. If the raise is fully subscribed, the launch could set a new scale record for corporate bitcoin treasuries and offer a template for others looking to merge sound money with modern market instruments.



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US Treasury Considers Digital ID in DeFi to Curb Illicit Finance
Crypto Trends

US Treasury Considers Digital ID in DeFi to Curb Illicit Finance

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The US Department of the Treasury is seeking public feedback on how digital identity tools and other emerging technologies could be used to fight illicit finance in crypto markets, with one option being embedding identity checks into decentralized finance (DeFi) smart contracts.

The consultation, published this week, stems from the newly enacted Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), signed into law in July.

The Act, which sets out a regulatory framework for payment stablecoin issuers, directs the Treasury to explore new compliance technologies, including application programming interfaces (APIs), artificial intelligence, digital identity verification and blockchain monitoring.

One of the ideas in the request for comment is the potential for DeFi protocols to integrate digital identity credentials directly into their code. Under this model, a smart contract could automatically verify a user’s credential before executing a transaction, effectively building Know Your Customer (KYC) and Anti-Money Laundering (AML) safeguards into blockchain infrastructure.

Treasury considers digital ID verification in DeFi. Source: Laz

Related: GENIUS Act to spark wave of ‘killer apps’ and new payment services: Sygnum

Treasury: digital IDs could cut compliance costs

According to Treasury, digital identity solutions, which may include government IDs, biometrics or portable credentials, could reduce compliance costs while strengthening privacy protections.

They could also make it easier for financial institutions and DeFi services to detect money laundering, terrorist financing, or sanctions evasion before transactions occur.

Treasury also acknowledged potential challenges, including data privacy concerns and the need to balance innovation with regulatory oversight. “Treasury welcomes input on any matter that commenters believe is relevant to Treasury’s efforts,” the agency wrote.

Public comments are open until Oct. 17, 2025. Following the consultation, Treasury will submit a report to Congress and may issue guidance or propose new rules based on the findings.

Related: GENIUS Act yield ban may push trillions into tokenized assets — ex-bank exec

US banks warn against stablecoin yield loophole

Last week, several major US banking groups, led by the Bank Policy Institute (BPI), urged Congress to tighten rules under the GENIUS Act, warning that a loophole could let stablecoin issuers bypass restrictions on paying interest.

In a letter sent Tuesday, BPI said the gap could allow issuers to partner with exchanges or affiliates to offer yields, undermining the intent of the law. The group cautioned that unchecked growth of yield-bearing stablecoins could trigger up to $6.6 trillion in deposit outflows from traditional banks, threatening credit access for businesses.

Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears



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Nasdaq-Listed Tech Firm Approves 20% Crypto Allocation as Part of Treasury Strategy
Crypto Trends

Nasdaq-Listed Tech Firm Approves 20% Crypto Allocation as Part of Treasury Strategy

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Aurora Mobile, a Nasdaq-listed technology firm based in China, has unveiled a new corporate strategy that includes investing a portion of its treasury into cryptocurrency assets.

On Tuesday, the company announced that its board of directors had approved the allocation of up to 20% of its total cash and cash equivalents toward digital assets, including Bitcoin, Ethereum, Solana, Sui, and others.

Treasury Optimization and Strategic Intent

The company emphasized that the crypto investment plan is structured to preserve asset value while exploring additional opportunities for strategic partnerships, market expansion, and ecosystem growth.

Aurora Mobile clarified that the new investment direction will not interfere with its day-to-day operations or long-term growth strategies. The firm also assured shareholders that sufficient liquidity will be maintained for ongoing operational requirements, and that the digital asset investments are a part of a balanced portfolio approach.

According to Aurora’s official press release, this initiative is aimed at enhancing asset diversification by including exposure to cryptocurrencies, which historically exhibit low correlation with traditional markets.

Company Chairman and CEO Weidong Luo noted that the move also reflects Aurora’s intent to keep pace with technological advancements in the financial sector.

Luo stated that this step signifies a commitment to “modernizing our treasury management practices,” positioning the firm at the convergence of emerging finance and digital infrastructure trends.

Founded in 2011, Aurora Mobile specializes in customer engagement and marketing technologies powered by cloud computing and AI. Despite being primarily focused on enterprise software solutions within China, Aurora is increasingly adopting global financial tools as part of its dual-engine growth strategy, which includes market expansion and AI-driven innovation.

Implications for the Broader Crypto and Tech Ecosystem

Aurora joins a growing number of publicly traded firms exploring digital assets as part of their corporate treasury strategies. While companies like Strategy (formerly MicroStrategy), Gamestop, Metaplanet, and Tesla made headlines with sizable Bitcoin allocations, Aurora’s approach appears more diversified, indicating a broader interest in the overall crypto market.

This strategy could serve as a signal to other mid-cap tech firms in Asia looking to explore asset diversification through blockchain-based instruments.

The timing of Aurora’s move follows the US Securities and Exchange Commission’s (SEC) decision to roll back controversial accounting guidance (SAB 121), which previously discouraged banks and publicly listed firms from holding crypto assets.

That regulatory shift may have contributed to a more favorable environment for corporate entities to allocate funds into digital assets.

With China maintaining a ban on retail crypto trading while showing openness toward blockchain development and central bank digital currency (CBDC) trials, Aurora’s decision could reflect a measured form of engagement that aligns with domestic policy frameworks while targeting global financial exposure.

BTC price is moving downwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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James Van Straten
NFT Gaming

Metaplanet (3350) Raises $515M, Blockchain Group (ALTBG) Adds $4.8M in Concurrent BTC Treasury Equity Moves

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Metaplanet Inc (3350) and the Blockchain Group (ALTBG) both executed substantial equity capital raises as part of their initiatives to focus on bitcoin accumulation for treasury purposes.

Metaplanet announced the exercise of its 20th series of stock acquisition rights under the recently announced 555 Million Plan, raising 74.9 billion yen, ($515 million) in a single day. It issued 54 million new shares on Wednesday following the exercise of 540,000 stock acquisition rights, representing 29% of the total rights issued.

The issue is the first major capital injection under the plan and represents 10% of the full target. Metaplanet stock slumped as much as 15% before rallying strongly to close up 4%. CEO Simon Gerovich emphasized the strategic milestone with a post on X, highlighting the strong start to the program.

The Blockchain Group (ALTBG), for its part, announced a 4.1 million-euro ($4.8 million) capital increase through an at-the-market-type equity issuance agreement with TOBAM.

Shares in the Euronext Growth Paris-listed company were issued at an average price of 5.085 euros each. The capital raise aligns with the company’s strategy to increase the number of bitcoin per share on a fully diluted basis. The Blockchain Group currently holds 1,653 BTC and is the first of its kind in Europe pursuing such a model.

Blockchain Group shares were recently 3.7% lower at 4.785 euros.



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Pompliano Bitcoin Treasury ProCap Buys $395 Million in BTC

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In brief

  • Bitcoin treasury firm ProCap has purchased 3,724 Bitcoin currently worth $395 million.
  • The company intends to merge with Columbus Circle Capital in a $1 billion SPAC to become ProCap Financial.
  • An increasing number of public companies have established Bitcoin treasuries over the past few months.

Bitcoin treasury firm ProCap acquired 3,724 Bitcoin currently worth about $395 million on Tuesday, just one day after announcing its plans to go public in a $1 billion SPAC deal. 

Founded by investor and cryptocurrency personality Anthony Pompliano, ProCap purchased the Bitcoin this week at a time-weighted average price of $103,785 per token, according to the firm’s statement. 

“We believe bitcoin is the new hurdle rate,” Pompliano wrote in an X post addressing the announcement. “If you can’t beat it, you have to buy it.”

We have purchased 3,724 Bitcoin.

This purchase happened within one day after announcing a $1 BILLION merger and over $750 million fundraise.

The average price was ~ $103,785 per bitcoin.

We believe bitcoin is the new hurdle rate.

If you can’t beat it, you have to buy it.… pic.twitter.com/eX1iI9fVhm

— Anthony Pompliano 🌪 (@APompliano) June 24, 2025

Bitcoin was recently trading at about $106,000 up 2.1% in the past 24 hours, according to data provider CoinGecko. 

The purchase follows ProCap’s announcement on Monday that it closed a $750 million raise. The funds, which will go toward helping the company merge with blank-check firm Columbus Circle Capital to become ProCap Financial— a new publicly traded company. 

ProCap’s first Bitcoin buy comes amid a boom in publicly traded companies’ adoption of treasuries based on the world’s oldest cryptocurrency. 

Michael Saylor’s Strategy, formerly Microstrategy, pioneered the approach, pivoting its focus from software development to Bitcoin accumulation in 2020. Since then, the firm has snapped up more than 592,000 Bitcoin worth about $62 billion worth of Bitcoin, according to the company’s filings. 



Beyond Strategy, 245 public companies hold the digital asset on their balance sheets, up roughly 13% over the past month, according to data from bitcointreasuries.com. In total, the firms hold a total of more than $88 billion in Bitcoin, the same data shows. They include healthcare technology firm Semler Scientific, and Japanese hotel management firm Metaplanet. 

Meanwhile, other publicly traded firms, including Upexi, Wellgistics Health and DeFi Development Corp., have replicated Strategy’s playbook with altcoins, including XRP and Solana. 

ProCap plans to acquire more Bitcoin for its treasury as part of its business strategy, according to its latest public statement. The company estimates it will hold up to $1 billion in Bitcoin at the time of closing of its proposed merger with Columbus Circle Capital.

Edited by James Rubin

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Pompliano Bitcoin Treasury ProCap Unveils $1 Billion SPAC Merger

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In brief

  • Anthony Pompliano’s ProCap plans to leverage its Bitcoin holdings to “implement risk-mitigated solutions to generate revenue and profits.”
  • The firm says it will hold $1 billion in Bitcoin once a proposed merger is completed.
  • Bitcoin treasury firms are a hot trend, but analysts have raised concerns about the dynamic’s sustainability and the ultimate market impact.

Social media personality and crypto investor Anthony Pompliano unveiled a $1 billion merger on Monday to create ProCap Financial, a Bitcoin-native financial services firm that will soon join a growing list of companies stockpiling the asset on the Nasdaq.

Pompliano, who began promoting ProCap in April, said on X, formerly Twitter, that he had recently raised $750 million from “leading institutional investors on Wall Street” for the blank-check firm, alongside heavy hitters in the cryptosphere.

“It’s time to get to work,” Pompliano said, noting that ProCap will develop “products and services to produce revenue and profit from the bitcoin on our balance sheet over time.”

ProCap will merge with Columbus Circle Capital, which trades on the Nasdaq under the ticker name CCCM, ProCap said in a press release. Entities in the proposed transaction raised $516 million in equity and $235 million through convertible notes, the firm added.



Pompliano’s announcement comes amid a sharp uptick in firms adding Bitcoin to their balance sheets, including Trump Media’s $2.5 billion raise to buy Bitcoin last month, and GameStop’s recent adoption of Bitcoin as a treasury reserve asset. Although many firms are simply buying Bitcoin and holding it, Pompliano underscored in a statement that capital will be put to work.

 

“Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings,” he said.

Bitcoin-buying firms like Strategy, formerly MicroStrategy, have been able to transform themselves over time. In a recent note from Coinbase, however, analysts warned that the trend may not be sustainable and could one day yield “systematic risks” for the entire crypto sector. 

The logic goes that a sharp drawdown in Bitcoin’s price could force these firms, which often turn to debt to fund purchases, could be forced to sell the asset en masse.

Worldwide, 134 public companies have purchased 835,000 Bitcoin worth $85 billion, according to Bitcoin, according to Bitcoin Treasuries. Bitcoin was changing hands around $102,000 on Monday, a 2.2% increase over the past day, according to crypto data provider CoinGecko.

Edited by James Rubin

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Nasdaq-Listed Healthcare Firm Opens Bitcoin Treasury With $20 Million BTC Buy

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In brief

  • Healthcare firm Prenetics has purchased $20 million worth of BTC for its corporate treasury.
  • The company plans to integrate Bitcoin into its consumer health platforms and operations, and hinted at further expanding its treasury.
  • A Trump-linked crypto advisor will serve as an advisor, the firm announced.

When most healthcare companies discuss digital transformation, they typically mean electronic medical records or telemedicine platforms.

But for Prenetics Global Limited, a publicly-traded health sciences firm, going digital meant something entirely next level: a $20 million Bitcoin treasury strategy that adds its name to a growing list of companies adopting a Bitcoin acquisition strategy. 

The Nasdaq-listed genomics and digital health company disclosed Wednesday that it has acquired 187.42 BTC at an average price of $106,712 using Kraken’s custody platform. The purchase represents the beginning of what Prenetics calls a “comprehensive” Bitcoin strategy approved by its board, with plans for substantial future expansion.

In a statement, the firm said the investment forms part of a plan for “the dawn of a new era” in which domains such as genomics, personalized medicine, and digital assets will “will intersect in ways that could revolutionize” how we think about health, wealth, and longevity, Prenetics CEO Danny Yeung said in a statement.



Beyond its treasury strategy, Prenetics plans to explore yield generation through crypto lending and structured products using institutional-grade tools. The company will also accept Bitcoin payments across its consumer health brands, creating an integrated ecosystem from treasury management to customer transactions.

The company recently raised its full-year 2025 revenue guidance to $80-$100 million, projecting profitability by Q4. Its stock (NASDAQ : PRE) surged 23.3% on the day Wednesday trading at $9.26 after its announcement.

Orange-pilled

To guide the initiative, Prenetics recruited former OKEx chief operating officer Andy Cheung to its board. Cheung previously helped oversee billions in daily crypto trading volume at one of the world’s largest exchanges.

Tracy Hoyos-López, chief of staff for strategic initiatives at Kraken, has joined the firm as an advisor, helping to guide Prenetics as it adopts the Bitcoin treasury playbook deployed by firms including Strategy and Metaplanet.

Hoyos-López was one of three people pivotal to making President Donald Trump “orange-pilled” by bringing him to speak at the Bitcoin conference in Nashville last year.

At the conference, Trump promised to establish a “strategic BTC stockpile.” In March, the president signed an executive order to establish a strategic reserve “capitalized with Bitcoin owned by the federal government,” according to a statement from AI and crypto czar David Sacks.

Hoyos-López fiercely advocated for Trump, who at the time faced Kamala Harris for the presidency. “Our industry as a whole will cease to exist if Trump doesn’t win,” Hoyos-López said at the time, per a report from CNBC.

Decrypt reached out to Prenetics for comment on Hoyos-López’ appointment.

Edited by Stephen Graves

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Nakamoto Holdings Raises $51.5M to Expand BTC Treasury
Crypto Trends

Nakamoto Holdings Raises $51.5M to Expand BTC Treasury

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Bitcoin holding company Nakamoto Holdings, founded by US President Donald Trump’s crypto adviser, David Bailey, has secured $51.5 million in fresh capital through a private placement in public equity (PIPE) deal, according to a statement from merger partner KindlyMD.

Bailey said that the new funds were raised in less than 72 hours, reflecting growing investor appetite for Nakamoto’s Bitcoin (BTC) accumulation strategy.

“Investor demand for Nakamoto is incredibly strong,” Bailey said. “We continue to execute our strategy to raise as much capital as possible to acquire as much Bitcoin as possible.”

The financing, priced at $5.00 per share, brings KindlyMD’s total funding to approximately $563 million, and $763 million including convertible notes.

Related: Europe’s first Bitcoin treasury firm buys another $20M BTC, now holds over $170M

Nakamoto launches to build a Bitcoin treasury

Nakamoto’s approach mirrors the playbook used by other corporate entities aiming to leverage BTC as a reserve asset. The company was launched earlier this year with the explicit goal of building a sizable Bitcoin treasury, even as broader market sentiment remains mixed.

Proceeds from the latest round will be used primarily for Bitcoin purchases, along with working capital and general corporate needs. The PIPE financing is set to close alongside the anticipated merger with KindlyMD, which trades under the ticker NAKA on the Nasdaq.

Last month, shareholders of healthcare services firm KindlyMD approved a merger with Nakamoto Holdings. Both companies plan to file information statements with the SEC, with the merger expected to finalize in Q3 2025.

The companies first announced the merger on May 12, saying the merged entity would use equity, debt, and other offerings to develop a slew of Bitcoin-native companies. Additionally, the company will bolster its treasury by accumulating Bitcoin.

Related: Norwegian crypto firm K33 raising more funds to buy up to 1,000 BTC

Firms add Bitcoin to balance sheets

At least 27 organizations have added Bitcoin to their treasuries over the past month, according to data from BitcoinTreasuries.NET, signaling continued interest in BTC among public companies.

Entities holding Bitcoin. Source: BitcoinTreasuries.NET

However, some analysts remain skeptical. Fakhul Miah of GoMining Institutional noted that smaller firms may be adopting Bitcoin out of necessity rather than strategy, potentially lacking the proper safeguards.

Standard Chartered has also raised concerns, warning that if BTC drops below $90,000, half of these companies could face liquidation risks, posing reputational challenges for the broader crypto market.

Magazine: New York’s PubKey Bitcoin bar will orange-pill Washington DC next



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Nakamoto Holdings Rakes in $51.5 Million for Publicly Traded Bitcoin Treasury

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In brief

  • KindlyMD, which is merging with Bitcoin holdings firm Nakamoto Holdings, has raised $51.5 million to buy Bitcoin.
  • The funds were raised in a private-investment-in-public-equity deal closed on Friday.
  • More companies have recently begun adding Bitcoin to their balance sheets.

Bitcoin holding company Nakamoto Holdings, the firm founded by crypto media entrepreneur David Bailey, has raked in an additional $51.5 million to establish a Bitcoin treasury—a corporate strategy that has become increasingly popular among public companies. 

The funds were raised in a private-investment-in-public-equity deal closed on Friday by Nakamoto’s merger partner KindlyMD, according to KindlyMD’s statement. The healthcare data firm sold its common stock at $5 per share in the raise.  

“Additional investor support signals confidence in Nakamoto’s strategy: acquiring as much Bitcoin as possible on our balance sheet and on the balance sheets of our future portfolio companies,” Bailey told Decrypt. “Today’s announcement propels our mission forward as we gain momentum in bringing Bitcoin exposure to global capital markets.”

The total will largely go toward acquiring Bitcoin for Nakamoto Holdings’ corporate treasury. 

“We continue to execute our strategy to raise as much capital as possible to acquire as much bitcoin as possible,” Bailey said in a statement, adding that the raise took less than three days.

This latest raise brings Nakamoto Holdings’ earmarked funds for its Bitcoin treasury to $763 million.



Bitcoin was recently trading at $102,942, down 1.8% over the past 24 hours, according to cryptocurrency data provider CoinGecko. 

Launched earlier this year by BTC Inc. CEO David Bailey, Nakamoto Holdings aims to snap up large quantities of Bitcoin, banking on the likelihood that the token’s price will increase. The strategy that has gained traction in the corporate world, even among firms with very little or no connection to the digital assets industry. 

In recent weeks, a number of analysts have raised concerns about the risk for these firms if BTC’s price falls, and if a firm’s overall financial performance depends too much on its holdings. 

More than 130 public companies, according to bitcointreasuries.net, have added massive amounts of Bitcoin to their balance sheets—a move popularized by Michael Saylor’s software firm Strategy, which began purchasing the asset in 2020. 

Strategy holds more than 592,000 Bitcoin at a value of more than $60 billion, according to Saylor Tracker, an online tool that tracks the firm’s Bitcoin purchases. 

More broadly, 239 entities, including public and private firms and federal governments—hold at least some Bitcoin, according to data from bitcointreasuries.net. That number of entities HODL-ing the world’s oldest crypto has jumped roughly 14% over the past month, the same data shows. 

Edited by James Rubin

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