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US Sports Betting Platform To Raise $1 Billion For Ethereum Treasury Holdings

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Ethereum is on the spotlight again this week. SharpLink Gaming, a US-based sports betting firm, has filed with the Securities and Exchange Commission (SEC) to offer up to $1 billion in common stock.

The company says it plans to use the money to purchase Ether (ETH), the main cryptocurrency of the Ethereum network. This big move comes just days after SharpLink announced its new Ethereum-based treasury strategy.

Their stock price exploded by nearly 400% during trading on May 27, just after the plan went public. At the same time, the company appointed Ethereum co-founder Joseph Lubin as the new chairman of its board of directors.

Ether Is The Target

According to the May 30 SEC filing, SharpLink wants to put most of the raised funds toward buying Ether. But it’s not just about crypto. Some of the cash will also go toward running the business—things like working capital, corporate expenses, and affiliate marketing operations.

ETH was trading at $2,520 at the time of the filing, down 2.31% in 24 hours, based on Coingecko data. The timing of the purchase, and how much Ether they actually buy, could depend on the market. But the message is clear: SharpLink is going all in on Ethereum.

ETH is currently trading at $2,520. Chart: TradingView

Risks On The Table

The company also listed several risks that could affect its big Ether investment. One of them is the possible rise of central bank digital currencies (CBDCs). If CBDCs take off, SharpLink believes demand for private cryptocurrencies like ETH could drop or lose their usefulness.

Image: BlockTempo

Another risk is regulatory. If the SEC or another agency decides to classify Ether as a “security,” SharpLink could face new rules and reporting requirements. That could complicate their plans and cost the company money in the long run.

Crypto World Reacts

The crypto community didn’t stay quiet. Many compared SharpLink’s move to what Strategy did with Bitcoin.

Crypto analyst 0xBoboShanti posted on X (formerly Twitter), “Ethereum finally has its own Saylor,” referring to Michael Saylor, the executive chairman of Strategy (formerly MicroStrategy). His firm now owns over 580,250 BTC, valued at more than $60 billion, based on Saylor Tracker.

SharpLink Gaming plans to raise up to $1 billion which they will then use to buy ETH

You are not bullish enough pic.twitter.com/rskEQVhP0p

— sassal.eth/acc 🦇🔊 (@sassal0x) May 30, 2025

Ethereum educator Anthony Sassano added to the noise, saying, “You are not bullish enough,” signaling strong support for SharpLink’s strategy.

ETF Buzz Adds Fuel

The timing could be key. Just before SharpLink’s filing, ETF provider REX Shares submitted paperwork that has analysts predicting Ethereum and Solana staking ETFs could launch in the US soon.

These ETFs would allow investors to earn staking rewards through regulated funds, something many providers have struggled to pull off.

Featured image from Unsplash, chart from TradingView

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Trump Media raises $2.44b to build Bitcoin treasury
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Trump Media raises $2.44b to build Bitcoin treasury

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Trump Media and Technology Group has closed a $2.44 billion private placement with roughly 50 institutional investors, aiming to establish one of the largest Bitcoin treasuries among publicly-traded U.S. companies. 

The offering included the sale of 55.8 million common shares at $25.72 each, generating $1.44 billion, and $1 billion in 0% convertible senior secured notes due 2028, convertible at $34.72 per share.

Net proceeds of approximately $2.32 billion will be used to acquire Bitcoin (BTC) and fund general corporate operations. Crypto.com and Anchorage Digital will handle custody for the Bitcoin treasury.

Bitcoin and ‘financial freedom’

Trump Media, operator of Truth Social, Truth+, and Truth.Fi, said the deal boosts its liquid assets above $3 billion. 

CEO Devin Nunes described the move as a step toward “financial freedom,” aligning with the company’s crypto-first strategy and broader vision for expansion in the “America First economy.”

The announcement follows recent plans from Trump Media to partner with Crypto.com on crypto-focused ETFs and financial services. 

With the addition of Bitcoin to its balance sheet, Trump Media joins a growing number of firms, including those of Strategy and GameStop, which are using debt and equity raises to accumulate crypto.

The offering was led by Yorkville Securities and Clear Street, with Cantor Fitzgerald acting as financial advisor. Legal counsel was provided by Nelson Mullins for the company and Reed Smith for the placement agents.

DJT shares climbed on the news Friday, recovering some ground after a 10% dip earlier in the week. The stock remains down over 36% year-to-date.



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Vive le Bitcoin! French Football Giant Embraces BTC as Treasury Reserve

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Paris Saint-Germain has added Bitcoin to its financial reserves, making it the first top-tier football club to do so. According to reports at the Bitcoin 2025 conference in Las Vegas, the Paris side converted part of its cash holdings into BTC last year and still holds it on the balance sheet. The move marks a shift from issuing one-off fan tokens or NFTs to actually owning crypto as an asset.

PSG Joins Corporate Bitcoin Holders

Based on reports, PSG Labs lead Pär Helgosson told the conference crowd, “We put Bitcoin in our books, and we still have it.” He made the announcement at the Las Vegas event.

The club’s move follows firms such as Strategy, GameStop, US President Donald Trump Media and Twenty-One Capital, all of which added large amounts of BTC to their treasuries to guard against inflation.

🇫🇷 ONE OF THE LARGEST FOOTBALL TEAMS PARIS SAINT-GERMAIN JUST ANNOUNCED THEY BOUGHT #BITCOIN

WILD TIMES!!! pic.twitter.com/s21kBOJrbz

— Vivek⚡️ (@Vivek4real_) May 29, 2025

Fan Base And Financial Identity

Paris Saint-Germain has over 550 million fans around the world. About 80% of those supporters are under 34. For that group, Bitcoin can feel like a part of daily life.

PSG sees its crypto holding as a way to stay in tune with its younger supporters. The club now calls itself a lifestyle brand as much as a football team.

Image: HD Wallpapers

JUST IN: European soccer giant Paris Saint Germain announces they adopted a #Bitcoin treasury reserve 🇫🇷 pic.twitter.com/nGeq7bUyBJ

— Bitcoin Magazine (@BitcoinMagazine) May 29, 2025

PSG Labs And Startup Mentorship

PSG Labs, launched in 2023, is the special unit that tests ideas in blockchain, virtual reality, and tokenized fan experiences. Now it will back early-stage crypto startups, helping founders launch products, list tokens and raise money.

Helgosson said the club aims to “launch with you, list with you, raise with you,” using its half-billion-strong fan network and its ties to big sponsors and star players.

BTC is currently trading at $105,982. Chart: TradingView

Accounting And Regulatory Challenges

Holding Bitcoin on the balance sheet raises questions. Under IFRS rules, crypto assets are often classed as intangible and carried at cost, so gains may not show up right away. Fluctuations of 10% in a day are common for the top digital currency.

PSG will need to manage those swings and explain them to regulators, especially under football’s financial-fair-play rules. Different countries may treat these BTC holdings in varied ways—from tax breaks to extra scrutiny.

PSG’s decision shows a new path for sports clubs. By moving beyond simple fan tokens, the club is treating crypto as part of its core finances. There are risks, but also a chance for deeper ties to tech-savvy fans.

If PSG can keep its Bitcoin—and its fans—happy, other clubs may follow suit.

Featured image from Unsplash, chart from TradingView

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Trump Media Raises $2.4 Billion to Launch Bitcoin Treasury

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In brief

  • Trump Media closed a $2.4 billion sale Friday of stock and convertible notes that it will use to fund a Bitcoin treasury.
  • The funds will be used to buy up BTC and for “other general corporate purposes and working capital.”
  • The president’s media company has aggressively expanded into crypto via several initiatives in recent months.

Just three days after debuting a multi-billion dollar fundraising plan to purchase Bitcoin, President Donald Trump’s Trump Media & Technology Group announced Friday that it has successfully raised $2.4 billion for its crypto treasury. 

The funds were raised via an offering of common stock and convertible senior secure notes, the company said. Roughly 50 institutional investors participated in the sale, which produced $2.32 billion in net proceeds. 

Those funds will now be used to create a Bitcoin treasury, and for “other general corporate purposes and working capital,” the company said Friday. 



“Trump Media is focused on acquiring great assets, and this deal will give us the financial freedom to implement the rest of our strategies,” Devin Nunes, a former Republican congressman and the company’s CEO and Chairman, said in a statement. “It means the company will have more than $3 billion in liquid assets and our shareholders will have exposure to Bitcoin.”

As Decrypt previously reported, Anchorage Digital and Crypto.com will custody all Bitcoin purchased by the company. Cantor Fitzgerald, a Wall Street firm run until recently by Trump’s Commerce Secretary, Howard Lutnick, acted as financial advisor for today’s announced fundraise.

Trump Media is a publicly traded media and technology company best known for running President Trump’s social media platform of choice, Truth Social. The president is the company’s majority shareholder.

The scale of the firm’s Bitcoin treasury announcement looks poised to make it one of the largest Bitcoin holders among publicly traded Wall Street companies. Stockpiling the world’s top cryptocurrency has become an increasingly popular means of boosting revenue among American corporations, particularly those with existing ties to the crypto industry or right-wing politics.

In recent months, Trump’s media company has gone all in on digital assets, launching a crypto and fintech-focused arm, signing a deal to offer crypto ETFs on Wall Street in collaboration with Crypto.com, and teasing a native token and crypto wallet.

Those moves mirror others taken by Trump and his family, since the president’s return to power, to aggressively expand their exposure to crypto. In the last few months alone, Trump and his wife, Melania, launched a pair of meme coins; the president’s decentralized finance protocol, World Liberty Financial, launched its own stablecoin; and his sons have launched their own Bitcoin mining firm.

The Trumps’ numerous crypto ventures—which the president has not divested from while in office—have attracted growing condemnation from public advocacy groups, congressional Democrats, and the American public over perceived conflicts of interest.

Edited by Andrew Hayward

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Strive CEO Calls Zuckerberg Over Meta’s Treasury

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The question of when a Fortune 500 technology giant will move Bitcoin onto its balance sheet took center stage at Bitcoin 2025 after Strive Asset Management chief executive Matt Cole, standing before thousands in Las Vegas, dialed Meta Platforms chief executive Mark Zuckerberg and—when the call went unanswered—left a voice message urging him to convert a slice of Meta’s $61 billion cash hoard into Bitcoin.

Strive CEO Calls Zuckerberg Over Bitcoin

Speaking to thousands of attendees in Las Vegas, Cole argued that the social-media and AI powerhouse is exposing shareholders to avoidable monetary debasement by keeping tens of billions of dollars parked in cash and short-term US Treasuries. “The case for putting Bitcoin on your corporate balance sheet has never been stronger,” he said, noting that Bitcoin’s market capitalization has surpassed two trillion dollars.

“Right now we have a global fiat debt crisis. M2 is rising almost every single day, and as M2 rises the purchasing power of dollars, or dollars that are put in short-term US Treasuries, continues to decrease.” Cole insisted that inflation gauges understate the erosion of real returns because “you also have to look at the rise of asset prices, like stocks and homes. The reality is that a corporate balance sheet in cash and short-term reserves is losing its ability to generate value for shareholders almost every single day.”

Cole linked the monetary argument to accelerating advances in artificial intelligence, warning that the technology threatens to reshuffle the S&P 500 as thoroughly as the internet did two decades ago. “Over a period of 30 years there was a 50 percent turnover in the S&P 500,” he reminded the audience.

“Our belief is that there will be a similar turnover because of AI disruption in the next 10 years. While I do not believe Meta will fall out of the S&P 500, my belief is that Meta has the opportunity to actually be the largest, or maybe the second-largest, corporation in America, if you get this right. Lean into AI innovation, but also look at the balance-sheet side of the equation.”

He closed the call by referencing Zuckerberg’s much-publicized pet goat: “You’ve already taken step one. You’ve named your goat Bitcoin. My ask is that you take step two and adopt a bold corporate Bitcoin treasury approach and vote yes on proposal number 13.”

Zuck took the first step by naming his goat Bitcoin. It’s time for Meta to put the G.O.A.T. asset, Bitcoin, on its balance sheet and maximize long run shareholder value. https://t.co/58huypeOOL

— Matt Cole (@ColeMacro) May 28, 2025

Will Meta Break The Ice?

Cole’s public appeal drew instant commentary from market-structure analysts and entrepreneurs. Bloomberg ETF specialist Eric Balchunas observed on X that “it feels like it’s inevitable that a Big Boy US company adds btc to balance sheet. Could def see Meta being the one to break the ice.”

In a follow-up post he argued that a Meta or Microsoft allocation would carry far greater symbolic weight than earlier moves by smaller firms: “If a Meta or Microsoft adds btc to balance sheet it will arguably have bigger impact than all the smaller cos doing it, kinda like when Tom Hanks got COVID, everyone was like ‘oh sht Tom Hanks got it.’”

When a user replied that Tesla “already broke the ice, 4 years ago,” Balchunas conceded the point but added, “yes but kinda doesn’t count as of now, hard to explain but you know what I’m saying.”

Skeptics pushed back just as quickly. Larry Tabb, head of market-structure research at Bloomberg Intelligence, wrote: “What? Why? They don’t pay folks in BTC, they don’t buy stuff w/BTC, it doesn’t earn a return, they can’t use it to do anything. Only reason for a corporate to buy BTC would be for investment.” Tabb compared the idea to purchasing an S&P 500 ETF with no dividend capture, concluding that management should either pursue a formal investment mandate or return idle capital to shareholders.

Balchunas countered that the motive would indeed be “shareholder value,” leaving the market to judge whether the trade-off is worthwhile: “Time will tell.”

Zuckerberg ‘Appreciates’ Bitcoin

Outside the analyst community, founders in the Bitcoin ecosystem speculated about Zuckerberg’s personal inclinations. Lyle Pratt, chief executive of decentralized communications platform Vida Global, called Meta “the dark horse of the corporate Bitcoin acquisition game,” citing Zuckerberg’s dual-class voting control, his failed attempt to launch the Libra (later Diem) stablecoin, and his goat named “Bitcoin.”

Pratt jokingly added that Zuckerberg “doesn’t want Cameron and Tyler to have more Bitcoin,” a jab at Meta’s long-standing rivalry with the Winklevoss twins. Former Meta executive and current Lightspark chief executive David Marcus, who once led the Libra initiative, has previously said that Zuckerberg “appreciates Bitcoin,” lending anecdotal support to Balchunas’ and Pratt’s thesis.

Strive’s shareholder proposal will come to a vote at Meta’s upcoming annual meeting. Cole’s gambit was designed to raise the political cost of inaction for Meta’s board. Notably, Meta’s board has recommended against it and has not commented publicly on Cole’s Las Vegas broadside.

At press time, BTC traded at $107,948.

BTC continues to consolidate below the previous ATH, 1-day chart | Source: BTCUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

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Bitcoin Treasury List Grows With Entry of Crypto Brokerage K33

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In brief

  • The Oslo, Norway-based firm offers crypto brokerage and research services.
  • It has entered an agreement with shareholders to buy $6.2 million in Bitcoin.
  • Bitcoin treasuries are becoming more common.

Norway-based crypto brokerage and research services firm K33 joined the rapidly growing list of companies to adopt Bitcoin treasury strategies.  

In a Wednesday announcement, K33 said it had entered into a financing agreement to buy over 60 million Swedish krona ($6.2 million) in the leading cryptocurrency. The firm said that along with its shareholders, it would issue new shares as well as debt to buy the asset. 

“We strongly believe that Bitcoin will become an instrumental part of the global financial system,” K33 CEO Torbjørn Bull Jenssen said in a statement. 

He added: “I am excited to now start the process of building a strong balance sheet backed by Bitcoin, not only as a strong conviction investment but, more importantly, as a strategic enabler for K33 as a leading cryptocurrency broker.” 

The number of companies focused on acquiring Bitcoin has soared in recent weeks, helping to fuel the crypto’s price to new highs. Bitcoin was recently trading at about $108,000, off its recent high near $112,000, but up 15% over the past month. 

Strategy—formerly MicroStrategy—pioneered the strategy in 2020, to generate shareholder value and to combat inflation. 

Since then, the Nasdaq-listed company’s shares have rocketed and it has accelerated its crypto buying. Strategy now holds more than 580,000 Bitcoin worth more than $62 billion based on current pricing. 



Other Nasdaq-listed companies and firms in the crypto space have followed suit, or are about to. 

Last month, crypto and financial services giants Tether, Bitfinex, Cantor Fitzgerald, and SoftBank Group announced last month that they would create Twenty One, a publicly traded Bitcoin treasury company with plans to acquire 42,000 BTC—or about $4.5 billion worth.

Twenty One will be launched through a planned SPAC merger with Cantor Equity Partners, which trades on the Nasdaq under the ticker CEP and is affiliated with financial services firm Cantor Fitzgerald.

Edited by James Rubin

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GameStop Buys $512M Worth of BTC For Bitcoin Treasury

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Video game retailer turned meme stock GameStop has announced that it has purchased Bitcoin, currently worth approximately $512.79 million.

The firm tweeted that it had purchased 4,710 Bitcoin (BTC), after having completed a $1.5 billion offering of convertible senior notes to investors in early April.

At the time, GameStop stated that it planned to use the proceeds to establish a corporate Bitcoin treasury; while not explicitly stated in the Wednesday release, it is likely the $512.79 million Bitcoin acquisition is for this planned reserve.

In March, GameStop CEO Ryan Cohen hinted at the retailer’s Bitcoin plans as he posed next to Strategy co-founder and Executive Chairman Michael Saylor, who established the business model of public companies holding Bitcoin as an asset.

As a result of Strategy’s embrace of Bitcoin, it transformed from a middling business intelligence software company to a firm with a market capitalization of $101.76 billion, according to TradingView. It appears that GameStop is looking to adopt a similar strategy, hoping for comparable success.

This is a breaking story and will be updated shortly.

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SharpLink’s $425M ETH treasury has ETH bulls calling for $3K
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SharpLink’s $425M ETH treasury has ETH bulls calling for $3K

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Key takeaways:

  • SharpLink Gaming establishes the first ETH treasury, backed by Ethereum co-founder Joe Lubin. SharpLink will invest $425 million to acquire 120,000 ETH.

  • Ethereum futures open interest hits an all-time high of $36.1 billion, with ETH price climbing 4.5% on the daily chart.

Nasdaq-listed SharpLink Gaming (SBET) announced a $425 million private investment in public equity (PIPE), acquiring approximately 69.1 million shares at $6.15 each to establish the first Nasdaq-listed Ethereum (ETH) treasury company.

Spearheaded by Ethereum co-founder Joe Lubin, this move mirrors Strategy’s (MSTR) successful Bitcoin treasury strategy, which has yielded over $8.2 billion in gains in 2025, by leveraging stock and bond sales to acquire BTC.

Former Ethereum core developer and contributor Eric Conner highlighted the bullish implications of SharpLink’s move, noting its potential to create a “public ETH proxy for funds that can’t hold tokens directly.” 

Conner emphasized that the acquisition of 120,000 ETH—likely to be staked—could lead to “supply compression” by removing tokens from circulation. The Ether proponent also pointed to the “new narrative fuel” this provides, positioning ETH as a “digital reserve collateral” and potentially driving its adoption on mainstream balance sheets through an equity wrapper like $SBET.

However, crypto analyst VICTOR cautioned against over-enthusiasm, outlining the risk of leveraging gains from an altcoin still down 19% in 2025. 

In Q1 2025, Cointelegraph reported a sharp decline in Ethereum network fees, dropping to $605,000 from $2.5 million in just two weeks in March, alongside a noticeable decrease in decentralized app (DApp) activity. Although average daily fees on the Ethereum chain have stayed above $1 million since May 9, 2025, fees remain significantly lower compared to Q1 2024, as highlighted in the chart.

Ethereum total value locked (TVL) and chain fees. Source: DefiLlama

Related: Ethereum flashes ‘altseason’ signal as ETH price eyes $4.1K

Ethereum open interest prints new highs as ETH targets $3K

The SharpLink announcement triggered a surge in Ethereum futures market activity. Ether futures open interest (OI) hit a new all-time high of $36.1 billion, increasing $3.5 billion in 24 hours. Ether OI has increased by 72% over the past month, reflecting heightened trader activity.

Ethereum open interest chart. Source: CoinGlass

Ether prices are also up 4.50% for the day, and Maartuun, a community analyst at CryptoQuant, indicated the likelihood of a leveraged-fueled pump for the altcoin. 

Over the past 30 days, Ether prices have gained 48%, with the markets exhibiting 10 leverage-driven pump signals. The majority of these rallies—eight out of ten—resulted in negative returns, while one rally triggered a short squeeze, driving prices higher, and another displayed neutral price action.

From a technical perspective, Ether’s price action on the daily chart posted a descending triangle, a bullish breakout pattern, which creates equal highs and higher lows, converging toward an imminent rally. 

The pattern is bordered by two trendlines, the upper resistance, currently around $2,700 and the ascending support line. A bullish breakout above $2,677 targets the pattern’s measured move, calculated by adding the triangle’s height to the breakout point. This projects a target range of $3,100–$3,200, aligning with prior resistance levels around $3,100 and $3,400.

Ethereum 1-day chart. Source: Cointelegraph/TradingView

The relative strength index (RSI) at 68.50 supports this bullish outlook. An RSI near 70 indicates strong momentum, with the indicator resetting after oscillating in the overbought region(above 70), suggesting the altcoin could be gearing up for a fresh rally. 

Anonymous crypto trader mo_xbt pointed out a “sandwich setup” for Ethereum. The analyst also believed that a $3,000 retest was imminent and said, 

“Gotta love the sandwich set up on the daily — Above 1d 200ema, below 1d 200ma & 300ma. I have seen this set up many times the last month, it always lead up.”Ethereum 1-day analysis by Mo. Source: X.com/Mo_XBT

Related: Bitcoin profit taking lingers, but rally to $115K will liquidate $7B shorts

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.



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Publicly Traded SharpLink Raises $425M to Create Ethereum Treasury, Stock Jumps 420%

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In brief

  • SharpLink Gaming, an online gambling marketer, has raised $425 million to buy Ethereum for its treasury.
  • Blockchain technology firm Consensys led the raise, and Consensys CEO and Ethereum co-founder Joseph Lubin will lead the company’s board.
  • The company’s stock is up 420% on the day, as of this writing, following the announcement.

Publicly traded company SharpLink Gaming has raked in $425 million in a private investment in public equity, or PIPE, offering to establish an Ethereum treasury—a move that has boosted its stock price more than 400% so far Tuesday.

The online gambling marketer’s raise was led by blockchain technology firm Consensys, with participation from Galaxy Digital, ParaFi Capital, Ondo, and Pantera Capital, among other investors, SharpLink Gaming said Tuesday in a statement. The group bought 69,100,313 of the firm’s shares at $6.15 each. (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

The newly raised funds will go toward acquiring Ethereum, which will serve as the company’s primary treasury asset—a move that emulates the playbook of Michael Saylor’s software company, Strategy, which has amassed $64 billion worth of Bitcoin since 2020 and inspired a growing list of crypto-stashing followers.

SharpLink Gaming’s private equity deal is expected to close on May 29. Consensys CEO and Ethereum co-founder Joseph Lubin will serve as chairman of SharpLink Gaming’s board of directors.

“This is a significant milestone in SharpLink’s journey and marks an expansion beyond our core business. On closing, we look forward to working with Consensys and welcoming Joseph to the Board,” said Rob Phythian, founder and CEO of SharpLink, in a statement. 

SharpLink Gaming shares are trading at $35 as of writing time, soaring 420% in the past day. The price of the Nasdaq-listed SBET rose as high as $53.45 earlier Tuesday.



SharpLink Gaming did not disclose how much Ethereum it aims to acquire. The firm did not immediately respond to Decrypt’s request for comment on the matter. 

Consensys told Decrypt that it cannot speak about the deal until it is finalized.

The marketing company’s corporate strategy overhaul comes as a growing number of companies have taken after Strategy’s cryptocurrency-centered playbook over the past few years. Medical device company Semler Scientific and Japanese investment firm Metaplanet began employing aggressive Bitcoin-based strategies in 2024, for example, with many other firms similarly following the Strategy model.

Meanwhile, Upexi and DeFi Development Corp. (formerly Janover) have raised millions of dollars for acquiring Solana for their respective corporate treasuries over the past few months, and Canadian firm Spirit is gunning to become the “Strategy of Dogecoin.”

The announcement comes after a recent surge in Ethereum’s price following months of declines, with ETH even falling as Bitcoin continued to push to new highs earlier this year. Ethereum has faced an identity crisis amid other concerns from developers and community members, with the Ethereum Foundation recently undergoing leadership changes as a result.

The layer-1 network’s token was trading at $2,700 as of writing time, up over 6% on the day and 50% over the past month—though it’s down 31% over the past 12 months.

Edited by Andrew Hayward

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What is a Corporate Bitcoin Treasury? The Strategy Behind Companies Holding Crypto

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In brief

  • Companies are increasingly adding Bitcoin to their corporate treasuries to hedge against inflation, diversify assets, and project a tech-forward image.
  • Game theory and investor pressure are accelerating adoption, with companies like Rumble and GameStop following the lead of pioneering firm Strategy.
  • Despite risks and market uncertainty, analysts predict that treasuries will hold up to $330 billion in Bitcoin by 2029.

From boardrooms to balance sheets, Bitcoin is no longer just a bet—it’s becoming a part of corporate financial strategy.

A small but growing number of companies are allocating portions of their treasuries to the number one cryptocurrency by market capitalization, aiming not only to protect assets and diversify beyond traditional finance but also to signal a forward-thinking stance.

What are corporate treasuries, anyway?

A corporate treasury refers to a company’s financial assets, including cash, stocks, and investments. To preserve capital and maintain liquidity, a company traditionally places surplus cash in instruments such as government bonds or money market accounts, which are seen as low-risk. However, an increasing number of companies are now turning to Bitcoin as an alternative asset.

“Any assets held are usually held to be counter-cyclical to the rest of the economy,” James Davis, co-founder of crypto futures market platform Crypto Valley Exchange, previously told Decrypt. “Strategic reserves are meant to counteract economic cycles,” he said. “What matters isn’t just price appreciation, but how the asset performs during downturns.”

This article will examine how companies are shifting focus to Bitcoin and integrating it into their treasury strategies to hedge against inflation, preserve value, and enhance financial resilience.

Why hold Bitcoin as a corporate treasury asset?

The number of companies holding Bitcoin continues to grow. Strategy (formerly MicroStrategy) gained a first-mover advantage by aggressively accumulating BTC under the direction of its chairman, Bitcoin bull Michael Saylor, starting in 2020. The trend gained momentum when Saylor offered to share his Bitcoin playbook with Tesla later that year, with the EV manufacturer subsequently purchasing $1.5 billion worth of BTC in February 2021.

Companies such as streaming platform Rumble and video game retailer GameStop had joined the trend. As of May 2025, both have added—or are in the process of adding—Bitcoin to their corporate treasuries, marking another step in the cryptocurrency’s mainstream adoption.

Game theory could explain this momentum, suggesting that as more companies adopt Bitcoin, others may feel pressure to follow suit—not necessarily out of conviction, but to stay competitive in public perception.

Companies that create Bitcoin treasuries often cite the cryptocurrency’s decentralized nature and fixed supply as a hedge against inflation, currency debasement, and the declining yield of traditional cash holdings.

“For most companies getting into Bitcoin, it’s hard to see these moves as more than a brand play,” Dr. Matthew Stephenson, Head of Research at venture capital firm Pantera Capital, previously told Decrypt. “The most strategic move, beyond just wanting Bitcoin people to think they’re cool, is addressing investors who keep asking, ‘What are you doing with new tech? What are you doing with crypto?’ Holding Bitcoin satisfies them.”

Which firms hold Bitcoin as a treasury asset?

The trend is gaining traction. As of May 2025, publicly traded companies holding Bitcoin in their treasuries include:

  • Strategy (formerly MicroStrategy): 580,250 BTC, approximately $64 billion
  • Marathon Digital Holdings: 48,237 BTC, approximately $5.3 billion
  • Riot Platforms: 19,211 BTC, approximately $2.1 billion
  • Tesla: 11,509 BTC, approximately $1.3 billion
  • Coinbase: 9,267 BTC, approximately $1 billion

How do companies hold Bitcoin in their treasuries?

Holding Bitcoin is more complex than simply transferring BTC to a crypto wallet. Companies typically use custodial services—specialized firms that store and secure digital assets. Coinbase Custody, BitGo, and Fidelity Digital Assets offer institutional-grade security, including cold storage, multi-signature wallets, and insurance.

However, holding Bitcoin does not guarantee safety from market uncertainty and risk.

“Crypto’s volatility makes it highly unpredictable compared to traditional assets,” Crypto Valley Exchange’s James Davis said. “It is also pro-cyclical, meaning its value tends to drop when the market requires liquidity the most, making it a risky reserve asset.”

The future of corporate Bitcoin treasuries

With inflation concerns lingering and digital assets gaining credibility, more companies are turning to Bitcoin as a strategic part of their treasury management.

Biotech firm Atai Life Sciences announced plans to adopt a Bitcoin treasury in March 2025. Just two months later, Strive Asset Management—co-founded by Vivek Ramaswamy—announced plans to accumulate Bitcoin.

Firms including Japanese investment company Metaplanet and medical device manufacturer Semler Scientific continue to add to their holdings, while in May 2025, the Financial Times reported plans by Trump Media to raise $3 billion to purchase Bitcoin and other digital assets.

While Strategy’s push to accumulate Bitcoin as a long-term store of value has influenced other firms, many—including crypto companies—remain hesitant due to the asset’s volatility. In May 2025, Coinbase CEO Brian Armstrong revealed that the company once considered allocating 80% of its balance sheet to Bitcoin but ultimately backed off, fearing the move could “kill the company.”

Despite some companies’ risk aversion, Bernstein analysts argued in a May 2025 research note that corporate treasuries will add $330 billion in Bitcoin by 2029.

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