Original Author: Weilin, PANews
"The imitation season has arrived, but it is not happening in cryptocurrency; it is happening in coin stocks." With the U.S. public company SharpLink (SBET) announcing financing to purchase ETH and subsequently rising tenfold in a week, the crypto community humorously notes the evident heat surrounding crypto concept stocks.
The successful transformation of MicroStrategy has shown public companies the benefits of incorporating crypto assets into their financial strategies. An increasing number of global public companies are actively including crypto assets such as Bitcoin, Ethereum, SOL, and XRP in their treasuries, whether they are tech giants with a market cap in the hundreds of billions or smaller listed companies that were previously on the fringes.
In this article, PANews organizes the currently active public companies in crypto holdings based on market capitalization, the number of crypto assets held, and changes in holdings since 2025, covering various industries such as e-commerce, fintech, traditional banking, and mining. The main data comes from the Bitcoin Treasuries website.
It is not difficult to find that companies whose main business is crypto (like Coinbase) have strong treasury configurations, yet their stock prices remain highly correlated with fluctuations in the crypto market. Meanwhile, some small and mid-cap companies have gained significant attention in the capital market due to sudden "coin purchases," with stock prices doubling or even tripling in the short term. Many companies that were previously struggling with growth are achieving a "financial turnaround" by announcing digital asset reserve strategies, resulting in a significant reversal in stock price trends.
Leading Companies: High Market Cap + Large Holdings
MicroStrategy (MSTR) | Market Cap: $103.3 billion | Holdings: 580,955 BTC
As a pioneer of the "Bitcoin Treasury" strategy, MicroStrategy remains the company with the largest Bitcoin holdings among public companies worldwide. As of June 3, the company has accumulated 580,955 BTC, with a total cost of $40.67 billion and an average purchase price of $70,023. This year, the company has continued to slightly increase its holdings, currently showing a paper profit of 49%.
Despite entering a high purchase price range, the company maintains a strong belief in BTC. Its CEO, Michael Saylor, stated in an interview at the Bitcoin 2025 conference that there is no limit to his Bitcoin accumulation plan. As Bitcoin prices continue to rise, the difficulty of purchasing Bitcoin will increase exponentially, but MicroStrategy will buy Bitcoin more efficiently. As of June 1, MSTR's stock price has risen 23.02% this year, reflecting some recognition from the capital market of its Bitcoin strategy.
Changes in BTC Holdings for MicroStrategy This Year (Red) MercadoLibre (MELI) | Market Cap: $130 billion | Holdings: 570.4 BTC
Latin American e-commerce and fintech giant MercadoLibre has included Bitcoin in its financial assets since 2021. By the end of Q1 2025, the company's holdings increased from 412.7 to 570.4 BTC, reflecting its ongoing allocation of crypto assets.
Although MercadoLibre allows users to pay with Bitcoin, Ethereum, and stablecoins through its payment platform MercadoPago in places like Brazil, the cryptocurrencies used for payments are primarily for transactions on the platform (such as purchasing goods or real estate) and do not directly enter MercadoLibre's balance sheet. The company's Q1 financial report showed strong performance, with active buyers reaching 67 million and a 31% month-over-month increase in fintech users. Supported by strong fundamentals, its stock price has risen 45.23% this year. The average holding cost for Bitcoin is $38,569, with a paper profit of 169.06%.
Coinbase (COIN) | Market Cap: $62.8 billion | Holdings: 9,267 BTC
As the largest crypto trading platform in the U.S., Coinbase not only serves as a trading entry point but also expresses confidence in Bitcoin through its actions. On March 31, 2025, the company increased its holdings by 2,382 BTC, bringing its total to 9,267 BTC, with an average cost of $55,937.
However, affected by a decline in Q1 performance and a sluggish market, Coinbase's stock price has dropped 4.12% year-to-date. It fell to a low of $151.47 on April 18 but has gradually recovered since. Nevertheless, its Bitcoin holdings still show a paper profit of over 85%.
Block (formerly Square) | Market Cap: $38 billion | Holdings: 8,584 BTC
Led by Jack Dorsey, Block is integrating its Bitcoin strategy into its products and ecosystem. As of the end of March this year, the company held 8,584 BTC, with an average cost of only $30,405, resulting in a paper profit of 243.15%. The Block ecosystem includes many popular products, such as Cash App, Square's point-of-sale system, and the recently launched Bitkey Bitcoin self-custody wallet.
However, despite the company's solid fundamentals, its stock price has cumulatively dropped 28.82% since 2025, reflecting investor concerns about the macro environment and the profitability of its payment business.
Traditional Financial Giants' Crypto Attempts
Intesa Sanpaolo (ISP.MI) | Market Cap: $99.1 billion | Holdings: 11 BTC
Italy's largest bank, Intesa Sanpaolo, made its first purchase of 11 BTC on January 14, 2025, valued at approximately €1 million, marking the beginning of traditional banks exploring cryptocurrencies through "test operations." Although the scale is small, it sends an important signal that compliant holding of cryptocurrencies is becoming a trend.
As Italy's largest bank by asset size, Intesa Sanpaolo is a crucial pillar of the country's financial system. With a strong presence in retail, corporate, and investment banking, it serves millions of customers in Italy and international markets.
As of June 1, its stock price has risen 27.1% this year.
Virtu Financial (VIRT) | Market Cap: $6.2 billion | Holdings: 235 BTC
Market-making and execution service provider Virtu Financial, founded in 2008 and headquartered in New York City, is testing the waters of digital asset trading and reserves. Currently, its Bitcoin holdings stand at 235 BTC, with an average purchase price of $82,621. Despite the high cost, it still shows a paper profit of 26.47%. Virtu also considers Bitcoin as part of its strategic risk hedging tools.
Year-to-date, Virtu's stock price has risen 11.42%.
Mining Leaders and New Entrants Holding Crypto
MARA Holdings (MARA) | Market Cap: $5.1 billion | Holdings: 49,228 BTC
As one of the largest Bitcoin miners in the U.S., MARA has been significantly expanding its treasury this year. Since 2025, the company has made multiple Bitcoin purchases in January, February, March, April, and May, including an increase of 1,003 BTC on May 30 alone, bringing its total holdings to 49,228 BTC, making it the second-largest public company by Bitcoin holdings globally.
MARA Holdings is based in the U.S. and is known for its large-scale, institutional-grade Bitcoin mining operations, maximizing mining efficiency and output through advanced technology and strategic partnerships. MARA's business model focuses on securing and verifying Bitcoin transactions, profiting from block rewards and transaction fees, while holding a significant portion of mined Bitcoin as treasury assets for the long term.
GameStop (GME) | Market Cap: $13.3 billion | Holdings: 4,710 BTC
GameStop Corp. is a specialty retailer that offers gaming and entertainment products through its stores and e-commerce platforms in the U.S., Canada, Australia, and Europe. The company sells new and used gaming consoles, accessories (such as controllers and gaming headsets), new and used video games, as well as in-game digital currencies, downloadable content, and full game downloads. GameStop was formerly known as GSC Holdings Corp., founded in 1996 and headquartered in Texas, USA.
This game retailer, famous for its "retail investor myth," is transitioning to digital assets. On March 25, local time, GameStop announced that its board of directors unanimously approved an updated investment policy to include Bitcoin as one of the company's reserve assets. On May 28, GameStop announced it would include Bitcoin in its reserves and quickly purchased 4,710 BTC, becoming one of the fastest traditional companies to increase its holdings this year. Although its stock price has dropped 2.80% this year, its market attention has significantly increased.
In addition to the high market cap companies and well-known public companies mentioned above, there are also relatively smaller companies that have actively increased their Bitcoin holdings in 2025, including Metaplanet, Core Scientific, Rumble, and Bitdeer Technologies. Furthermore, some companies that have recently gained market attention have also begun to invest in crypto assets, demonstrating a strong interest in this sector.
Smaller Companies Making Big Moves: "New Forces"
SharpLink (SBET) | Market Cap: $53.58 million | ETH Treasury Strategy
On May 27, the previously overlooked small U.S. public company SharpLink, whose stock price hovered near delisting, announced it had completed approximately $425 million in private financing and would significantly purchase ETH as its main treasury reserve asset, with many even calling it the "Ethereum version of MicroStrategy."
Betting on ETH as a treasury reserve asset, it secured $425 million in financing with a market cap of $2 million. The financing round featured a luxurious lineup, led by Ethereum infrastructure developer ConsenSys. On the day the financing news was announced, SharpLink's stock price surged to a high of $50, setting a new record since May 2023.
Trump Media & Technology Group (TMTG) | Market Cap: $4.7 billion | Bitcoin Treasury Plan
Founded by former U.S. President Donald Trump, the Trump Media & Technology Group (TMTG) announced in late May that it would launch a $2.5 billion financing plan to establish a Bitcoin treasury and create a "Truth Social ecosystem" centered around crypto finance. Its policy direction has also sparked ongoing discussions in the industry about the intersection of politics and crypto.
Asset Entities (ASST) + Strive | Market Cap: To be updated after merger | BTC Treasury Target
On May 7, digital marketing and content delivery service provider Asset Entities (NASDAQ: ASST) announced that it has reached a final merger agreement with Strive Asset Management. After the merger, the company will be renamed Strive, continue to be listed on NASDAQ, and transform into a public Bitcoin financial company. On May 27, it was reported that Strive Asset Management has completed a $750 million private equity investment (PIPE) round, with a subscription price of $1.35 per share, a premium of 121% over ASST's previous closing price, and the opportunity to expand to $1.5 billion through warrants. The funds will be used to acquire undervalued biotech companies, bottom-fish Bitcoin claims from Mt. Gox, and discounted structured BTC credit products to build its Bitcoin treasury.
Upexi (UPXI) | Market Cap: $400 million | Solana Strategy
On April 21, well-known cryptocurrency trading and investment company GSR announced that it has made a private equity investment (PIPE) of up to $100 million in the NASDAQ-listed consumer goods company Upexi, Inc. (Ticker: UPXI), betting on its upcoming comprehensive transformation into a Solana financial strategy. Following the news, Upexi's stock price surged more than sixfold during the day.
VivoPower (VVPR) | Market Cap: $46.92 million | XRP Treasury Strategy
On May 29, NASDAQ-listed energy company VivoPower International (VVPR) announced the completion of $121 million in private financing, transforming into a crypto asset reserve strategy centered around XRP. Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud led the investment with $100 million.
Conclusion
As Bitcoin gradually transitions from a "fringe" asset to mainstream, more and more public companies are embracing crypto assets in different ways, from MicroStrategy to MercadoLibre, from banking giant Intesa to SharpLink. Some view Bitcoin as a store of value, others attempt to build new financial systems around Ethereum or Solana, and some even promote company transformation through "treasury strategies."
This not only reflects financial diversification but also indicates that crypto assets are becoming part of a new trend in the global capital market. In the future, as regulations become clearer and infrastructure continues to improve, more companies with market capitalizations in the tens or even hundreds of billions may join the "holding club."
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