In recent years, companies represented by Strategy have positioned Bitcoin as a core financial asset, forming a million-bit asset portfolio through continuous accumulation. As of early August 2025, the company holds 628,791 Bitcoins, valued at over $72 billion, with a recent increase of approximately 21,021 Bitcoins, costing about $2.46 billion. This strategy, allowed under accounting standards, converts unrealized gains on the books into net profits, becoming a focal point of market attention.
Ethereum assets are also gaining favor among institutions, with BitMine Immersion Technologies rapidly accumulating over 83,300 ETH (valued at nearly $2.9 billion) in just a few weeks, aiming to control about 5% of the total Ethereum supply, resulting in a stock price surge of over 480%. Such companies have become benchmarks for institutional Ethereum holding strategies.
In early 2025, the U.S. promoted the establishment of a "Strategic Bitcoin Reserve" and "Digital Asset Inventory," incorporating government-held Bitcoin, Ethereum, Solana, Cardano, XRP, and others into the national reserve system. This policy shift marks the first institutional allocation of crypto assets at the government level. At the same time, the policy focuses on setting a regulatory framework for the crypto industry, including clarifying the responsibilities of the SEC and CFTC, stablecoin regulation, and support for decentralized finance.
In Europe, MiCA will come into full effect in the second half of 2024, paving the way for traditional financial institutions to enter the crypto asset service sector, enhancing institutional confidence in asset custody and compliance allocation.
According to research, 59% of institutions plan to allocate more than 5% of their managed assets to crypto assets by 2025. Mainstream allocations include:
Core weighted assets: Primarily Bitcoin and Ethereum; Bitcoin is mainly used for value storage, while Ethereum has staking and DeFi functionalities.
ETFs and composite funds: Institutions like BlackRock and Fidelity are launching spot Bitcoin and Ethereum ETFs, with active trading and institutional capital inflows amounting to billions of dollars.
Diverse asset arbitrage tools: Allocating stablecoins and tokenized traditional assets, such as bonds and securities, using VaR and derivative structures to hedge against volatility risks.
Such allocations emphasize structured management, risk control, and asset rebalancing, with institutions no longer relying on single holdings but strategically using hedging tools and reallocation mechanisms to hedge against market cycle changes.
Although institutional allocations are accelerating, they also face several risks:
Excessive leverage and market downturn risks: Some companies are increasing their Bitcoin or Ethereum holdings through equity financing or leveraged ETFs, such as Strategy issuing preferred shares and BitMine raising significant funds. A decline in market value could impose a substantial burden.
Uncertainty in the regulatory environment: While the U.S. is pushing for clear regulations, the UK still faces regulatory delays, which is unfavorable for institutions' cross-border allocations.
Liquidity and large inflows/outflows impacting prices: Although Galaxy Digital successfully sold 80,000 Bitcoins without triggering severe price fluctuations, such large transactions remain sensitive points in the market.
From the current trend, institutional crypto asset holding strategies have almost entered a stage of institutionalization and scaling. Not only has the proportion of corporate financial asset allocations increased, but the infrastructure, including ETFs, custodial service providers, and prime brokers, is also becoming increasingly mature. Future strategies may refer to the following directions:
Portfolio and diversified allocation: Sovereign-style Bitcoin reserves combined with Ethereum staking, stablecoin investments, and tokenized real-world assets to form a multidimensional asset pool.
Introducing risk control tools: Using VaR models, options hedging, and dynamic rebalancing mechanisms to reduce market volatility impacts.
Choosing compliant service providers: Preferentially selecting custodial and trading platforms with regulatory licenses to enhance trust and asset security (such as service providers recognized after the EU MiCA comes into effect).
Prudent capital structure: Primarily financing through preferred shares to avoid excessive dilution and market valuation pressure, preventing market losses from affecting cash flow and valuation ratios.
Related: CoinDesk owner Bullish targets a $4.2 billion valuation IPO, supported by BlackRock and ARK.
Original text: “Institutional Crypto Asset Holding Strategy Transformation: Accelerating Institutionalization and Structured Allocation”
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