A Comprehensive Review of Listed Companies' Encryption Asset Treasury Strategies: From Giants to Emerging Forces

As encryption assets gradually enter the mainstream, more and more publicly traded companies are beginning to incorporate them into their financial strategies. From tech giants to traditional financial institutions, and even some small and medium-sized enterprises seeking transformation, various companies are layout this emerging field in different ways. This article will sort out the current publicly traded companies active in the encryption asset holding field, covering multiple industries such as e-commerce, fintech, traditional banking, and mining.

Large Technology and Financial Companies

Strategy｜Market Cap: 103.3 billion USD｜Position: 580,955 BTC

As a pioneer of the "Bitcoin treasury" strategy, Strategy continues to hold the largest amount of Bitcoin among publicly listed 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. Since the beginning of this year, it has continued to slightly increase its holdings, currently showing an unrealized profit of 49%.

The company's CEO stated a strong belief in BTC, believing that the difficulty of purchasing will grow exponentially in the future, but the company will continue to accumulate with greater efficiency. As of June 1, the share price of Strategy has increased by 23.02% this year, reflecting the market's recognition of its strategy.

MercadoLibre | Market Cap: 130 billion USD | Holdings: 570.4 BTC

This Latin American e-commerce and fintech giant has included Bitcoin as a financial asset since 2021. By the end of the first quarter of 2025, the holdings increased from 412.7 to 570.4, demonstrating a continued allocation attitude.

Although the company allows users to pay with encryption in some regions, these funds are primarily used for platform transactions rather than directly entering the balance sheet. The Q1 financial report showed strong performance, with the number of active buyers reaching 67 million and a 31% month-on-month increase in financial technology user activity. Supported by strong fundamentals, the stock price has risen 45.23% this year. The average holding cost of Bitcoin is $38,569, with an unrealized profit of 169.06%.

A certain encryption trading platform | Market Cap: 62.8 billion USD | Holdings: 9,267 BTC

As the largest encryption trading platform in the United States, the company not only serves as a trading entry point but also expresses its confidence in Bitcoin through concrete actions. On March 31, 2025, it increased its holdings by 2,382 BTC, raising its total holdings to 9,267 BTC, with an average cost of $55,937.

Affected by the decline in Q1 performance and a sluggish market, the company's stock price has dropped 4.12% since the beginning of the year. On April 18, it briefly fell to a low of $151.47, and has since gradually recovered. Nevertheless, its Bitcoin holdings still have an unrealized profit of over 85%.

Block｜Market Cap: $38 billion｜Holdings: 8,584 BTC

The company is integrating its Bitcoin strategy into products and the ecosystem. As of the end of March this year, it holds 8,584 BTC with an average cost of only $30,405, resulting in an unrealized profit of 243.15%. The Block ecosystem includes several popular products such as Cash App, Square's point-of-sale system, and the recently launched Bitcoin self-custody wallet.

Despite the company's solid fundamentals, the stock price has cumulatively dropped by 28.82% since 2025, reflecting investors' concerns about the macro environment and the profitability of the payment business.

Attempts by Traditional Financial Institutions

Intesa Sanpaolo｜Market Cap: 99.1 billion USD｜Holdings: 11 BTC

The largest bank in Italy purchased 11 bitcoins for the first time on January 14, 2025, with a market value of approximately 1 million euros, marking the beginning of traditional banks exploring encryption in the form of "test operations." Although the scale of this initiative is small, it sends an important signal---compliance holding is becoming a trend.

As the largest bank in Italy by asset size, Intesa Sanpaolo is an important pillar of the country's financial system. With a strong presence in retail, corporate, and investment banking, it serves millions of customers in both the Italian and international markets.

As of June 1, its stock price has risen 27.1% this year.

Virtu Financial | Market Cap: $6.2 billion | Holdings: 235 BTC

Market-making and execution service provider Virtu Financial was established in 2008 and is headquartered in New York City, USA. The company is venturing into digital asset trading and reserves. As of now, its Bitcoin holdings amount to 235 coins, with an average purchase price of $82,621. Although the cost is relatively high, the unrealized profit still reaches 26.47%. Virtu also uses Bitcoin as part of its strategic risk hedging tools.

Since the beginning of the year, Virtu's stock price has increased by 11.42%.

Mining Leaders and New Token Holding Companies

MARA Holdings | Market Cap: $5.1 billion | Holdings: 49,228 BTC

One of the largest Bitcoin miners in the United States, MARA, has been continuously expanding its treasury this year. Since 2025, it has purchased Bitcoin multiple times, adding 1003 BTC on May 30 alone, bringing its total holdings to 49,228 BTC, making it the second largest publicly listed company in terms of Bitcoin holdings globally.

MARA Holdings is headquartered in the United States and is known for its large-scale, institutional-level Bitcoin mining operations. By leveraging advanced technology and strategic partnerships, it maximizes mining efficiency and output. The company's business model centers around securing and validating Bitcoin transactions, profiting from block rewards and transaction fees, while also holding a significant portion of the mined Bitcoins as treasury assets for the long term.

GameStop | Market Cap: $13.3 billion | Holdings: 4,710 BTC

The game retailer is transitioning to digital assets. On March 25, local time, the company's board of directors unanimously approved an updated investment policy, designating Bitcoin as one of its reserve assets. On May 28, it announced the inclusion of Bitcoin in the company's reserves and quickly purchased 4,710 coins, becoming one of the traditional enterprises with the fastest accumulation this year. Although its stock price has still fallen by 2.80% this year, its market attention has significantly increased.

Smaller market cap but significant actions of the "new forces"

SharpLink | Market Cap: 53.58 million USD | ETH Treasury Strategy

On May 27, this small US stock company, which had previously received little attention, announced the completion of approximately $425 million in private financing and plans to significantly purchase ETH as its main treasury reserve asset. The lineup for this round of financing is impressive, led by Ethereum infrastructure developers. 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｜Market Value: 4.7 billion USD｜Bitcoin Treasury Plan

In late May, it was announced that a $2.5 billion financing plan would be launched to establish a Bitcoin treasury and create an ecosystem centered around encryption finance. Its policy direction has also sparked ongoing discussions in the industry about the intersection of politics and encryption.

Asset Entities + Strive｜Market Value: To be updated after the merger｜BTC Treasury Target

On May 7, digital marketing and content delivery service provider Asset Entities announced that it has reached a definitive merger agreement with Strive Asset Management. Following the merger, the company will be renamed Strive, continue to be listed on NASDAQ, and transform into a publicly traded bitcoin financial company. On May 27, news emerged that Strive Asset Management has completed a $750 million private equity investment round, with a subscription price at a 121% premium to the 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 like those from Mt. Gox, and discounted structured BTC credit products, building its bitcoin treasury.

Upexi | Market Cap: $400 million | Solana Strategy

On April 21, a well-known cryptocurrency trading and investment company announced that it had made a private equity investment of up to $100 million in Upexi, betting on its upcoming comprehensive transformation of the Solana financial strategy. As a result of the news, Upexi's stock price surged more than six times during the day.

VivoPower | Market Cap: $46.92 million | XRP Treasury Strategy

On May 29, this Nasdaq-listed energy company announced the completion of a $121 million private placement financing and will transform into a strategy centered around XRP as its core encryption asset reserve. A Saudi prince led the investment with $100 million.

Conclusion

As encryption assets gradually move from the margins to the mainstream, more and more publicly listed companies are embracing this emerging field in different ways. From large technology companies to traditional financial institutions and small and medium-sized enterprises seeking transformation, encryption assets are becoming part of a new trend in the global capital markets. In the future, as regulations become clearer and infrastructure continues to improve, it is expected that more large companies will join the "holding coin club." This not only reflects the trend of financial diversification but also demonstrates the increasingly important position of encryption assets in the global financial system.