Key Takeaways
- The top Digital Asset Treasury firms command a combined $133.45 billion in crypto.
- Bitcoin, Ethereum, Solana, Binance Coin, HyperLiquid, Sui, and TRON are the most popular.
- Treasuries for other alts like The Open Network (TON), Worldcoin (WLD), and Avalanche (AVAX) are gaining traction.
Companies such as Strategy and Metaplanet have risen to industry stardom and stock market success after becoming Bitcoin (BTC) treasuries.
Other institutions have been scrambling to rebrand publicly traded firms or launch entirely new ones to become Digital Asset Treasury (DAT) companies.
Digital Asset Treasuries
This new wave of publicly traded firms that are actively stacking gigantic sums of Bitcoin, Ethereum, and other cryptos are collectively referred to as Digital Asset Treasury (DAT) companies.
DATs are publicly traded entities that raise capital, typically via share sales or bonds, specifically to fuel and support the acquisition, holding, and management of one or more digital assets as a core part of their balance sheet strategy.
They can also generate revenues through various means, such as borrowing and lending services, operating validator nodes, DeFi protocols, etc.
Essentially, they’ve investment vehicles that provide indirect exposure to crypto via traditional markets.
Top DAT Cryptos
Here’s the current overview of DAT holdings across major cryptos as of Sept. 11, 2025.
Bitcoin
As the world’s favourite crypto, it’s only natural that the trend began here.
According to CoinGecko data , 104 Bitcoin treasury companies hold a combined 1,013,608 BTC worth $115.5 billion
The largest is Michael Saylor’s Strategy (formerly MicroStrategy), which pioneered the crypto treasury strategy model in 2020 and now holds 631,460 BTC worth $72.64 billion.
Since initiating the plan, the firm’s stock has risen 2319.94% – in that same time, Bitcoin rose 899%.
Ethereum
After Bitcoin’s remarkable rise in value, an increasing number of firms have begun looking to the world’s number two token, Ethereum, which is now a rising star amongst institutions.
According to CoinGecko data , just 11 companies are actively acquiring Ethereum. That said, they collectively hold 3,436,285 ETH worth $15.23 billion.
Bitmine Immersion currently leads the ETH treasury race with 2,069,443 ETH, currently worth $9.1 billion.
Not far behind it is SharpLink, which has been aggressively acquiring tokens and now commands 837,230 ETH worth $3.69 billion.
Solana
Though currently ranked sixth by market cap, the Solana token is the third most-traded crypto on the market by volume, excluding stablecoins.
According to CoinGecko data , there are 7 publicly traded Solana treasury companies. Together, they hold 6,489,161 SOL worth over $1.46 billion.
Leading the competition is DeFi Development Corp, which currently commands 2,027,817 SOL worth $458.4 million.
It’s a close race. In second and third place are Upexi with 2,000,518 SOL, and Sharps Technology with 2,000,000 SOL; each is valued at around $452 million.
Altcoin Treasuries
Several other altcoin treasuries have been established, mostly this year.
Binance Coin
Just two companies are building treasuries using the token of the world’s leading cryptocurrency exchange. They hold a combined 516,888 BNB worth $465.02 million.
Dogecoin
Then there’s Dogecoin (DOGE), the world’s most valuable and beloved memecoin, which also has two treasury firms behind it.
Together, they hold 355,963,754 DOGE worth $88.91 million.
Hyperliquid
Up next is the native token for decentralized exchange (DEX) and Layer-1 blockchain, HyperLiquid (HYPE).
It has just one publicly traded company backing it, Lion Group Holding, which currently has 128,929 HYPE tokens worth $7.03 million.
Notably, the firm recently switched all its Sui (SUI) holdings out for HYPE and SOL tokens.
Sui
High-performance Layer-1 chain Sui (SUI) now has just one treasury company behind it, SUI Group Holdings, which commands 101,795,656 SUI worth $361.14 million.
TRON
As per CoinGecko data , TRON (TRX) has one backer, Tron Inc., which holds 677,596,945 TRX worth $234.24 million.
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