Public companies’ crypto holdings double to $160B: Can the growth hold in Q3?

Key Takeaways 

Crypto treasury growth has hit $160B as BTC rallied to an ATH above 120K. Will the expansion prolong in Q3 amid macro uncertainty? 

There’s little doubt that crypto treasury by public firms has been essentially the most dominant narrative in 2025. The development doubled in lower than three months to $160 billion in market cap. 

Apparently, what started with Michael Saylor’s Technique (MicroStrategy) guess on Bitcoin [BTC] has unfold to Ethereum [ETH] and Solana [SOL], amongst different altcoins.

Supply: The Block

A number of Technique copycats have sprung up amid a frenzied gold rush as they hunt and hope for the windfall loved by Saylor’s agency. At present, it has a $28 billion unrealized revenue on its BTC holdings. 

Between April and July, the cumulative market of public firms holding crypto (BTC, ETH, and SOL) jumped from $74B to $160 billion.

That’s greater than double in progress as BTC jumped to a report excessive above $120K. And BTC treasury accounted for $147B of the 160B market cap. 

ETH performs catch-up, SOL follows swimsuit

Whereas BTC dominated the crypto treasury, led by Technique and Metaplanet, a brand new development of ETH public firms emerged in Q2 because the stablecoin and tokenization craze exploded. 

Now, Tom Lee-led BitMine Immersion Tech has acquired 625K ETH price over $2.4 billion.

SharpLink Gaming and The Ether Machine are the second and largest ETH holders, every holding $1.68B and $1.28B ETH, respectively. 

Total, about 2.8 million ETH ($10B) have been stacked by public firms, Internet 3 companies, and ETFs. In truth, for public firms, their stash has dropped barely to $6.3 billion from a latest excessive of $7.8B. 

Supply: The Block

Solana has additionally loved modest curiosity from public companies like DeFi Improvement Corp, Upexi, and SOL Methods, amongst others.

At press time, public firms holding SOL had a market cap of $1 billion, about 6X lower than ETH and 147X lower than the scale of BTC’s treasury.  

Supply: The Block

That mentioned, these leaping on the ETH and SOL crypto treasuries are searching for staking yield and additional alternatives forward from the anticipated stablecoin and tokenization growth. 

Nonetheless, BTC gamers like Saylor are taking part in a unique arbitrage sport of hedging in opposition to U.S. fiscal debt and inflation to protect shareholders’ capital. 

Regardless of the crypto guess, although, market swings can have an effect on these firms’ holdings, and rising macro uncertainty in Q3 may influence their progress.