2025 listed companies' crypto asset holdings surge: BTC dominates, ETH and SOL staking yields draw follow, market capitalization skyrockets to 160 billion USD in three months.

By 2025, the holdings of publicly listed companies in crypto assets (Crypto Treasury) have become the hottest narrative, with a total market capitalization doubling to over $160 billion within three months. BTC holdings dominate absolutely ($147 billion), while unrealized profits from strategies reach $28 billion. Although ETH ($6.3 billion) and SOL ($1 billion) holdings are smaller in scale, the surge in stablecoins, tokenization, and staking yields is attracting new players to get on board. Macroeconomic uncertainties in Q3 may pose a growth concern.

BTC's dominance remains, Strategy creates $28 billion in unrealized profits

There is no doubt that the allocation of crypto assets (Crypto Treasury) by listed companies has become the most mainstream market narrative for 2025. This trend has doubled in scale in less than three months, with the total market capitalization soaring to $160 billion.

Notably, this wave began with Michael Saylor's strategy of betting on Bitcoin (BTC) and has now spread to Ethereum (ETH), Solana (SOL), and other altcoins. Attracted by the massive returns gained by Saylor's company (currently, its BTC holdings have unrealized profits of up to $28 billion), numerous "imitator strategies" have sprung up like mushrooms after rain, sparking a frenzy of gold rush.

Data shows that between April and July, the market capitalization of publicly traded companies holding crypto assets (BTC, ETH, SOL) surged from 74 billion USD to 160 billion USD. This rise of over 100% coincided with BTC prices soaring to a historic high of over 120,000 USD. Among them, BTC assets accounted for the overwhelming majority, reaching 147 billion USD.

ETH rises to the top, stablecoins and tokenization drive holdings

Although BTC dominates the allocation of crypto assets among listed companies, led by Strategy and Japan's Metaplanet, a new trend of allocating ETH began to emerge in the second quarter during the surge of stablecoins and tokenization.

Currently, BitMine Immersion Tech, led by Tom Lee, has acquired 625,000 ETH, worth over $2.4 billion. SharpLink Gaming and The Ether Machine rank second and third, holding ETH valued at $1.68 billion and $1.28 billion, respectively.

Overall, publicly listed companies, Web3 companies, and ETFs collectively hold about 2.8 million ETH (worth 10 billion USD). However, it is worth noting that the market capitalization of ETH held by publicly listed companies has slightly decreased from a recent high of 7.8 billion USD to 6.3 billion USD.

SOL favored by listed companies, staking returns become the key attraction

Solana (SOL) has also gained the attention of publicly listed companies, such as DeFi Development Corp, Upexi, and SOL Strategies, which all have Holdings.

As of the time of writing, the total market capitalization of publicly listed companies holding SOL is $1 billion, about one-sixth the size of ETH holdings and one-fourteenth the size of BTC holdings. Nevertheless, the publicly listed companies that are laying out their cryptocurrency asset allocations in ETH and SOL primarily focus on their staking yield and the additional opportunities brought by the anticipated stablecoin explosion and tokenization wave.

Different Strategies: BTC Anti-Inflation vs. ETH/SOL Seeking Returns

However, BTC holders represented by sellers are playing a different arbitrage game - protecting shareholders' capital preservation by hedging against U.S. Treasury debt and inflation. On the other hand, ETH and SOL holders are more focused on the profit opportunities brought about by ecological development.

Conclusion: Macroeconomic Uncertainty in Q3 May Become a Hidden Concern

No matter where the listed company's crypto gambling attention is focused, market fluctuations can significantly impact its Holdings value. With the increase in macro uncertainty in the third quarter, this rapid rise momentum may face challenges. The differentiation between long-term holding (HODL) strategies and yield-seeking (Yield Farming) will continue to shape the landscape of listed companies' crypto asset allocation.