The "coin stock copycat season" is coming, and the 2025 crypto treasury strategy of listed companies will be reviewed

Original Author: Weilin, PANews

"Copycat season is coming, but it doesn't happen in cryptocurrency, it happens in coin stocks." With the 10-fold rise in the week after the U.S.-listed company SharpLink (SBET) announced its financing to buy ETH, the crypto community ridiculed it, and the popularity of crypto stocks can be seen.

More and more global listed companies are taking the initiative to incorporate crypto assets such as Bitcoin, Ethereum, SOL and XRP into their coffers, whether they are tech giants with a market value of $100 billion or small listed companies that were originally on the edge.

In this article, PANews combed through the listed companies with active crypto positions based on market capitalization, number of crypto asset holdings, and changes in holdings since 2025, covering multiple industries such as e-commerce, fintech, traditional banking, mining, etc., with the main data from the Bitcoin Treasuries website.

In the inventory, it is not difficult to find that the stock prices of crypto-focused companies such as Coinbase are highly correlated with the volatility of the crypto market, despite their strong treasury allocation. However, some small and medium-sized companies have been hyped by the capital market due to the sudden "buying of coins", and their stock prices have doubled or even increased several times in a short period of time. Many companies that have previously struggled with growth are achieving a "financial turnaround" by releasing digital asset reserve strategies, and the stock price trend has reversed significantly.

Tier 1 companies: High market capitalization + large holdings

Strategy(MSTR)|Market capitalization: $103.3 billion|Holdings: 580, 955 BTC

As a pioneer in the "Bitcoin Treasury" strategy, MicroStrategy remains the largest Bitcoin holder of any publicly traded company in the world. As of June 3, the company had purchased a total of 580, 955 BTC at a total cost of $40.67 billion, with an average purchase price of $70, 023. Since the beginning of this year, the company has continued to increase its position slightly, and the current book profit is 49%.

Despite being in high buying territory, the company maintains a strong belief in BTC. Its CEO, Michael Saylor, said in an interview at the Bitcoin 2025 conference that there is no upper limit to his plan to increase his Bitcoin holdings, and that as the price of Bitcoin continues to rise, it will be exponentially more difficult to buy Bitcoin in the future, but Strategy will buy Bitcoin with greater efficiency. As of June 1, MSTR shares are up 23.02% for the year, reflecting the capital market's partial recognition of its Bitcoin strategy.

Strategy Changes in BTC holdings during the year (red)MercadoLibre(MELI)|Market Cap: $130 billion|Holdings: 570.4 BTCMerai

e-commerce and fintech giant MercadoLibre has included Bitcoin as a financial asset since 2021. At the end of the first quarter of 2025, the company's holdings increased from 412.7 to 570.4, reflecting its continued allocation to crypto assets.

While MercadoLibre, through its payment platform, MercadoPago, allows users to pay with Bitcoin, Ethereum, and stablecoins in places like Brazil, the cryptocurrencies these users pay for are primarily used for transactions on the platform (such as the purchase of goods or real estate) and do not go directly into MercadoLibre's balance sheet. The company reported a strong first-quarter report, with 67 million active buyers and a 31% increase in monthly active fintech users. Supported by strong fundamentals, its share price is up 45.23% for the year. The average holding cost of Bitcoin is $38, 569, with a floating profit of 169.06%.

Coinbase(COIN)|Market Cap: $62.8 billion|Holdings: 9, 267 BTC

As the largest crypto trading platform in the United States, Coinbase not only serves as a trading portal, but also expresses its confidence in Bitcoin with practical actions. On March 31, 2025, the company increased its holdings by 2, 382 BTC, bringing its holdings to 9, 267 BTC, at an average cost of $55, 937.

However, Coinbase shares are down 4.12% year-to-date due to the decline in Q1 results and the market downturn. It fell to a low of $151.47 on April 18 and then gradually recovered. Despite this, its bitcoin holdings are still floating by more than 85% on the books.

Block (formerly Square)|Market Cap: $38 billion|Holdings: 8, 584 BTC

Block, led by Jack Dorsey, is integrating the Bitcoin strategy into its products and ecosystem. As of the end of March this year, the company held 8, 584 BTC at an average cost of only $30, 405, with a floating profit of 243.15%. The Block ecosystem includes many popular products such as Cash App, Square's point-of-sale system, and the recently launched Bitkey Bitcoin self-custody wallet.

However, despite the company's solid fundamentals, the stock price has fallen by 28.82% since 2025, reflecting investors' concerns about the macro environment and the profitability of the payments business.

Traditional financial giant's crypto attempt

Intesa Sanpaolo (ISP.MI)|Market Cap: $99.1 billion|Holdings: 11 BTCInter's

largest bank Intesa Sanpaolo bought 11 BTC for the first time on January 14, 2025, with a market cap of about €1 million, marking the beginning of traditional banks' exploration of cryptocurrencies in the form of "beta operations". Although this measure is small-scale, it sends an important signal that compliant currency holding is becoming a trend.

As Italy's largest bank by assets, 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 clients in the Italian and international markets.

As of June 1, its share price was up 27.1% for the year.

Virtu Financial(VIRT)|Market Cap: $6.2bn|Holdings: 235 BTC

Market Making & Execution Service Provider Virtu Financial was founded in 2008 and is headquartered in New York City, USA. The company is testing the waters of digital asset trading and reserves. As of now, it has 235 bitcoin holdings and an average purchase price of $82, 621. Despite the high cost, the floating profit still reached 26.47%. Virtu also uses Bitcoin as part of its strategic risk hedging tool.

Year-to-date, Virtu shares are up 11.42%.

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

MARA, one of the largest Bitcoin miners in the United States, has continued to expand its coffers significantly this year. Since 2025, the company has purchased bitcoin several times in January, February, March, April and May, and increased its holdings by 1,003 BTC on May 30 alone, bringing its total holdings to 49, 228, ranking the second largest company in the world in terms of listed bitcoin holdings.

Headquartered in the United States, MARA Holdings is known for its large-scale, institutional-grade Bitcoin mining operations, relying on advanced technology and strategic partners to maximize mining efficiency and output. MARA's business model is centered on securing and verifying Bitcoin transactions, relying on block rewards and transaction fees to monetize, while holding a significant portion of mined Bitcoin as treasury assets for the long term.

GameStop(GME)|Market Cap: $13.3bn|Holdings: 4, 710 BTC

GameStop Corp. is a specialty retailer that provides gaming and entertainment products through its stores and e-commerce platforms in the United States, Canada, Australia and Europe. The Company sells new and used gaming platforms, accessories (such as controllers and gaming headsets), new and used gaming software, as well as in-game digital currency, digital downloadable content, and downloadable versions of complete games. GameStop, formerly known as GSC Holdings Corp., was founded in 1996 and is headquartered in Texas, USA.

The gaming retailer, known as the "retail myth", is transitioning to digital assets. On March 25, local time, according to GameStop's official announcement, the company's board of directors has unanimously approved an updated investment policy to use Bitcoin as one of the company's reserve assets. On May 28, GameStop announced that it would add Bitcoin to the company's reserves and quickly purchased 4, 710 coins, making it one of the fastest traditional companies to increase their positions this year. Although the stock price still fell by 2.80% during the year, its market attention has increased significantly.

In addition to the high-capitalization companies and well-known listed companies mentioned above, at the same time, companies with relatively small market capitalizations but actively increasing their holdings of Bitcoin in 2025 include Metaplanet, Core Scientific, Rumble, and Bitdeer Technologies, among others. In addition, some companies with high market popularity have also begun to deploy crypto assets, showing strong interest in the track.

small but big "new force" with a small market capitalization but big moves

|Market Cap: $53.58 million|ETH Treasury Strategy

On May 27, SharpLink, a small U.S. stock company that was originally little talked about and whose stock price was hovering on the verge of delisting, announced the completion of a private placement of about $425 million and will buy ETH as its main treasury reserve asset, and many even call it "the Ethereum version." Strategy”。

Bet ETH as a treasury reserve asset to raise 425 million at a market cap of 2 million. The funding round was a sumptuous one, led by Ethereum infrastructure developer ConsenSys. On the day the funding was announced, SharpLink's stock price soared as high as $50, the highest since May 2023.

Related reading: "ETH version of microstrategy is here! U.S. stock SharpLink received more than 400 million financing from Ethereum backers, and was on the verge of delisting》

Trump Media & Technology Group(TMTG)|Market Cap: $4.7 billion|Bitcoin Treasury Plan

The Trump Media Technology Group (TMTG), founded by U.S. President Donald Trump, announced in late May that it would launch a $2.5 billion funding plan to build a Bitcoin treasury and create a "Truth Social ecosystem" with crypto finance at its core. Its policy direction has also sparked ongoing discussions in the industry about the intersection of politics and crypto.

Asset Entities(ASST) + Strive|Market Cap: To be updated after The Merge|BTC Treasury Target

On May 7, asset entities (NASDAQ: ASST), a leading digital marketing and content delivery provider, announced that it has entered into a definitive merger agreement with Strive Asset Management. After the merger, the company will change its name to Strive, continue to be listed on the NASDAQ, and transform into a publicly traded Bitcoin finance company. On May 27, it was reported that Strive Asset Management has completed a $750 million private equity investment (PIPE) round of financing at a subscription price of $1.35 per share, a 121% premium to the previous closing price of ASST, and has the opportunity to expand to $1.5 billion through warrants. The funds will be used to acquire undervalued biotech companies, buy Bitcoin debt such as Mt. Gox, and discount structured BTC credit products to build its Bitcoin vault.

Upexi(UPXI)|Market Cap: $400 million|Solana StrategyOn

April 21, GSR, a well-known cryptocurrency trading and investment firm, announced that it has made a private equity investment (PIPE) of up to $100 million in Upexi, Inc. (ticker: UPXI), a NASDAQ-listed consumer goods company, betting on its upcoming full-scale transformation of Solana's financial strategy. Affected by the news, Upexi's stock price soared more than six times in a day.

VivoPower(VVPR)|Market Cap: $46.92 million|XRP Treasury Strategy

On May 29, VivoPower International (VVPR), a NASDAQ-listed energy company, announced the completion of a $121 million private placement funding, which will transform into a crypto asset reserve strategy with XRP at its core. Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud led a $100 million round.

ConclusionAs

Bitcoin gradually moves from a "marginal" asset into the mainstream, from MicroStrategy to MercadoLibre, from banking giant Intesa to SharpLink, more and more publicly traded companies are embracing crypto assets in different ways. Some of them see Bitcoin as a store of value, some are trying to build a new financial system around Ethereum or Solana, and some are even using a "treasury strategy" to transform their companies.

This is not only a reflection of financial diversification, but also a reflection of the fact that crypto assets are becoming part of a new trend in global capital markets. In the future, with the further clarification of supervision and the continuous improvement of infrastructure, more companies with a market value of tens of billions or even hundreds of billions may join the "coin holding club".