According to reports, companies around the world have raised nearly $86 billion this year. These companies haven’t raised this amount for trad-fi investments or expansions. Instead, they are increasingly spending their fund raises on Bitcoin, Ethereum, XRP and BNB.
This massive wave of corporate crypto adoption has already outpaced capital raised through U.S. IPOs, and show that digital assets are becoming more than just an experiment.
For many firms, crypto is now a major part of their treasury strategy.
MicroStrategy, now known as Strategy Inc. is once again leading the charge in corporate crypto adoption. The company, which first made headlines in 2020 for moving its treasury into Bitcoin, has doubled down this year.
It has raised over $10 billion this year alone to further increase its Bitcoin holdings.
So far, Strategy Inc. has become one of the top-performing crypto-related stocks in the world. Investors have taken notice and other companies are beginning to follow suit.
Other companies have taken notice of the Strategy trend and are allocating serious capital to digital assets. According to The Wall Street Journal, close to 100 companies have announced plans since June to raise $43 billion for crypto purchases.
This is part of the larger $86 billion raised year-to-date and the list of participants is strongly on the rise.
Some notable players include Metaplanet, Marathon Digital and BitMine Immersion Technologies, which is aiming to raise up to $5 billion for Ethereum reserves.
SharpLink, led by Ethereum co-founder Joseph Lubin, is also targeting hundreds of millions to buy more ETH.
And the movement isn’t stopping there. Hodl15Capital reports that more than 35 additional firms are preparing to raise billions more in the coming months. They are doing this either to accumulate crypto directly or to diversify their holdings.
While Bitcoin is the top target, Ethereum is gaining popularity among treasury buyers, thanks to its smart contract dominance and DeFi exposure.
Other digital assets like XRP, BNB and Ethena are also entering the picture and seen as having strong use cases, large user bases and more.
So why the shift towards crypto?
Some factors driving this change include inflation hedging, in which companies are worried about fiat currency devaluation and see crypto as a long-term store of value. Others include Speculative upside, where Early movers like Strategy Inc. have shown that crypto exposure can strongly boost stock performance.
Finally, executives are looking for new ways to optimize their balance sheets and show investors that they are open to innovation. In short, crypto has matured from being an experimental asset to a strategic treasury option.
Despite the bullishness, not everyone is convinced this trend is without risk.
Matthew Sigel, head of digital asset research at VanEck, has raised issues over how companies are funding their crypto purchases, especially through at-the-market (ATM) share offerings.
These offerings allow companies to issue new shares as long as their stock trades above net asset value (NAV). But when stock prices dip below that threshold, dilution becomes a real concern.
“If shares fall below 95% of NAV for 10 consecutive days, ATM programs should be suspended,” Sigel warned.
He also pointed out that firms should consider stock buybacks during crypto bull runs, especially when their stock prices lag behind rising asset values. To further protect shareholder interests, Sigel is urging companies to link executive compensation to NAV-per-share growth instead of the raw size of crypto holdings.
Overall, the idea that companies have raised more money for crypto reserves than has been raised throughout all U.S. IPOs in 2025 is nothing short of remarkable.
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