However, analysts warn that the widespread use of at-the-market offerings to fund these purchases could dilute shareholder value.
Global companies have raised nearly $86 billion so far in 2025 to buy cryptocurrencies, outpacing the capital raised through US initial public offerings this year.
This surge marks a turning point in how corporations view digital assets — not just as investments, but as core balance sheet holdings.
According to data reported by The Wall Street Journal, nearly 100 companies have announced plans to raise over $43 billion since June. The funds are being directed toward assets like Bitcoin, Ethereum, and XRP.
Many of these efforts have already been executed, reflecting growing institutional interest in crypto amid favorable US market sentiment.
One of the most aggressive players in this space is Strategy Inc. (formerly MicroStrategy), which pioneered the corporate Bitcoin-buying trend in 2020. So far this year, the company has raised more than $10 billion to increase its BTC holdings.
That aggressive approach has made Strategy one of the top-performing stocks in the digital asset space, pushing its valuation to new highs.
Other companies are following suit. Japan’s Metaplanet and US-based miner Marathon Digital have also secured substantial funding to increase their exposure to the top crypto.
Data compiled by Hodl15Capital also suggests over 35 more companies are preparing to raise billions in pursuit of similar strategies.
Beyond Bitcoin, Ethereum is gaining traction among treasury buyers. BitMine Immersion Technologies is seeking up to $5 billion for ETH reserves, while SharpLink — helmed by Ethereum co-founder Joseph Lubin — is targeting hundreds of millions for its ETH strategy.
Additionally, several institutions have committed millions to other digital assets like XRP, Ethena, and BNB as part of diversified treasury allocations.
However, despite the boom, some analysts are raising red flags about these firms’ approaches.
Last month, Matthew Sigel, head of digital asset research at VanEck, warned that widespread use of at-the-market (ATM) offerings could pose risks to shareholders.
These programs let companies issue new shares as long as stock prices stay above net asset value (NAV). However, if prices drop, they can lead to significant dilution.
Sigel recommends suspending ATM programs when shares dip below 95% of NAV for 10 consecutive days. He also advocates prioritizing stock buybacks when crypto asset prices rise, but stock valuations don’t follow.
To better align corporate leadership with shareholder outcomes, Sigel suggests tying executive compensation to NAV-per-share growth rather than total crypto holdings.
