Crypto treasury firms have initiated purchases exceeding $7.8 billion in cryptocurrencies this week, marking one of the largest corporate crypto acquisitions in recent history—especially for altcoins.
At least five publicly traded companies have bought or committed to acquiring more than $3 billion worth of ETH, roughly 45 times the amount of ETH issued over the past week.
These crypto treasury firms are the newest trend on Wall Street, as traditional financiers—often limited in their ability to directly invest in crypto or related exchange-traded products—seek ways to gain exposure to the rapidly expanding sector.
ETH Gains Traction as Corporate Crypto Investment Choice
Bitcoin miner BTCS Inc. announced on Tuesday plans to sell up to $2 billion in shares to finance future Ether purchases.
Meanwhile, Joe Lubin’s Sharplink Gaming, the second-largest Ethereum treasury firm, increased its holdings by acquiring $338 million worth of ETH through two separate purchases on Monday and Thursday.
The Ether Machine also jumped in this week, buying 15,000 ETH for approximately $57 million.
At the same time, two new Ether-focused companies emerged: biotech firm 180 Life Sciences Corp rebranded as ETHZilla Corporation following a $425 million deal, while merchant banker Fundamental Global rebranded to FG Nexus in a $200 million transaction.
Crypto Treasury Firms Also Focusing on Altcoins
Crypto treasury firms also showed strong interest in altcoins this week.
The largest altcoin purchase announcement came from Tron Inc., a penny stock toy company acquired by Justin Sun’s Tron blockchain, which revealed plans on Monday to raise $1 billion to buy Tron tokens.
Three other companies announced intentions to buy Solana, Sui, or BNB — a token closely linked to the Binance exchange.
One of the most notable new treasury firms this week was CEA Industries, a Canadian vape company transformed into a BNB-buying firm following a takeover by investment firm 10X Capital and YZi Labs. Previously describing itself as the family office of Binance co-founder Changpeng Zhao, CEA plans to raise at least $500 million, with the potential to unlock up to $1.25 billion to purchase BNB, reportedly primarily owned by Zhao and Binance.
On Thursday, tech company Cemtrex Inc. announced a $1 million purchase of SOL, aiming to expand to $10 million, while on Monday, lender Mill City Ventures III closed a $450 million deal to pivot toward buying Sui.
Crypto Buying Firms Now Hold $100 Billion — But Risks Remain
Galaxy Research analyst Will Owens reported on Wednesday that crypto treasury companies collectively hold over $100 billion in cryptocurrencies, with $93 billion of that in Bitcoin.
However, Owens cautioned that the business model carries risks, and investors assign “widely different” equity premiums to these companies’ net asset values.
For example, Michael Saylor’s Strategy commands an equity premium of 58%, reflecting its “scale and maturity,” while Japan’s Metaplanet trades at a much higher premium of 179%, driven by its “aggressive capital formation model.”
He added that the business model “critically relies on maintaining a persistent equity premium to NAV. If that premium collapses or, worse, turns into a discount, the model starts to fail.”
Owens also noted, “The treasury company trade is becoming increasingly crowded. When hundreds of firms follow the same one-way strategy—raise equity, buy crypto, repeat—it can create structural fragility. A downturn in any of these three factors—investor sentiment, crypto prices, or capital markets liquidity—can trigger a chain reaction that unravels the entire model.”
Strategy Drives Surge in Bitcoin Purchases
Bitcoin continues to be a favored asset among crypto treasury firms, with seven companies announcing or completing purchases totaling $2.7 billion.
Strategy, formerly known as MicroStrategy, acquired 21,021 Bitcoin after raising $2.5 billion through its fourth preferred stock offering, STRC.
The UK-based Smarter Web Company invested approximately $26.5 million to buy 225 Bitcoin, while Metaplanet purchased 780 Bitcoin for around $92 million.
Additionally, a new Bitcoin treasury firm emerged Tuesday through energy company ZOOZ Power Ltd., planning a $180 million deal to acquire Bitcoin.
