A growing wave of publicly traded companies is rethinking how they manage corporate cash — and for many, that now means holding Bitcoin and Ethereum alongside traditional reserves.
According to new data from Galaxy Research, more than $100 billion worth of crypto is now sitting on the balance sheets of these so-called Digital Asset Treasury Companies (DATCOs), a category that collectively controls nearly 792,000 BTC (about $93 billion) and 1.31 million ETH (roughly $4 billion).
This shift marks a dramatic change in corporate strategy. Some firms treat crypto as a core reserve asset alongside cash or gold, while others stake Ethereum to generate yield on idle holdings. In certain cases, these companies actively raise new capital — through at-the-market equity offerings, private placements, or SPAC mergers — specifically to buy more digital assets.
A few now sit on paper gains in the billions when crypto prices rally, with newer entrants experimenting with Layer-1 tokens to diversify beyond just Bitcoin price appreciation.
While most DATCOs are U.S.-based due to easier access to capital markets, the model is spreading overseas, boosting crypto market liquidity but also tying company valuations closely to token price movements. In some cases, stocks trade at up to 10× the value of the crypto they hold, a premium that could unravel quickly if sentiment shifts or regulators intervene.
Galaxy’s report shows that roughly 160 public companies now hold close to 1 million BTC, with more than 35 of them holding at least $120 million in digital assets each. That scale means volatility in Bitcoin or Ethereum can directly impact equity markets. And with regulators in the U.S. and abroad eyeing these balance sheets, calls for stricter accounting and disclosure standards could force some firms to rethink their crypto-heavy strategies.
