100 Billion USD Bitcoin And Ethereum Locked By 160 Public Companies

The cryptocurrency market in 2025 is welcoming a new wave of optimism. Capital is flowing strongly into digital assets, thanks to reduced macroeconomic instability, capital inflows from institutions, and sustainable demand for alternative stores of value. In this context, a new corporate strategy is emerging, with public companies viewing the holding of cryptocurrencies not as a speculative gamble but as a core balance sheet strategy. The latest report from Galaxy Research, "The Rise of Digital Asset Management Firms", indicates that this phenomenon is no longer an isolated occurrence. In total, these digital asset management firms (DATCO) hold over $100 billion in Bitcoin, Ethereum, and other tokens, marking a structural shift in how corporations allocate capital. More than 100 billion dollars in the company's cryptocurrency reserves

According to the report, DATCO controls approximately 791,662 BTC, worth about 93 billion dollars, and 1.31 million ETH, worth about 4 billion dollars. This holding accounts for nearly 4% of the Bitcoin supply and 1.1% of the Ethereum supply. This scale is comparable to some national reserves, demonstrating how deeply digital assets have penetrated corporate finance. Bitcoin remains the dominant digital asset, but more and more DATCOs are expanding into Ethereum and other Layer 1 tokens. For treasuries holding substantial Ether, staking provides returns from idle assets, turning the company's balance sheet into a tool for generating passive income. Meanwhile, altcoin-based DATCOs, such as SharpLink Gaming, BitMine, GameSquare, and other companies, are differentiating themselves through treasury programs that increase returns far beyond capital gains. Deploy strategic capital DATCO operates differently from passive investment tools like ETFs. Many funds raise capital through market-priced stock programs (ATM) when their shares are traded above net asset value, allowing them to reap more cryptocurrency per dollar raised. Others use private placements, PIPE trades, or SPAC mergers to accelerate the fundraising process. Arbitrage activities in this capital market have proven to be highly profitable. Galaxy emphasizes that companies have generated billions of dollars in unrealized profits simply by scaling up under favorable market conditions. Expand footprint and market impact Although the United States remains the focal point of DATCO activities, this trend is spreading internationally. The extensive access to the U.S. capital markets has enabled rapid scaling, but global exchanges are now witnessing the emergence of similar corporate strategies. This expansion increases liquidity for digital assets and strengthens the connection between stock valuations and cryptocurrency prices. Risks and the road ahead The DATCO model is not without its weaknesses. A sudden drop in the stock premium, unfavorable regulatory changes, or a capital market freeze could lead to forced asset sales. However, currently, their footprint outside of large companies like MicroStrategy remains small compared to the $3.8 trillion cryptocurrency market.

Moreover, it is concerning that investors are paying much higher prices for the shares of these companies compared to the actual value of the Bitcoin they hold, sometimes double or even ten times. About 160 public companies currently hold nearly 1 million BTC, and 35 of them each own over $120 million. The new company offerings from DAT appear almost daily, further fueling the hype.