Original Author: Weilin, PANews
"The mountain coin season has arrived, but not in cryptocurrencies, but in crypto stocks." As the US-listed company SharpLink (SBET)eft) announced financing to buy ETH and rose 10-fold within within a week, the crypto community joked, revealing the heat of crypto crypto concept stocks.
MicroStrategy's successful transformation has shown listed companies the benefits of incorporating crypto assets into their financial strategies. More and more global listed companies are actively incorporating Bitcoin, Ethereum,LAnd XRP and other crypto assets into their treasury, whether they are tech giants with market caps of billions of hundreds of billions of dollars or small listed companies originally on the edge.
In this article, PANews has sorted out the active listed companies in hold crypto holdings based on market value, crypto asset position size, and changes in holdings since 2025, covering industries such as, e-commerce, fintech, traditional banking, and mining. The main data comes from the Bitcoin Treasuries website.
It is not difficult to find in the inventory that companies with crypto as their main business (such as Coinbase), although they have a strong treasury configuration, their stock prices are still highly correlated with crypto market fluctuations. Some small and medium-companies have been hotly speculated in the capital market to "buying coins", with stock prices doubling or even several times in the short term. Many companies that were previously trapped in growth dilemmas are achieving "financial turnaround" by releasing digital asset reserve strategies, with significant stock price trend reversals.
First-tier companiesComp: High Market Value + Large Holdings
Strategy (M) | Market Value: $103.3 Billion | Holdings: 580, B As the pioneer of the ""Bitcoin Treasury" strategy, MicroStrategy remains the company with the most Bitcoin holdings among global listed companies. As of June 3, the company has cumulatively purchased 580,, 955 BTC, with a cost of $40.67 billion, with an average purchase price of $70,023. This year, the company continues to increase its position slightly, and currently has an account floating profit of 49%.
Despite entering the high-level purchase interval, the company still maintains a firm belief in BTC. CEO Michael Saylor said in an interview at the Bitcoin 2025 Conference that his Bitcoin increase plan has no upper limit. As the Bitcoin price continues to rise, the difficulty of purchasing Bitcoin in the future exponentially, but Strategy will purchase Bitcoin with higher efficiency. As of June 1, MSTR's stock price has increased by 23.02%% this year, the market partial recognition of its Bitcoin strategy.
Strategy's BTC Holdings Changes This Year (Red) MercadoLibre (MELI) | Market Value: $130 Billion | Holdings: 570.4 BTC
Latin American e-commerce and fintech giant MercadoLibre has incorporated Bitcoin into its financial assets since 2021. At the end of the first quarter of 2025, the company's holdings increased from 412.7 to 570.4, reflecting its continued allocation of crypto assets.
Although MercadoLibre allows users to pay with Bitcoin, Ethereum, and stablecoins through its payment platform MercadoPago in Brazil and other places, these cryptocurrencies paid by users are mainly used for transactions on the platform (such as buying goods or real estate), rather than directly entering MercadoLibre's balance sheet. The's quarter financial report performed strongly, with 67 million active buyers and a 31% monthly increase in fintech active users. Supported by a strong fundamental, its stock price has increased by 45.23%% this year. The average holding cost of Bitcoin is $38,569, with an account floating profit of 169.06%.
(Translation continues in the same manner for the rest of the text) translation is complete and accurate translation has been questions?This game retailer, known for the "retail investor myth," is transitioning to digital assets. On March 25, according to an official GameStop announcement, the company's board unanimously approved an updated investment policy, including Bitcoin as one of its reserve assets. On May 28, GameStop announced the inclusion of Bitcoin in its reserves, quickly purchasing 4,710 coins, becoming one of the fastest traditional enterprises to add Bitcoin this year. Despite a 2.80% stock price decline, its market attention has significantly increased.
In addition to the high-market-cap enterprises and well-known listed companies mentioned above, companies with relatively smaller market caps that are actively accumulating Bitcoin in 2025 include Metaplanet, Core Scientific, Rumble, and Bitdeer Technologies. Moreover, some recently hot market companies have begun to layout crypto assets, demonstrating strong interest in this track.
New Forces with Small Market Cap but Big Moves
SharpLink（SBET）｜Market Cap: $5.38 Million｜ETH Treasury Strategy
On May 27, SharpLink, a small US stock company previously overlooked and hovering near delisting, announced the completion of approximately $425 million in private placement financing and will massively purchase ETH as its primary treasury reserve asset, with many even calling it the "Ethereum version of Strategy".
Betting on ETH as a treasury reserve asset, obtaining $425 million in financing with a $2 million market value. This round of financing lineup is luxurious, led by Ethereum infrastructure developer ConsenSys. On the day the financing news was announced, SharpLink's stock price soared to a high of $50, creating a new peak since May 2023.
Related Reading: 《ETH Version of MicroStrategy Arrives! US Stock SharpLink Receives Over $400 Million Financing from Ethereum Supporters, Once Near Delisting》
Trump Media & Technology Group（TMTG）｜Market Cap: $4.7 Billion｜Bitcoin Treasury Plan
Founded by US President Trump, Trump Media & Technology Group (TMTG) announced in late May a $2.5 billion financing plan to establish a Bitcoin treasury and create a "Truth Social ecosystem" centered on crypto finance. Its policy direction has sparked ongoing industry discussions about the intersection of politics and crypto.
Asset Entities（ASST）+ Strive｜Market Cap: To be updated after merger｜BTC Treasury Goal
On May 7, digital marketing and content delivery service provider Asset Entities (Nasdaq: ASST) announced a final merger agreement with Strive Asset Management. After the merger, the company will be renamed Strive, continue to be listed on Nasdaq, and transform into a listed Bitcoin financial company. On May 27, Strive Asset Management completed a $750 million private equity investment (PIPE) round, with a subscription price of $1.35 per share, a 121% premium to ASST's previous closing price, with the potential to expand to $1.5 billion through warrants. The funds will be used to acquire undervalued biotech companies, buy the dips on Mt. Gox Bitcoin claims, and discounted structured BTC credit products to build its Bitcoin treasury.
Upexi（UPXI）｜Market Cap: $400 Million｜Solana Strategy
On April 21, the renowned crypto trading and investment company GSR announced a private equity investment (PIPE) of up to $100 million in Nasdaq-listed consumer goods company Upexi, Inc. (Stock Code: UPXI), betting on its upcoming comprehensive Solana financial strategy. Influenced by the news, Upexi's stock price briefly surged over six times that day.
VivoPower（VVPR）｜Market Cap: $46.92 Million｜XRP Treasury Strategy
On May 29, Nasdaq-listed energy company VivoPower International (VVPR) announced the completion of $121 million in private placement financing, transforming into a crypto asset reserve strategy centered on XRP. Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud led a $100 million investment.
Conclusion
As Bitcoin gradually moves from a "marginal" asset to the mainstream, from MicroStrategy to MercadoLibre, from banking giant Intesa to SharpLink, more and more listed companies are embracing crypto assets in different ways. Some view Bitcoin as a value reserve, some attempt to build new financial systems around Ethereum or Solana, and some even drive company transformation through "treasury strategies".
This is not just a manifestation of financial diversification but reflects crypto assets becoming part of a new global capital market trend. In the future, as regulations become clearer and infrastructure continues to improve, more companies with market caps in the tens or even hundreds of billions may join the "hodling club".
