Encryption treasury strategy leads the transformation trend of listed companies

Recently, the concept of encryption stocks has been gaining traction, attracting widespread attention from the market. An increasing number of globally listed companies are incorporating encryption assets such as Bitcoin and Ethereum into their corporate financial strategies, spanning various levels from tech giants to small businesses. This article organizes the currently active listed companies in terms of encryption holdings, covering multiple industries including e-commerce, fintech, traditional banking, and mining.

Large Enterprises' Encryption Strategy

Strategy: Pioneer of Bitcoin Holdings

As the pioneer of the "Bitcoin treasury" strategy, Strategy remains the company with the largest Bitcoin holdings among publicly listed companies worldwide. As of June 3, the company has accumulated a total of 580,955 BTC, with a total cost of $40.67 billion and an average purchase price of $70,023. Since the beginning of this year, the company has continued to slightly increase its holdings, currently showing an unrealized gain of 49%.

Despite having entered a high buying zone, the company remains optimistic about BTC. Its CEO stated at the Bitcoin 2025 conference that they will continue to purchase Bitcoin efficiently in the future. As of June 1, Strategy's stock price has risen by 23.02% year-to-date, reflecting market recognition of its Bitcoin strategy.

MercadoLibre: The Latin American E-commerce Giant's encryption Attempt

Since 2021, the Latin American e-commerce and fintech giant MercadoLibre has included Bitcoin as part of its financial assets. By the end of the first quarter of 2025, the company's holdings increased from 412.7 to 570.4, indicating its continued allocation to encryption assets.

The company allows users in certain regions to make payments using encryption through the payment platform MercadoPago, mainly for platform transactions rather than directly entering the balance sheet. The company's first quarter financial report showed strong performance, with active buyers reaching 67 million and monthly active growth of fintech users at 31%. Supported by strong fundamentals, its stock price has risen 45.23% this year. The average holding cost of Bitcoin is $38,569, with an unrealized gain of 169.06%.

Coinbase: Self-investment of the trading platform

The largest encryption trading platform in the United States, Coinbase, not only serves as a trading entry point but also expresses its confidence in Bitcoin through actual actions. On March 31, 2025, the company increased its holdings by 2,382 BTC, raising its total holdings to 9,267 BTC, with an average cost of $55,937.

Despite a 4.12% drop in Coinbase's stock price year-to-date due to the decline in Q1 performance and a sluggish market, its Bitcoin holdings still show an unrealized profit of over 85%.

Block: Integrating Bitcoin into the Ecosystem

Block is integrating Bitcoin strategy into its products and ecosystem. As of the end of March this year, the company holds 8,584 BTC with an average cost of only $30,405, resulting in an unrealized gain of 243.15%. The Block ecosystem includes several popular products, such as Cash App, Square point of sale system, and the recently launched Bitkey Bitcoin self-custody wallet.

Despite the company's solid fundamentals, the stock price has fallen by a cumulative 28.82% since 2025, reflecting investors' concerns about the macro environment and the profitability of the payment business.

The Encryption Exploration of Traditional Financial Giants

Intesa Sanpaolo: The attempt of Italy's largest bank

Italy's largest bank, Intesa Sanpaolo, purchased 11 bitcoins for the first time on January 14, 2025, with a market value of approximately 1 million euros, marking the beginning of traditional banks exploring encryption in the form of "test operations." Although this initiative is relatively small in scale, it sends an important signal — compliance with holding cryptocurrencies is becoming a trend.

As of June 1, its stock price has increased by 27.1% this year.

Virtu Financial: Digital Asset Layout of Market Makers

Market-making and execution service provider Virtu Financial is testing the waters in digital asset trading and reserves. Currently, its Bitcoin holdings amount to 235 coins, with an average purchase price of $82,621. Although the cost is relatively high, the unrealized gains have reached 26.47%. Virtu also considers Bitcoin as part of its strategic risk hedging tools.

Since the beginning of the year, Virtu's stock price has increased by 11.42%.

Mining Leaders and New Currency Holding Companies

MARA Holdings: the largest Bitcoin miner in the United States.

One of the largest Bitcoin miners in the U.S., MARA, has been continuously expanding its treasury this year. Since 2025, it has purchased Bitcoin multiple times, and on May 30 alone, it increased its holdings by 1,003 BTC, bringing its total holdings to 49,228 BTC, making it the second largest publicly listed company by Bitcoin holdings in the world.

MARA Holdings is known for its large-scale, institutional-grade Bitcoin mining operations, leveraging advanced technology and strategic partnerships to maximize mining efficiency and output. Its business model centers on securing and verifying Bitcoin transactions, profiting from block rewards and transaction fees, while holding a significant portion of the mined Bitcoin as treasury assets for the long term.

GameStop: The Digital Asset Transformation of a Game Retailer

The game retailer known for its "retail investor myth" is transitioning to digital assets. On March 25, GameStop officially announced that its board of directors unanimously approved an updated investment policy to include Bitcoin as one of the company's reserve assets. On May 28, GameStop announced that it would incorporate Bitcoin into its reserves and quickly purchased 4,710 coins, becoming one of the traditional companies with the fastest accumulation speed this year.

Despite a 2.80% decline in stock price this year, its market attention has greatly increased.

Smaller Market Cap but Big Moves "New Forces"

SharpLink: Treasury strategy for staking ETH

On May 27, the small US stock company SharpLink, which had previously received little attention and whose stock price was hovering on the brink of delisting, announced the completion of approximately $425 million in private financing and plans to significantly purchase ETH as its main treasury reserve asset. On the day the financing news was announced, SharpLink's stock price soared to a high of $50, setting a new record since May 2023.

Trump Media & Technology Group: Trump's Bitcoin plan

Trump Media Technology Group ( TMTG ) announced in late May that it will launch a $2.5 billion financing plan to establish a Bitcoin treasury and create a "Truth Social ecosystem" centered around encryption finance.

Asset Entities + Strive: The merged BTC treasury target

Digital marketing and content delivery service provider Asset Entities has reached a final merger agreement with Strive Asset Management. The merged company will be renamed Strive, continue to be listed on NASDAQ, and transform into a publicly traded Bitcoin finance company. Strive Asset Management has completed a $750 million private equity investment round, with funds to be used for building a Bitcoin treasury.

Upexi: Betting on the Transformation of Solana

On April 21, a well-known encryption trading and investment company made a private equity investment of up to $100 million in consumer goods company Upexi, betting on its upcoming comprehensive transformation of the Solana financial strategy. As a result of the news, Upexi's stock price surged more than sixfold during the day.

VivoPower: The energy company behind the XRP treasury strategy.

On May 29, Nasdaq-listed energy company VivoPower International announced the completion of a $121 million private placement financing, which will transform into a strategy centered around XRP as the core encryption asset reserve.

Conclusion

As Bitcoin gradually transitions from a "fringe" asset to mainstream, more and more listed companies are embracing encryption assets in various ways. Some regard Bitcoin as a store of value, others attempt to build new financial systems around Ethereum or Solana, and some even promote corporate transformation through a "treasury strategy."

This not only reflects the diversification of finance but also indicates that encryption assets are becoming part of the new trend in the global capital market. In the future, as regulations become clearer and infrastructure continues to improve, more large companies may join the "holding coin club."