Listed Companies Change Their Fate by Speculating on Coins
“Counterfeiting season has arrived, not in the cryptocurrency market, but in the stock market.” With the announcement of financing to purchase ETH by the U.S. listed company SharpLink (SBET) and a subsequent 10-fold increase in value within a week, the crypto community jokingly remarked that the heat surrounding concept stocks related to cryptocurrency is evident.
The successful transformation of MicroStrategy has led listed companies to see the benefits of incorporating crypto assets into their financial strategies. More and more global listed companies are actively adding cryptocurrencies such as Bitcoin, Ethereum, SOL, and XRP to their treasury, regardless of whether they are tech giants with market caps in the hundreds of billions or small listed enterprises on the edge.
In this article, PANews has organized currently active listed companies with crypto holdings based on market cap, quantity of crypto assets held, and changes in holdings since 2025, covering multiple industries such as e-commerce, fintech, traditional banks, and mining. The main data is sourced from the Bitcoin Treasuries website.
It is easy to see from the inventory that companies whose main business is crypto (such as Coinbase) still have stock prices highly correlated with the crypto market despite having strong treasury reserves. On the other hand, some mid-cap companies have gained capital market speculation by suddenly “buying coins,” resulting in short-term price increases of double or even multiple times. Many companies previously facing growth challenges are achieving a significant turnaround in stock price trends through the release of digital asset reserve strategies.
Top-tier Companies: High Market Cap + Large Holdings
MicroStrategy (MSTR) | Market Cap: $103.3 billion | Holdings: 580,955 BTC
As a pioneer of the “Bitcoin Treasury” strategy, MicroStrategy remains the enterprise with the largest holdings of Bitcoin among global listed companies. As of June 3, the company had accumulated 580,955 BTC at an average purchase price of $70,023 per coin. Despite entering a high buying range, the company continues to maintain strong faith in BTC. The CEO, Michael Saylor, stated at the Bitcoin 2025 conference that there is no limit to their Bitcoin accumulation plan, and they will purchase Bitcoin with higher efficiency as its price continues to rise. As of June 1, MSTR’s stock price has risen by 23.02% year-to-date, reflecting partial market approval of its Bitcoin strategy.
[Strategy’s BTC Holding Changes Since the Beginning of the Year (in red)]
MercadoLibre (MELI) | Market Cap: $130 billion | Holdings: 570.4 BTC
The Latin American e-commerce and fintech giant MercadoLibre has included Bitcoin in its financial assets since 2021. By the end of the first quarter of 2025, the company’s holdings increased from 412.7 to 570.4 BTC, reflecting its ongoing crypto asset allocation. Although MercadoLibre allows users to use Bitcoin, Ethereum, and stablecoins for transactions on its payment platform MercadoPago in countries like Brazil, the crypto used for payments is primarily for platform transactions such as buying goods or real estate, not directly on MercadoLibre’s balance sheet. With a strong first-quarter financial performance, MercadoLibre saw a 45.23% increase in stock price year-to-date. The average holding cost of Bitcoin is $38,569, with a mark-to-market profit of 169.06%.
Coinbase (COIN) | Market Cap: $62.8 billion | Holdings: 9,267 BTC
As the largest crypto exchange platform in the U.S., Coinbase not only serves as a trading gateway but also expresses confidence in Bitcoin through concrete actions. On March 31, 2025, the company added 2,382 BTC, increasing their holdings to 9,267 BTC with an average cost of $55,937 per coin. However, influenced by Q1 performance declines and market downturns, Coinbase’s stock price has fallen by 4.12% year-to-date. Despite this, their Bitcoin holdings still have a mark-to-market profit of over 85%.
Block (formerly Square) | Market Cap: $38 billion | Holdings: 8,584 BTC
Under the leadership of Jack Dorsey, Block is integrating Bitcoin strategies into its products and ecosystem. As of the end of March this year, the company held 8,584 BTC with an average cost of $30,405 per coin, resulting in a mark-to-market profit of 243.15%. Block’s ecosystem includes many popular products such as Cash App, the Square point-of-sale system, and the recently launched Bitkey Bitcoin self-custody wallet. Despite the company’s sound fundamentals, their stock price has accumulated a decline of 28.82% since 2025, reflecting investor concerns about the macro environment and the profitability of their payment business.
Traditional Financial Giants’ Crypto Attempts
Intesa Sanpaolo (ISP.MI) | Market Cap: $99.1 billion | Holdings: 11 BTC
Italy’s largest bank, Intesa Sanpaolo, made its first Bitcoin purchase on January 14, 2025, acquiring 11 BTC worth approximately 1 million euros. This move, though small in scale, sends an important signal—compliant coin holding is becoming a trend. As Italy’s largest asset bank, Intesa Sanpaolo stands as a significant pillar in the country’s financial system, serving millions of customers in Italy and international markets. As of June 1, their stock price has risen by 27.1% year-to-date.
Virtu Financial (VIRT) | Market Cap: $6.2 billion | Holdings: 235 BTC
Established in 2008, market-making and execution service provider Virtu Financial is headquartered in New York City, USA. The company is exploring digital asset trading and reserves. Currently, they hold 235 BTC with an average purchase price of $82,621 per coin. Despite the high cost, the mark-to-market profit is still at 26.47%. Virtu also uses Bitcoin as part of its strategic risk-hedging tools. Year-to-date, Virtu’s stock price has risen by 11.42%.
Mining Leaders and Emerging Coin-Holding Companies
MARA Holdings (MARA) | Market Cap: $5.1 billion | Holdings: 49,228 BTC
One of the largest Bitcoin miners in the U.S., MARA, has been continuously expanding its treasury significantly this year. Since 2025, the company has made multiple BTC purchases in January, February, March, April, and May, with a single-day increase of 1003 BTC on May 30 alone. Their total holdings have reached 49,228 BTC, making them the second-largest listed company in terms of Bitcoin holdings globally. Based in the U.S., MARA Holdings is known for its large-scale, institutional-grade Bitcoin mining operations, maximizing mining efficiency and output through advanced technology and strategic partnerships. MARA’s business model revolves around safeguarding and verifying Bitcoin transactions, generating profits from block rewards and transaction fees, while holding a considerable portion of mined Bitcoins as treasury assets for the long term.
GameStop (GME) | Market Cap: $13.3 billion | Holdings: 4,710 BTC
GameStop Corp. is a specialized retailer that offers gaming and entertainment products through its stores and e-commerce platforms in the U.S., Canada, Australia, and Europe. The company sells new and used gaming platforms, accessories (such as controllers and gaming headsets), new and used game software, as well as in-game digital currency, digital download content, and full-game download versions. GameStop Corp., formerly known as GSC Holdings Corp., was established in 1996 and is headquartered in Texas, USA. The gaming retailer, known for its “retail investor saga,” is transitioning to digital assets. On March 25, according to an official announcement from GameStop, the board unanimously approved an updated investment policy, making Bitcoin one of the company’s reserve assets. On May 28, GameStop announced the addition of Bitcoin to its reserves, quickly acquiring 4,710 coins, becoming one of the fastest traditional companies to increase their holdings this year. Despite a 2.80% year-to-date decline in stock price, the company has gained significantly more market attention.
In addition to the high market value companies and well-known listed companies mentioned above, there are also smaller market value companies actively increasing their Bitcoin holdings in 2025, including Metaplanet, Core Scientific, Rumble, and Bitdeer Technologies. Furthermore, some companies that have recently gained market attention are also starting to position themselves in crypto assets, showing a strong interest in the race.
“New Forces” with Small Market Value but Significant Actions
SharpLink (SBET) | Market Cap: $53.58 million | ETH Treasury Strategy
On May 27, the small U.S. stock company SharpLink, which was previously overlooked and had its stock price hovering on the brink of delisting, announced the completion of approximately $425 million in private financing. The company will use ETH as its primary treasury reserve asset, leading many to even refer to it as the “Ethereum version of MicroStrategy.” By betting ETH as a treasury reserve asset, they acquired $425 million in financing with a market value of $2 million. The financing lineup was luxurious, led by Ethereum infrastructure developer ConsenSys. On the day the financing news was announced, SharpLink’s stock price surged to a high of $50, reaching a new high since May 2023.
Trump Media & Technology Group (TMTG) | Market Cap: $4.7 billion | Bitcoin Treasury Plan
Established by former U.S. President Trump, the Trump Media & Technology Group (TMTG) announced in late May the launch of a $2.5 billion financing plan to establish a Bitcoin treasury, creating a “Truth Social ecosystem” centered around crypto finance. Their 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 Target
On May 7, digital marketing and content delivery service provider Asset Entities (NASDAQ: ASST) announced that they had 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 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, representing a 121% premium over ASST’s previous closing price, with the opportunity to expand up to $1.5 billion through warrants. The funds will be used to acquire undervalued biotech companies, Mt. Gox Bitcoin claims, and discounted structured BTC loan products, constructing their Bitcoin treasury.
Upexi (UPXI) | Market Cap: $400 million | Solana Strategy
On April 21, the renowned cryptocurrency trading and investment company GSR announced that it had made a private equity investment (PIPE) of up to $100 million in the NASDAQ-listed consumer goods company Upexi, Inc. (stock code: UPXI), betting on their upcoming full-scale transformation into a Solana financial strategy. Influenced by the news, Upexi’s stock price surged six times within a day.
VivoPower (VVPR) | Market Cap: $46.92 million | XRP Treasury Strategy
On May 29, the NASDAQ-listed energy company VivoPower International (VVPR) announced the completion of a $121 million private financing, transforming into a crypto asset reserve strategy centered around XRP. Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud led a $100 million investment.
Conclusion
As Bitcoin gradually transitions from a “peripheral” asset to 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 try to establish new financial systems around Ethereum or Solana, and some even promote corporate transformation through a “treasury strategy.” This is not only a reflection of financial diversification but also indicates that crypto assets are becoming a part of the new trend in the global capital market. In the future, with clearer regulations and continued infrastructure improvements, more companies with market caps in the tens or hundreds of billions may join the “coin-holding club.”
This article is a collaboration reprint from: PANews