The Driving Forces Behind the Encryption Asset Reserve Strategies of Listed Companies

In recent years, more and more listed companies have incorporated encryption assets into their balance sheets. From a certain technology company being the first to invest in Bitcoin, to a media group raising $2.5 billion to build a Bitcoin treasury, and to several traditional industrial and technology giants testing stablecoins or Ethereum as strategic reserves on a small scale. Data shows that as of July 17, 154 listed companies have adopted Bitcoin as a strategic reserve; another research report indicates that listed companies have cumulatively invested as much as $76 billion in encryption assets.

In addition to the government's encryption-friendly policies and the demonstration effects of certain companies, behind this wave are encryption venture capital and Web3 funds focused on institutional-level digital asset layout. They provide comprehensive solutions for listed companies through leading PIPE, convertible bonds, reverse mergers, and other methods, including cryptocurrency purchases, tokenized equity, stablecoin settlements, and on-chain treasury management.

The main institutions driving the encryption of listed companies have expanded from a few well-known investment firms in the early stages to include several emerging encryption investment institutions, with an increasing number of crypto VCs joining this trend recently.

Major Participating Institutions and Their Strategies

A well-known encryption investment company A

The company has invested in multiple DAT (Digital Asset Treasury) companies, the most notable being a financial services firm led by a Bitcoin evangelist. The company is trying to emulate the strategy of a certain tech company and has received support from several industry giants. Investment firm A pointed out that this company's size is just right to utilize all capital market tools, while its market capitalization is relatively small, allowing it to flexibly achieve faster BPS growth and trade at a higher premium.

In addition, investment company A also led the investment in another Nasdaq-listed company that is drawing on the strategies of a certain technology company but applying them to Solana. Investment company A believes that Solana is an interesting alternative to Bitcoin for several reasons: due to its shorter maturation period, its upside potential may be greater; its volatility is higher than Bitcoin, which means that leveraging this volatility can yield higher returns; its staking rewards can promote the growth of each SOL share; and due to the current limited alternatives available, Solana has more untapped demand.

In addition to supporting publicly traded companies that hold Bitcoin and Sol treasury, investment company A has also invested in the first Ethereum digital asset finance company in the United States. This company is led by a well-known figure in the Ethereum community and has launched the ETH treasury strategy.

a digital asset financial services company B

In May 2025, a media group announced that it would raise approximately $2.5 billion for the construction of a Bitcoin treasury by issuing $1.5 billion in common stock and $1 billion in convertible bonds. Company B not only served as the financial advisor for this debt and equity financing but was also one of the lead underwriters, designing the financing structure and committing to provide liquidity support.

Previously, Company B has assisted multiple non-encryption native enterprises in conducting encryption payments and treasury experiments, and has served as an advisor in several SPAC mergers, promoting the target companies to incorporate digital assets into their strategic asset allocation. Company B participated in over $800 million of publicly listed company encryption-related financing between 2024-2025, covering various aspects including equity investments, debt financing, and advisory services.

Some Web3 investment company C

In July 2025, Company C announced that it had signed a non-binding memorandum of understanding with a catering and packaged food company. According to a joint statement released by both parties, Company C will invest up to $100 million in Bitcoin into the food company's Bitcoin treasury yield strategy. The co-founder of Company C will also join the food company's "Bitcoin Vision Committee" to provide strategic guidance for its treasury management and yield optimization. The food company announced its Bitcoin funding reserve plan in May of this year, aiming to purchase 5,000 Bitcoins within three years, and purchased 21 Bitcoins for its corporate funding reserve that month.

In addition, as a well-known investor in the Web3 industry that has risen during the NFT boom, Company C itself is also seeking opportunities for an IPO in the United States. According to reports, Company C is planning to go public in New York, aiming to seize the "unique opportunity" provided by the government's regulatory approach to digital assets. With the decline of NFT and GameFi projects, in addition to investments, Company C's latest financial report also shows that it is transforming towards consulting services, covering token consulting, token economics, marketing, listing consulting, node operation, and trading services.

A certain Asian encryption investment company D

In December 2024, Company D announced the launch of a $150 million fund aimed at replicating the bitcoin treasury management model of a certain technology company for publicly listed companies in Asia. The fund will focus on publicly listed companies in markets such as Japan, Hong Kong, Thailand, Taiwan, and South Korea. The first beneficiary case is a company listed on the Tokyo Stock Exchange, which saw its stock price surge over 1000% in 2024, becoming the best-performing stock on the Tokyo Stock Exchange.

In May of this year, Company D entered the public market and rebranded through a strategic merger with a Nasdaq-listed luxury goods distributor in Hong Kong. This merger provided the distributor with Company D's expertise in Bitcoin, which will participate in the distributor's investment and treasury management. The distributor has announced plans to adopt a Bitcoin reserve strategy and intends to allocate $150 million to support Bitcoin treasury projects for at least ten publicly listed companies in the Asian market.

Recently, the Bitcoin Investor Alliance, including Company D, raised approximately $25 million by issuing about 58,862,249 new shares through a directed issuance to a software service provider listed on the South Korean KOSDAQ. The software service provider plans to use the new capital to support its daily operations and develop new business plans in the digital asset field.

Other participating institutions

In addition to the major institutions mentioned above, several other encryption investment firms have participated in recent significant transactions. For example, in the "FET Token Treasury" financing framework announced by a fitness equipment company, the first tranche of $55 million was jointly invested by two investment firms. In another private equity financing of $425 million completed by a gaming company, several well-known encryption investment institutions were also involved.

In addition, a publicly listed Bitcoin financial reserve company founded by a well-known encryption investor has completed an initial financing round of $750 million, attracting participation from many encryption venture capital firms.

These transactions reflect the growing demand from traditional capital for high-quality encryption assets, and also demonstrate the important role that encryption investment institutions play in promoting the encryption of listed companies. As more institutions join this trend, we may see more listed companies adopting encryption asset reserve strategies, further driving the integration and application of cryptocurrency in the traditional financial sector.