Crypto treasuries surge as IPO filings accelerate

Today marked one of the busiest days yet for corporate crypto finance, as companies from New York to Hong Kong unveiled major treasury allocations, IPO filings and strategic acquisitions.

SharpLink disclosed it had acquired 39,008 ether, worth roughly $177 million at the end of August, through an at-the-market equity program. The company framed the move as a diversification strategy and left open the option of staking its holdings.

Ether Machine announced a $654 million raise, including a 150,000 ETH contribution from Ethereum supporter Jeffrey Berns, bringing its holdings to nearly half a million ETH. The firm will merge with Dynamix Corporation to list on Nasdaq under the ticker ETHM, with plans to deploy its assets actively across staking and decentralized finance.

Meanwhile, Strategy Inc. added 4,048 bitcoin worth $449.3 million, pushing its reserves to 636,505 BTC. Gemini filed for a Nasdaq listing under the ticker GEMI, seeking to raise $316.7 million despite reporting a $282.5 million net loss in the first half of the year. 

Blockchain lender Figure also set terms for its own $526 million IPO, one of the few profitable crypto-adjacent firms heading into the markets. Yunfeng Financial bought 10,000 ETH, BitMine Immersion disclosed 1.87 million ETH holdings, and House of Doge Inc. unveiled the first formal Dogecoin treasury in partnership with CleanCore and 21Shares.

The surge in activity comes after pivotal regulatory and accounting shifts that lowered barriers for companies to hold crypto directly. In 2024, the SEC approved spot bitcoin and ether ETFs, providing registered market exposure that helped legitimize corporate adoption.

Around the same time, US accounting rules were updated to allow fair-value treatment of crypto assets, meaning firms can now reflect gains as well as losses on their balance sheets. The rescission of SAB 121, which had previously restricted custodians’ ability to safeguard crypto, further eased institutional participation.

These changes coincided with a friendlier political climate under the Trump administration, which has emphasized capital formation and signed new stablecoin legislation into law. The result is a markedly different landscape from the enforcement-heavy years of 2022-2023.

According to Blockworks Research, corporate crypto treasuries are now approaching $100 billion in net asset value, up from roughly $60 billion in early May. Aggregate daily trading volume has consistently topped $10 billion through the summer, driven largely by bitcoin and ether. Strategy Inc. remains the largest single holder, with more than 632,000 BTC representing about 3.4% of supply. On the Ethereum side, BitMine and Ether Machine together control over 2.5% of total supply.

This article was generated with the assistance of AI and reviewed by editor  Jeffrey Albus  before publication.

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