With Trump Administration Support, U.S. Companies Flock to Add Bitcoin and Ethereum to Balance Sheets, 2025 Fundraising Surpasses $15 Billion
While traditional investors are still hesitating over whether to "trade crypto," a cryptocurrency revolution led by publicly listed companies is quietly unfolding on Wall Street.
By 2025, more than 160 publicly listed companies worldwide have adopted the "Digital Asset Treasury" (DAT) strategy, incorporating cryptocurrencies such as bitcoin and ethereum into their corporate balance sheets, with total holdings exceeding $240 billion.
Trump Policy Boosts DAT to National Strategy
The turning point for this trend came in March 2025, when U.S. President Trump signed an executive order officially establishing the "Strategic Bitcoin Reserve," designating bitcoin as a national reserve asset.
This move not only endorsed corporate DAT strategies but also elevated cryptocurrencies from "speculative tools" to "strategic assets."
According to a report by Latham & Watkins, the Trump administration made it clear: "The bitcoin held by the U.S. government will not be sold, but will be held as a reserve asset for the long term." This policy provides strong confidence for corporate DAT strategies.
DAT Company Stock Prices Soar, Investors Rush In
Companies adopting the DAT strategy have seen astonishing stock performance:
- Strategy (formerly MicroStrategy): Stock price surged 2,461% over five years, far surpassing the S&P 500's 93.1%
- SharpLink Gaming (SBET): After announcing a $425 million fundraising in 2025, became the world's largest publicly listed ETH holder
- Sol Strategies (HODL/CYFRF): Secured $500 million in convertible bond financing, focusing on the Solana ecosystem
- Upexi (UPXI): Deployed $100 million to purchase SOL and began generating staking yields
The commonality among these companies: They view cryptocurrencies as long-term strategic assets, not short-term speculative targets.
2025 DAT Fundraising Surpasses Traditional Crypto VC
According to insights4.vc statistics, as of August 2025, funds raised by public and private companies through DAT strategies have exceeded $15 billion, far surpassing the $6-8 billion raised by traditional crypto venture capital.
This marks a key shift in crypto capital allocation: companies are choosing to hold cryptocurrencies directly rather than investing in crypto startups.
Not Just Bitcoin: Ethereum and Solana Become New Favorites
Although bitcoin remains the mainstream DAT asset (total value $215 billion), other crypto assets are rising rapidly:
- Ethereum reserves: total value exceeds $23 billion
- Solana reserves: total value reaches $3.4 billion
- BitMine (BMNR) becomes the largest ETH holding company, with about $500 million in ethereum
- Hyperion DeFi (HYPD, formerly Eyenovia) focuses on the Hyperliquid ecosystem's HYPE token
Who Is Participating in DAT? Industries Span Tech, Aquaculture, Gaming
Surprisingly, the DAT strategy is no longer limited to tech companies and has even expanded to traditional industries:
- Nocera Inc. (NCRA): A sustainable seafood and recirculating aquaculture systems company, listed on Nasdaq in 2022
- GameStop (GME): Announced in March 2025 that it would add bitcoin to its reserves, causing its stock price to soar
- Tesla (TSLA): An early bitcoin holder, currently holding over 11,000 BTC
Risks Remain, But the Trend Is Clear
Although the DAT strategy brings huge opportunities, experts also remind investors to be aware of the risks:
- Cryptocurrency price volatility: Bitcoin and ethereum prices can still experience sharp fluctuations
- Regulatory uncertainty: Although supported by the Trump administration, future policies may change
- Company fundamentals dilution: Some companies may become overly reliant on the DAT strategy and neglect their core business
HashKey Capital CEO Deng Chao stated: "Crypto reserve companies with long-term strategies will be able to survive in any market. The key is to treat crypto assets as long-term holdings, not short-term trading tools."
Conclusion: A Paradigm Shift in New Era Investing
From MicroStrategy's pioneering experiment to now over 160 companies following suit, the DAT strategy has evolved from a "wild gamble" into a "mainstream financial strategy."
With clear support from the Trump administration and continued institutional capital inflows, DAT holdings by publicly listed companies may become one of the most important investment themes of the next decade.
For investors, this is not just a choice between "stocks or crypto," but a key lesson in understanding how companies are restructuring asset allocation logic in the digital economy era.
