Public Companies Building Crypto Reserves With Bitcoin, XRP and $TRUMP Purchases

Publicly listed companies are increasingly blurring the lines between traditional finance and crypto-native strategies.

From healthcare to mining and asset management, firms are increasing their exposure to Bitcoin and other cryptocurrencies as speculative bets and integral parts of their treasury, payments, and infrastructure strategies.

Latest Deals By Listed Companies

Thumzup Media Corporation (TZUP) has announced that its board has authorized the company to hold up to $250 million in crypto assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Dogecoin (DOGE), Litecoin (LTC), and USDC.

Meanwhile, Enlightify (ENFY) has become the first publicly listed company to target CYBER tokens for long-term treasury holdings.

In a phased approach aimed at strategic accumulation, the firm announced plans to acquire up to $20 million worth of CYBER from the open market over the next 12 months.

Bit Origin (BTOG) unveiled a Dogecoin-focused treasury strategy, aiming to raise $500 million to support its DOGE accumulation. The funding will include $400 million in equity financing and $100 million in convertible bonds.

The company has already completed an initial $15 million financing round, with part of the funds allocated for DOGE purchases, making Bit Origin one of the first public companies to adopt Dogecoin as a core treasury asset.

Esports and entertainment firm GameSquare (GAME) announced the completion of a $70 million public offering. The majority of proceeds will be used to expand its Ethereum holdings. The company aims to become one of the largest publicly listed ETH holders.

Lastly, BitMine (BTMN) reported that its ETH and ETH equivalent holdings have surpassed $1 billion. The company completed a $250 million private placement and now holds 300,657 ETH, valued at approximately $3,461.89 per token.

Previous Purchases

Bitcoin accumulation by listed firms continues to heat up, with several players expanding their holdings significantly.

The Smarter Web Company, a London-listed tech firm, just added another 226.42 BTC to its treasury at an average price of £78,932 (~$107,726) per coin, bringing its total stash to exactly 1,000 BTC.

That’s a cumulative investment of £78.2 million, with a blended average price of £78,228 ($106,766).  As a result, the company posted a YTD Bitcoin yield of 26,242% and a 30-day yield of 530%, and still has over £42.3 million in cash earmarked for more BTC purchases.

Meanwhile, The Blockchain Group picked up 116 BTC for roughly €10.7 million at an average of €92,175 per coin. As of July 7, 2025, the group holds 1,904 BTC worth around €172 million, up 1,348.8% year-to-date and 5.7% this quarter.

Semler Scientific also grew its stack, buying 187 BTC for $20 million. The company now holds 4,636 BTC, reflecting a solid 29% YTD return.

Rounding out the list, DDC Enterprise added 230 BTC, pushing its total to 368 BTC and reporting a 48% jump in yield. The company currently holds approximately 0.04426 BTC per 1,000 shares.

Davis Commodities Creates Bitcoin Reserve

Davis Commodities Limited (DTCK), a leading Singapore-based agricultural commodities trader, has unveiled a major strategic shift following approval of its $30 million fundraising plan.

The initiative focuses on integrating Bitcoin reserves and Real-World Asset (RWA) tokenization, aiming to position the company at the forefront of digital finance in agriculture.

Fund Allocation Overview:

• Bitcoin Reserves: Initially, $4.5 million will go into Bitcoin, with plans to scale to 40% over time. The company considers Bitcoin a hedge against inflation and a growth asset, surging by 156% in 2023, by 121% in 2024, and by over 14% in 2025. The move is expected to boost financial resilience and long-term returns.
• RWA Tokenization: Davis will invest half the funds in tokenizing agricultural assets like sugar, rice, and edible oils. This aims to unlock liquidity, reduce costs, and streamline trade. The RWA market is projected to hit $16 trillion by 2030, and Davis anticipates this strategy could generate $50 million in extra annual revenue within two years.
• Tech and Partnerships: The rest will support tech infrastructure, security, and strategic alliances to integrate digital assets across operations.

SharpLink to Invest Ethereum With $425 Million Treasury

iGaming firm SharpLink is taking inspiration from Michael Saylor’s Bitcoin strategy—only it’s going all in on Ethereum (ETH).

The company has unveiled a $425 million private investment in public equity (PIPE) deal, aiming to convert a major portion of its balance sheet into ETH.

It marks one of the first major moves by a public company to adopt Ethereum as a treasury reserve asset.

The deal includes the sale of 69.1 million shares of common stock at $6.15 each. Consensys is leading the investment, with backing from ParaFi Capital, Pantera, Electric Capital, and Galaxy Digital.

Furthermore, SharpLink Gaming has filed a prospectus supplement to expand its at-the-market (ATM) offering from $1 billion to $6 billion under an amended agreement with A.G.P., including forward sales provisions.

The company plans to use most of the proceeds to acquire Ethereum (ETH), with the remainder allocated for general corporate and marketing initiatives.

Wellgistics Bets on XRP

Wellgistics Health, a technology-driven pharmaceutical distribution and healthcare infrastructure company, announced a new initiative to pioneer using XRP as a treasury reserve asset and real-time payments infrastructure.

The initiative is backed by the company’s $50 million Equity Line of Credit (ELOC).

It may be used to develop programmable liquidity and on-demand financial infrastructure to reduce banking delays, cut costs, and improve transparency across its national network.

Strategy Leads With Largest Bitcoin Holding

Once known as MicroStrategy, Strategy continues to dominate the corporate Bitcoin landscape, holding the largest BTC reserve among publicly traded companies.

According to the latest data, the business intelligence firm owns over 597,325 BTC, solidifying its position as the biggest institutional holder of digital assets.

Led by Executive Chairman Michael Saylor, MicroStrategy has aggressively expanded its Bitcoin treasury strategy since 2020. It views BTC as a superior store of value and a hedge against inflation.

The company has consistently utilized corporate debt, equity offerings, and excess cash to accumulate Bitcoin, integrating it as a core part of its balance sheet strategy.

Strategy’s bold approach has inspired other listed companies to explore Bitcoin as a treasury asset, contributing to the growing trend of institutional crypto adoption.

MARA Continues Its BTC Purchasing Activity

MARA, formerly Marathon Digital Holdings, currently holds 50,000 BTC, worth around $7.0 billion at current market prices.

As a mining-focused company, its Bitcoin production costs heavily influence MARA’s profitability.

In 2024, the company produced 9,457 BTC, with estimated average production costs near $55,000 per Bitcoin, although MARA has not officially disclosed the precise figure.

Twenty One

Crypto mining firm Twenty One has quietly expanded its Bitcoin reserves, positioning itself among the emerging institutional holders.

As part of its treasury diversification and balance sheet optimization, the company has steadily increased its BTC holdings throughout 2024.

As of May 13, the Bitcoin miner holds 31,500 BTC, worth $439 million at the current Bitcoin price.

Riot Platforms Tops 19,000 BTC

Riot Platforms continues to build its position as one of the prominent Bitcoin mining companies in the U.S.

According to the latest data, Riot holds 19,225 BTC, which is valued at approximately $1.97 billion.

This equates to a very small BTC per share value, representing a significant share of the company’s enterprise value of $3.4 billion.

With Bitcoin accounting for over 63% of Riot’s market capitalization, the company’s financial performance remains closely tied to Bitcoin price movements and mining economics.

The firm’s Bitcoin-heavy balance sheet highlights its commitment to the sector and positions it as a key player in Bitcoin mining.

Galaxy Digital Expands Crypto Treasury With Bitcoin Reserves

Galaxy Digital Holdings has reinforced its position in the digital asset space with 12,830 BTC on its balance sheet, valued at around $1.4 billion.

With 0.00003958 BTC per share, Bitcoin holdings make up approximately 20% of Galaxy’s market cap, currently $7 billion.

Unlike pure-play miners, Galaxy is a diversified financial services firm focused on digital assets, DeFi, and asset management. ‘

Its Bitcoin reserves are part of a broader crypto treasury strategy, serving as a liquidity buffer and a strategic bet on Bitcoin’s long-term appreciation.

Galaxy’s managed Net Asset Value trades nearly 5 times its market cap, reflecting its substantial underlying crypto holdings, institutional services, and proprietary trading activities.

First 20 Largest Listed BTC Holders

Table made by CCN based on BitcoinTreasuries.net data

About the Author

Giuseppe Ciccomascolo

Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.

Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.

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