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

Key Takeaways

• Wellgistics Health becomes one of the first public healthcare companies to integrate XRP as a treasury reserve asset.
• GDC Culture Group secures up to $300M to buy Bitcoin and $TRUMP.
• Strategy retains its crown as the world’s largest listed crypto holder.

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.

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.

SharpLink CEO Rob Phythian and CFO Robert DeLucia will also contribute to the raise.

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 555,450 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 48,237 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 19,211 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 13,704 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