The Biggest Bitcoin and Crypto Treasury Plays of 2025

Core Insights - The year 2025 saw a significant replication of the corporate treasury strategy pioneered by Strategy, with various companies across sectors building substantial holdings in Bitcoin, Ethereum, and Solana through formal capital-raising methods [1] Group 1: Strategy's Bitcoin Holdings - Strategy, formerly MicroStrategy, acquired its first Bitcoin in August 2020 at a price of $14.44 per share and currently holds 660,624 BTC valued at $62 billion as of December 15, with a share price increase of 1,204% [2] - The company utilized a combination of debt and equity to purchase Bitcoin this year [2] Group 2: Capital Raising Activities - In February, Strategy raised $2 billion through a bond sale to acquire 20,365 BTC at an average price of $97,514, with the bonds set to convert to stock in 2030 [3] - In March, during a trade war, Strategy purchased 22,048 BTC at $87,000, raising $1.2 billion from stock sales and an additional $1.85 million through a new perpetual preferred stock product [4] - In April, Strategy sold 4 million shares to raise $1.42 billion, acquiring 15,355 BTC, with 97% of the funds coming from stock sales [5] - In July, Strategy launched STRC, a perpetual preferred stock that pays monthly dividends, using it to fund the purchase of 21,021 BTC, marking a significant innovation in the market [7] Group 3: Market Dynamics - In November, Strategy's market capitalization fell below the value of its Bitcoin holdings, which could lead to future stock sales being dilutive rather than accretive [6]