Digital Asset Treasury Companies: Bitcoin, Ethereum & Solana Explained
Corporations are increasingly adding digital assets to their balance sheets, a trend that has gained significant momentum. Pioneers like MicroStrategy are leading the way, diversifying their corporate treasuries with cryptocurrencies such as Bitcoin and Ethereum. This strategic shift is driven by a search for an inflation hedge, a belief in the future of decentralized finance, and a landmark change in U.S. accounting rules that now make holding crypto more attractive than ever.
Why Are Companies Holding Crypto?
Corporate treasuries have traditionally been composed of cash, bonds, and other low-risk assets. The move to include volatile digital assets represents a major strategic evolution for several key reasons:
- Inflation Hedge: This is the primary thesis for MicroStrategy, the largest corporate holder of Bitcoin. The company views Bitcoin as a superior store of value compared to fiat currencies like the U.S. dollar, which are subject to inflation.
- Belief in the Technology: Many tech-forward companies, including Block (formerly Square), hold Bitcoin as a reflection of their belief in a future decentralized financial system.
- Core Business Operations: For crypto-native companies like miners (Marathon Digital) or stablecoin issuers (Tether), holding vast amounts of digital assets is a fundamental part of their business model.
The FASB Rule Change: A Game Changer for Treasuries
A pivotal development fueling this trend is a new rule from the U.S. Financial Accounting Standards Board (FASB), which took effect in 2025.
- The Old Rule: Previously, companies had to treat crypto as an “indefinite-lived intangible asset.” This meant they could write down the value if the price fell but could not write it back up if the price recovered, until the asset was sold. This created a distorted and overly negative view on their financial statements.
- The New Rule: The updated guidance empowers companies to report their cryptocurrency holdings at fair value (or mark-to-market). This means they can now report both unrealized gains and losses each quarter, providing a more accurate and real-time representation of their assets’ value. For more details, refer to the FASB’s official website. This change eliminates a significant accounting challenge and enhances the viability of cryptocurrency as an asset for corporate treasuries.
Who Holds the Most Crypto? The Top Players
While dozens of companies hold digital assets, a few names dominate the space. The data below is sourced from trackers like CoinGecko, which monitor the holdings of public and private companies.
| Company | Asset | Approximate Holdings | Primary Motivation |
| MicroStrategy (MSTR) | Bitcoin | 200,000+ BTC | Inflation Hedge |
| Marathon Digital (MARA) | Bitcoin | 17,000+ BTC | Mining Operations |
| Tesla (TSLA) | Bitcoin | 10,000+ BTC | Diversification |
| Coinbase (COIN) | Bitcoin/ETH | Varies | Exchange Operations |
| Tether | Bitcoin/Other | Varies | Stablecoin Reserves |
The Public Company Pioneers
MicroStrategy (MSTR), a leading business intelligence firm, has made Bitcoin its primary treasury reserve asset, solidifying its position as the undisputed leader in this field. Under the leadership of CEO Michael Saylor, the company has strategically utilized company funds and debt to acquire over 200,000 BTC. Tesla (TSLA) also gained attention for its substantial Bitcoin purchase. Although Tesla has sold some of its holdings, it still maintains a significant amount of Bitcoin on its balance sheet.
The Crypto-Native Giants
It’s no surprise that companies involved in the cryptocurrency industry hold the most substantial holdings. Tether, the issuer of the USDT stablecoin, boasts a vast and diversified portfolio of assets, including Bitcoin, to support its tokens. Similarly, exchanges like Coinbase also maintain substantial corporate treasuries in both Bitcoin and Ethereum.
Key Takeaways:
- Growing Trend: A growing number of corporations are adding digital assets, primarily Bitcoin, to their balance sheets.
- Key Motivations: Companies are using crypto as an inflation hedge, a long-term investment, or as a core part of their business operations.
- New Accounting Rules: A landmark FASB rule change in 2025 allows for fair-value accounting of crypto assets, making them more attractive for corporate treasuries.
- The Leader: MicroStrategy is the largest corporate holder of Bitcoin, with over 200,000 BTC.
- Other Major Players: Other significant holders include crypto miners like Marathon Digital, tech companies like Tesla, and crypto-native firms like Tether and Coinbase.
Also read, Kevin Durant Recovers Long-Lost Bitcoin Wallet.
FAQs:
A corporate treasury is the department within a company that manages its cash, investments, and other financial assets to ensure financial stability and liquidity.
It allows companies to reflect the true, current market value of their crypto holdings on their financial statements. The old rule only allowed them to show losses but not gains, which was a major deterrent for public companies.
Yes. While MicroStrategy is the largest, many publicly traded Bitcoin mining companies like Marathon Digital and Riot Platforms hold thousands of BTC. Tech companies like Tesla and Block also hold significant amounts.
Yes, but it is less common for corporate treasuries. Some crypto-native companies hold Ethereum (ETH), Solana (SOL), and other assets that are part of their specific ecosystems, but Bitcoin is by far the most popular treasury asset for public operating companies.
Christine Morgan is a senior staff writer and journalist at ReadBitz.com, where she brings clarity and context to the most pressing global events. As a leading voice on the daily news desk, she is dedicated to demystifying the complex web of international affairs, politics, and economics for a diverse global readership.