In 2025, many of the biggest public-company crypto treasury raises aren’t just facilitated by Wall Street, but increasingly funded by crypto-native institutions. Behind the headlines, the lead checks and structuring often come from the industry’s own market makers and venture capital firms: names like Galaxy Digital, Jump Crypto, GSR and DWF Labs. Traditional banks and law firms still sit at the table, but the heavy lifting on asset selection and execution tends to fall to companies specialized in the crypto market. Below, we explore some of the key public digital-asset treasury deals and the “crypto-native” firms driving them.
A corporate crypto treasury is a reserve of digital assets, held much like cash or marketable securities, intended to diversify balance sheets, align with product roadmaps, or earn protocol-native yields. What’s different in 2025 is the speed and professionalism of the build-out. New U.S. accounting rules now require many crypto assets to be measured at fair value beginning in 2025, eliminating the old “impairment only” model and giving boards cleaner P&L and disclosure mechanics. That clarity has made approvals easier and reporting more comparable across peers.
The value of crypto holdings by U.S. public companies has been steadily growing throughout 2025, surpassing $127 billion for the three most popular cryptocurrencies (BTC, ETH, SOL) on September 15, 2025, as per data from The Block:
While the list of cryptocurrencies having dedicated treasuries in public U.S. companies grows, there are several assets with extensive corporate balances:
Bitcoin (BTC). Being the crypto market’s anchor, public companies’ Bitcoin treasuries crossed 1,000,000 BTC in early September 2025, according to the Bitcoin Treasuries Adoption Report. The biggest holders are Strategy, Marathon and Metaplanet. The total amount of BTC on public companies’ balance sheets totals to $110 billion.
Ethereum (ETH). The second highest-cap cryptocurrency, Ethereum has been a fast-rising treasury asset, often with staking. ETH holdings by public companies are estimated at about $14 billion. SharpLink reported 837,230 ETH as of August 31, 2025. BitMine Immersion disclosed over 2,000,000 ETH in early September 2025.
Solana (SOL). A high-throughput Layer-1 (L1) blockchain rivaling Ethereum, Solana is prized for low fees and consumer-app UX. Public-company SOL treasuries are now measured in the millions of SOL, with the biggest holdings belonging to Forward Industries (FORD), DeFi Development Corp (DFDV) and Upexi (UPXI). Overall, SOL treasuries’ total size is about $3.2 billion, as of mid-September, 2025.
What it is: A neurotech company pivoting into a public Solana (SOL) treasury vehicle, raising capital to accumulate SOL on the balance sheet.
Deal: On September 15, 2025, Helius announced an oversubscribed PIPE of “over $500 million” to fund a Solana-focused treasury strategy. Terms included stapled warrants that could lift total proceeds to ~$1.25 billion if fully exercised. A leading crypto venture fund, Pantera Capital, together with Summer Capital is named in the deal.
Why it matters: The transaction positions HSDT as a Pantera-backed public proxy for SOL exposure, framed by Pantera’s Dan Morehead as a way for traditional investors to access Solana ahead of any spot ETF. Pantera’s role signals deep crypto-native execution behind treasury formation.
What it is: A craft spirits company adopting Story Protocol tokens as a primary reserve asset, creating one of the first public-company IP token treasuries.
Deal: In August 2025, Heritage announced a $220 million PIPE to launch a treasury strategy focused on $IP, with company materials describing a broader $340-$360 million reserve target. On August 25, the company reported it had completed $223.8 million of financing and added more than 53.2M $IP tokens (over $320 million) to its treasury.
Why it matters: The initiative is explicitly tied to a16z crypto’s backing of Story and was announced as launching “with participation from a16z crypto and other prominent investors” (alongside partners like Polychain cited in coverage). It’s an example of a non-L1, theme-specific treasury being stood up with top-tier VC involvement and capital-markets structuring (Cantor Fitzgerald and Roth as placement agents).
What it is: A fitness-tech company launching a dedicated AI-token treasury anchored in Fetch.ai’s FET, alongside a technology collaboration to bring Fetch.ai’s models into TRNR’s products.
Deal: In June 2025, fitness-tech company Interactive Strength entered a facility “up to $500 million” to acquire Fetch.ai’s FET token for a dedicated AI-token treasury, and closed an initial $55 million co-led by DWF Labs and ATW Partners. TRNR began purchasing FET through BitGo, positioning the company to run one of the largest U.S. public AI-token treasuries.
Why it matters: TRNR is positioned to operate the largest U.S. public AI-token treasury, setting a precedent for non-BTC or ETH reserves tied directly to a product roadmap. The committed facility enables staged accumulation with institutional custody and disclosures.
What it is: A U.S.-listed issuer that raised $100 million in a GSR-led PIPE to establish and manage a Litecoin (LTC) corporate treasury in collaboration with the cryptocurrency’s founder Charlie Lee and his Litecoin Foundation.
Deal: On July 18, GSR announced it led a $100 million PIPE into MEI Pharma and would serve as digital-asset treasury manager and strategic advisor, working alongside Litecoin creator Charlie Lee and the Litecoin Foundation. Days later, the company closed the $100 million financing and subsequently rebranded to “Lite Strategy” as it adopted LTC as a core treasury asset and added Lee to the board. Industry and company statements emphasize GSR’s dual role: funding the raise and operating the treasury mandate.
Why it matters: this is the first widely covered institutional playbook for a Litecoin corporate treasury in the U.S., with the market maker explicitly contracted to run the treasury—not just invest.
What it is: A U.S.-listed issuer, Forward Industries, that closed a $1.65 billion PIPE to build a Solana (SOL) corporate treasury, paired with governance changes (Multicoin’s Kyle Samani as chair; board observers from Galaxy and Jump), marking a landmark SOL treasury formation.
Deal: On September 11, 2025, Forward Industries said it closed a $1.65 billion PIPE to fund a Solana (SOL) treasury. Jump Crypto joined Galaxy Digital and Multicoin Capital as lead participants. A week later, Forward announced and filed an At-the-Market (ATM) equity offering program of up to $4 billion, saying proceeds may be used for general corporate purposes including further SOL purchases.
Why it matters: This deal extends the anchor-investor model: the PIPE provided the initial balance-sheet firepower and governance alignment, and the $4 billion ATM gives Forward a scalable, on-demand funding rail to pace SOL accumulation and treasury operations with market conditions.
The 2025 wave of public-company crypto treasuries is happening not only thanks to the big names from traditional finance (TradFi) but also emerging leaders of the digital asset market: market makers and VC firms like DWF Labs, GSR, Jump Crypto, a16z crypto, and Pantera writing lead checks and guiding structures. For investors, the key point is to watch who’s backing and structuring major crypto treasury deals. The firms leading them are strong indicators of where corporate balance sheets are moving, and where liquidity in the market is likely to flow next.
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