Digital assets treasury companies (DATCos) spent $42.7 billion to acquire crypto assets in 2025, new report highlights.
In a landmark shift in corporate finance, a growing wave of publicly traded firms are turning to cryptocurrency as a strategic reserve asset.
According to the newly released CoinGecko “Digital Asset Treasury Companies (DATCo) Report 2025,” these so-called Digital Asset Treasury Companies (“DATCos”) have already deployed approximately $42.7 billion this year into crypto asset acquisitions.
The $68 billion Strategy (formerly Microstrategy) has been the largest buyer of crypto assets for treasury holdings. According to the report, Strategy holdings make up ~50% of DATCo Crypto.
Strategy was the first publicly traded company to adopt digital assets as a pure-play treasury strategy. With a focus on Bitcoin, the largest cryptocurrency by market capitalization, Strategy, as of today, has acquired 641,205 BTC, representing ~3.05% of max bitcoin supply.
Digital assets treasury companies grew by 76 in 2025, reaching a total of 142, from just 4 in 2020. These firms, in addition to country treasuries collectively hold ~$192.82 billion in crypto assets. At the end of October, DATCo crypto holdings totaled $137.3 billion.
Bitcoin dominates treasury holdings at 82.6%, followed by Ether (ETH) at 13.2% and Solana (SOL) at 2.1%. Out of 142 DATCo, 113 — representing 79.6% — hold Bitcoin (BTC) as a treasury asset. This strong alignment with Bitcoin by DATCos has reflected in digital assets purchases for treasury holdings in 2025.
Bitcoin DATCos bought the most crypto assets, totalling $30.0 billion (~70.3% of all purchases) by the end of October. Ethereum came in second with ~$7.9 billion in reported purchases in 2025.
Historically, cryptocurrencies were largely the province of speculators and technology firms, but today, various publicly traded companies are betting big on these decentralized digital assets, raising billions of dollars to acquire as much supply for treasury holdings.
The shift is driven by several forces including the formalisation of crypto-accounting standards by the Financial Accounting Standards Board (FASB) in late 2023, which allowed corporate holders to recognise crypto holdings at fair market value and mark gains as income. Also, macro-economic dynamics such as weakening fiat currencies and concerns about inflation or currency debasement, have motivated firms to treat crypto as an alternative reserve asset.
With digital assets regulations in the United States taking new forms to enable innovation, DATCos out of the US make up 43.5% of all treasury companies.
Crypto assets are moving away being recognized as speculative assets with no intrinsic value to being a preferred mainstream asset to hedge against traditional finance and economies, while building meaningful exposure to the emerging digital assets market, the future layer for finance and global economic systems, as many have called it.