The rise of corporate crypto treasuries has become one of the most influential narratives shaping both traditional markets and the digital asset ecosystem. Publicly traded companies are increasingly allocating capital to cryptocurrencies, using them as reserve assets, and in some cases, building entire business models around blockchain-based strategies. But with divergent approaches—some focusing on long-term Bitcoin accumulation, others betting on volatile altcoins—the question arises: Which strategy offers more sustainable value for investors?
This article examines six publicly listed companies pursuing crypto treasury initiatives, analyzes their market performance, and explores the relationship between their crypto holdings and stock price movements. We’ll also uncover key investment insights for navigating this evolving landscape.
The Rise of Corporate Crypto Treasuries
More companies than ever are integrating digital assets into their financial strategies. Whether it's Bitcoin (BTC) as a long-term store of value or speculative altcoins like HYPE and TRX for short-term gains, these treasury decisions directly impact investor sentiment and stock performance.
While Bitcoin remains the dominant choice among institutional adopters, some firms are experimenting with high-risk, high-reward altcoin allocations. The results? A mixed bag of sustained growth and speculative bubbles.
Let’s dive into six real-world examples that illustrate how different crypto treasury strategies affect market valuation.
Case Studies: Six Companies Embracing Crypto Treasuries
1. Strategy (formerly MicroStrategy) – Bitcoin (BTC)
Strategy made headlines in 2020 by becoming one of the first major corporations to adopt Bitcoin as its primary treasury reserve. Since then, the company has consistently raised capital through stock offerings, convertible bonds, and preferred shares—specifically to buy more BTC.
In early June, Strategy announced the pricing of 11.76 million shares of Series A 10.0% Stride perpetual preferred stock at $85.00 per share, generating approximately **$980 million in net proceeds** after fees. These funds are earmarked for Bitcoin acquisitions and general corporate use.
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The market has responded positively: Strategy’s stock is up 38.51% year-to-date, reflecting strong investor confidence in its pro-Bitcoin stance. Each funding round reinforces the narrative of long-term conviction, driving short-term price spikes and sustained interest.
2. Metaplanet Inc. (3350.T) – Bitcoin (BTC)
Japanese tech firm Metaplanet announced in December 2024 that Bitcoin treasury operations would become an official business line. Since then, it has aggressively accumulated BTC.
On June 25, Metaplanet raised 749 billion JPY (~$5.15 billion)** by issuing new shares and used part of the proceeds to purchase **1,234 BTC at an average price of $107,557. As of June 26, 2025, the company holds 12,345 BTC, acquired at an average cost of $97,036 per coin, delivering a 315% return on BTC holdings so far in the year.
Metaplanet’s stock has surged 661.9% since late 2024—a testament to how a clear, transparent Bitcoin strategy can generate lasting market momentum.
3. SharpLink Gaming (SBET) – Ethereum (ETH)
SharpLink Gaming has positioned itself as an Ethereum-focused treasury player. By June 2025, the company held 188,478 ETH, including a recent purchase of 12,207 ETH for $30.67 million** at an average price of **$2,513.
It also raised $27.7 million by selling company shares and earned 120 ETH in staking rewards during the same period.
Following the announcement, SBET’s stock jumped from $9.40 to $11.53—a 22.65% increase—before settling around $10. Despite some pullback, the decline is relatively modest (14.38% from peak), suggesting underlying support due to tangible asset backing.
4. SRM Entertainment, Inc. (SRM) – TRON (TRX)
SRM Entertainment took a radically different path by entering into a $100 million equity deal to launch a TRX-based treasury strategy. Founder Justin Sun was appointed advisor, and the company plans to rebrand as Tron Inc.
The market reacted explosively: SRM soared from $1.03 to $12.80—a staggering 1,142% gain—within days. However, without strong fundamentals or revenue integration, the rally faded. The current price sits at $7.96, down 60.8% from its peak.
This case highlights how celebrity-driven narratives can trigger massive short-term speculation but lack staying power.
5. Nano Labs (NA) – Binance Coin (BNB)
Nano Labs announced plans to buy $1 billion worth of BNB, aiming to hold 5–10% of the total circulating supply—a bold move that could make it one of the largest BNB holders globally.
Market reaction was immediate: shares spiked from $10.89 to $34.73 (+218.9%) on June 24 before crashing back to $11.47, a 66.97% drop from the high.
With no clear roadmap for integrating BNB into core operations, investors appear skeptical about long-term value creation.
6. Lion Group Holding (LGHL) – HYPE, SOL, SUI
Lion Group launched a $600 million crypto treasury, naming Hyperliquid’s HYPE token as its primary reserve asset, alongside Solana (SOL) and Sui (SUI).
The news sent LGHL’s stock from $2.715 to $4.84 (+78.26%) on June 18. But just weeks later, the price collapsed to $2.64, down 83.88% from its peak—one of the steepest reversals among the group.
Unlike Bitcoin or Ethereum, HYPE lacks broad institutional adoption and liquidity depth, making it highly vulnerable to sentiment shifts.
Why Do Crypto Treasury Announcements Boost Stock Prices?
Despite varying outcomes, all six companies saw an initial stock surge after announcing their crypto strategies. This short-term correlation stems from several factors:
- Perceived Innovation: Investors view crypto adoption as forward-thinking, especially when tied to major blockchains.
- Capital Commitment Signals Confidence: Raising funds specifically for crypto purchases suggests long-term belief in digital assets.
- Speculative Hype: Particularly with lesser-known tokens like HYPE or TRX, social media buzz and influencer involvement amplify momentum.
However, only those with transparent execution, strong fundamentals, and mainstream crypto exposure (BTC/ETH) maintain lasting gains.
Frequently Asked Questions (FAQ)
Q: Do all crypto treasury announcements lead to lasting stock gains?
A: No. While most trigger short-term rallies, only companies with credible strategies—like Strategy and Metaplanet—see sustained growth. Altcoin-focused plays often collapse once hype fades.
Q: Is holding Bitcoin better than altcoins for corporate treasuries?
A: Generally yes. Bitcoin’s scarcity, global recognition, and lower volatility relative to altcoins make it a more stable reserve asset for long-term value preservation.
Q: Can companies profit from staking altcoins like Ethereum?
A: Yes. SharpLink Gaming earns passive income through ETH staking—adding real utility beyond speculation and improving investor appeal.
Q: What risks do crypto treasuries pose to shareholders?
A: Market volatility is the biggest risk. For example, when BTC briefly dropped below $103K amid geopolitical tensions, Metaplanet’s stock fell 5.2% in a single day.
Q: Should investors follow every company entering crypto?
A: Not necessarily. Focus on firms with clear integration plans, audited holdings, and alignment with established networks like Bitcoin or Ethereum.
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Key Investment Insights
1. Understand Market Volatility
Crypto markets are inherently volatile. Gains driven by positive news can reverse quickly during downturns. As seen with Metaplanet, even strong BTC holders aren't immune to sharp corrections.
2. Prioritize Long-Term Value Over Hype
Short-lived spikes—like those seen with SRM or LGHL—are often fueled by speculation rather than substance. Look for companies building sustainable models around widely adopted assets like BTC and ETH.
3. Diversify Strategically
Smart investors balance exposure across asset types and risk profiles. Consider allocating a portion to proven stores of value (Bitcoin), while cautiously exploring yield-generating opportunities (Ethereum staking).
4. Monitor Regulatory and Technological Shifts
Long-term success depends not just on current holdings but on adaptability to regulatory changes and technological advancements in blockchain infrastructure.
Final Thoughts
Corporate crypto treasuries are here to stay—but not all strategies are created equal. Companies like Strategy and Metaplanet demonstrate that long-term Bitcoin accumulation, backed by transparent financing and clear vision, builds enduring shareholder value.
In contrast, altcoin-centric plays may deliver explosive returns but carry significantly higher risk due to lower liquidity, weaker narratives, and dependence on transient hype.
For investors navigating this space, the lesson is clear: favor fundamentals over frenzy.