Top 10 Crypto Treasuries 2025: How U.S. Firms Now Dominate the Digital Asset Economy

Crypto treasuries have quietly become the backbone of institutional digital wealth. The DATCo Report 2025, published by CoinGecko, reveals that 157 entities across 31 countries now collectively hold $201 billion worth of digital assets, marking a 1.3% increase in 24 hours and cementing the role of corporate and governmental players in the crypto economy.

With Bitcoin dominance at 57.7% and Ethereum at 11.8%, the data shows that U.S.-based companies and state treasuries account for the majority of global crypto ownership. In the last quarter alone, American firms added more than 1.2 million BTC and 565,000 ETH, led by Strategy (formerly MicroStrategy), MARA Holdings, and BitMine Immersion.

Key Takeaways

• Global crypto treasuries total $201 billion, with BTC representing nearly 90% of holdings.
• Strategy (MSTR) remains the world’s largest holder, now owning over 638,000 BTC worth $67.3 billion.
• The United States leads both corporate and government holdings, outpacing China and Japan.
• Metaplanet (Japan) and Forward Industries (U.S.) are the most notable non-U.S. entrants.
• Solana and Ethereum are gaining visibility in treasury diversification strategies.
• The trend points to a structural shift toward Bitcoin as a reserve asset class.

Global Overview of Crypto Treasuries

According to the DATCo dataset, crypto treasuries span across 31 nations, totaling $201.27 billion in digital assets distributed among 157 entities. The ratio 29:3:1 for Bitcoin, Ethereum, and other altcoins underscores Bitcoin’s enduring dominance as a treasury asset.

This global total includes both public companies, private institutions, and governments, revealing that crypto has moved well beyond speculative trading and into balance sheet strategy.

Among the total, over 110 U.S. companies now hold Bitcoin directly on their books, while multiple governments — including the U.S., U.K., and El Salvador, have entered the top ranks of national crypto treasuries.

Read Also: Bitcoin Price Prediction, Recent News & Future Outlook

Top 10 Crypto Treasuries in 2025

1. Strategy (MSTR.US) – United States
   • Holdings: BTC (+1,175 BTC this month)
   • Total Value: $67.2
   • Known as the “Bitcoin standard company,” Strategy leads all corporate treasuries, reinforcing its position as the benchmark for institutional BTC accumulation.
2. United States Government – USA
   • Holdings: ~210,000 BTC seized through enforcement actions
   • Estimated Value: $34.12B
   • The U.S. government continues to rank second globally, holding a treasury larger than most Fortune 500 firms.
3. China Government – China
   • Holdings: BTC from law enforcement seizures
   • Value: $19.93B
   • Despite restrictions on domestic trading, China remains a major BTC custodian due to past confiscations.
4. BitMine Immersion (BMNR.US) – United States
   • Holdings: ETH +565,271 | BTC reserve
   • Value: $12.07B
   • The firm leads the institutional Ethereum segment, bridging crypto mining with liquid staking strategies.
5. United Kingdom Government – UK
   • Holdings: BTC reserves from law enforcement assets
   • Value: $6.42B
   • The UK’s treasury inclusion underscores growing Western alignment in digital reserve adoption.
6. MARA Holdings (MARA.US) – United States
   • Holdings: BTC +400
   • Value: $5.58B
   • Marathon Digital continues to strengthen its corporate treasury position, capitalizing on post-halving BTC scarcity.
7. XXI (CEP.US) – United States
   • Holdings: BTC (undisclosed)
   • Value: $4.56B
   • Little public data is available, but filings indicate steady accumulation across Q3 2025.
8. Metaplanet (3350.T) – Japan
   • Holdings: BTC holdings valued at $3.23B
   • As Japan’s “Asian MicroStrategy,” Metaplanet has mirrored MSTR’s accumulation strategy, integrating BTC into its corporate treasury model.
9. Bitcoin Standard Treasury Company (CEPO.US) – United States
   • Holdings: BTC
   • Value: $3.14B
   • A newer entrant structured as a pure-play BTC reserve firm for institutional investors.
10. SharpLink (SBET.US) – United States
    • Holdings: ETH +19,271 | BTC
    • Value: $3.05B
    • SharpLink is among the largest Ethereum holders, signaling that blue-chip corporates are no longer BTC-only.

Together, these top ten entities account for nearly 75% of total tracked crypto treasuries, amounting to over $155 billion in combined digital asset value.

Read Also: Top 10 Ethereum Treasuries in 2025: Here’s The List!

U.S. Companies Lead the Institutional Wave

The United States now accounts for 60% of the total global crypto treasury value, underscoring the country’s dominant role in institutional Bitcoin adoption.

Corporate entities like Galaxy Digital ($2.42B), Coinbase ($2.05B), and Tesla ($1.2B) continue to expand their exposure. Meanwhile, venture-backed digital asset firms such as Bullish, CleanSpark, and Riot Platforms have solidified Bitcoin’s position as a strategic reserve.

Interestingly, non-crypto firms such as Forward Industries and Trump Media & Technology Group (DJT.US) have joined the ranks, illustrating the widening appeal of BTC as a treasury instrument even beyond fintech sectors.

Rising Government Participation

Governments are no longer passive observers in the crypto economy. The U.S., China, UK, and El Salvador collectively hold more than $62 billion in digital assets, a number expected to rise as more states tokenize seized assets or establish strategic reserves.

• El Salvador maintains its national Bitcoin reserve at roughly $657 million, continuing to treat BTC as legal tender.
• Bhutan and the UAE have emerged as unexpected players, leveraging sovereign wealth vehicles to accumulate BTC and SOL.
• The North Korean treasury, despite sanctions, remains listed with approximately $1.4 billion in BTC, highlighting the geopolitical dimension of on-chain assets.

Read Also: RedStone Crypto Price — Chart, Prediction, and Opportunities

What This Means for Bitcoin and the Market

Institutional Bitcoin adoption has shifted from an experimental strategy to a macroeconomic reality. Corporate balance sheets are now absorbing BTC as both a hedge against inflation and a yield-generating collateral asset through lending markets.

As Strategy’s market capitalization approaches $100 billion and governments begin managing seized crypto reserves as sovereign wealth, the line between crypto assets and traditional financial treasuries continues to blur.

The emergence of non-BTC holdings such as ETH, SOL, and WLFI among the top 25 signals the start of multi-asset treasury diversification, marking a new era for institutional Web3 exposure.

Final Thoughts

The 2025 DATCo Crypto Treasury Report confirms that the world’s largest crypto holders are not anonymous whales but established corporations and state entities. With more than $201 billion in digital assets sitting in official treasuries, the movement toward on-chain finance is accelerating across continents.

The next frontier lies in how these treasuries deploy their assets — whether through DeFi yield platforms, tokenized bonds, or real-world asset protocols. One thing is clear: the institutionalization of crypto is no longer a forecast; it’s a financial transformation already in motion.

Read Also: Is ETH Still Bullish? Analyzing Opportunities

FAQs

What is a crypto treasury?

A crypto treasury refers to the digital asset reserves held by companies or governments, typically in Bitcoin, Ethereum, or other blockchain tokens.

Which company holds the most Bitcoin?

Strategy (MSTR) holds over 638,000 BTC, making it the largest corporate Bitcoin holder globally.

How much crypto does the U.S. government hold?

As of November 2025, the U.S. government holds approximately $34 billion in Bitcoin, mainly from seized assets.

What is the total value of global crypto treasuries?

The total value stands at around $201 billion, with Bitcoin making up the majority of holdings.

Which non-U.S. companies are in the top ten?

Metaplanet (Japan) and the UK Government are the main non-U.S. entries in the 2025 top ten.