Global companies have raised approximately $86 billion to purchase cryptocurrencies by 2025, which exceeds the capital raised through U.S. initial public offerings this year.
This surge represents a turning point where companies are recognizing digital assets not just as simple investments, but as core assets.
About 100 Companies Plan to Raise $43 Billion to Purchase Cryptocurrencies in July
According to data reported by the Wall Street Journal, nearly 100 companies announced plans to raise over $43 billion in July alone. These funds are being invested in assets like Bitcoin, Ethereum, and XRP.
Many of these efforts have already been implemented, reflecting increasing institutional interest in cryptocurrencies amid a positive U.S. market atmosphere.
One of the most aggressive players in this field is Strategy Inc. (formerly MicroStrategy), which led the corporate Bitcoin purchase trend in 2020. By this year, the company has raised over $10 billion to increase its BTC holdings.
This aggressive approach has made Strategy one of the best-performing stocks in the digital asset sector, driving the company's valuation to new heights.
Other companies are following suit. Japan's MetaPlanet and U.S.-based miner Marathon Digital have also secured significant funds to increase exposure to major cryptocurrencies.
According to data collected by Hodl15Capital, more than 35 other companies are preparing to raise billions of dollars to pursue similar strategies.
๐ง Bitcoin new supply: 450 BTC/day
โ HODL15Capital ๐บ๐ธ (@HODL15Capital) July 25, 2025
โ Bitcoin BUY announcements (long list ๐)
๐บ๐ธ $MSTR has $50+ Billion authorized ATM (~500,000 BTC)
๐บ๐ธ $STRC IPO $2.5 Billion (closing 7/29)
๐บ๐ธ ๐ฌ๐ง $CEPO Adam Back & Cantor Fitzgerald SPAC w/ $1.5 Billion
๐ฏ๐ต $MTPLF targets 210,000 BTC by 2027โฆ
Beyond Bitcoin, Ethereum is gaining popularity among financial buyers. BitMine Immersion Technologies is exploring up to $5 billion for ETH reserves, and SharpLink, led by Ethereum co-founder Joseph Rubin, is targeting hundreds of millions of dollars for its ETH strategy.
Additionally, several institutions have allocated millions of dollars to other digital assets like XRP, Ethena, and BNB as part of a diversified financial allocation.
Analysts Warn of Approach Risks
However, despite this boom, some analysts are warning about these companies' approaches.
Last month, Matthew Sigel, Digital Assets Research Director at VanEck, warned that the widespread use of at-the-market (ATM) offerings in the market could pose risks to shareholders.
These programs allow the issuance of new shares when the stock price is above net asset value (NAV). However, if prices fall, they can lead to significant dilution.
No public BTC treasury company has traded below its Bitcoin NAV for a sustained period.
โ matthew sigel, recovering CFA (@matthew_sigel) June 16, 2025
But at least one is now approaching parity.
As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or nearโฆ
Sigel recommends stopping ATM programs when stock prices fall below 95% of NAV for 10 consecutive days. He also suggests prioritizing stock buybacks when cryptocurrency asset prices rise but stock valuations do not follow.
Sigel proposes linking executive compensation to per-share NAV growth rather than total cryptocurrency holdings to better align leadership with shareholder outcomes.
