The Driving Forces Behind the Public Company's Encryption Reserve Strategy

In recent years, an increasing number of publicly listed companies have begun to include encryption assets in their balance sheets. From a certain technology company taking the lead in making significant investments in Bitcoin, to a media group raising $2.5 billion to build a Bitcoin treasury, and several traditional industrial and technology giants experimenting with stablecoins or Ethereum as strategic reserves on a small scale. According to data platforms, as of July 17, 154 publicly listed companies have adopted Bitcoin as a strategic reserve; another research report indicates that publicly listed companies have cumulatively invested as much as $76 billion in encryption assets.

In addition to the government's encryption-friendly policies and the demonstration effects of certain companies, behind this wave is also the crypto venture capital and Web3 funds focused on institutional-level digital asset layouts. They provide listed companies with comprehensive solutions for cryptocurrency purchases, tokenized equity, stablecoin settlements, and on-chain treasury management through leading PIPE (Private Investment in Public Equity), convertible bonds, reverse mergers, and other methods.

The main institutions promoting the encryption of listed companies have expanded from a few well-known investment firms in the early days to include multiple emerging encryption investment institutions, with an increasing number of encryption VCs joining this trend recently.

Major Participating Institutions and Their Trends

A well-known encryption investment company A

The company has invested in several DAT (Digital Asset Treasury) companies, the most notable of which is a financial services firm led by a long-time Bitcoin evangelist. The company is trying to emulate the strategy of a certain tech company and has received support from several industry giants. Investment firm A pointed out that this company's scale is just right to utilize all capital market tools, while its market capitalization is relatively small, allowing it to achieve faster growth per Bitcoin share and trade at a higher premium.

In addition, the investment company also led a round for another company that is drawing on the strategies of a certain technology company but applying them to Solana. Investment Company A believes that Solana is an interesting alternative to Bitcoin for several reasons: its shorter maturity period may offer greater upside potential; higher volatility means the possibility of achieving higher returns; staking rewards can promote growth in the value of each SOL; and due to the limited alternatives, there is more untapped demand.

Some digital asset investment company B

In May 2025, a media company announced it would raise approximately $2.5 billion for the construction of a Bitcoin treasury by issuing $1.5 billion in common stock and $1 billion in convertible bonds. Company B not only served as the financial advisor for this debt and equity financing but also was one of the lead underwriters, designing the financing structure and committing to provide liquidity support.

Previously, Company B had assisted several non-encryption native enterprises in conducting encryption payments and treasury experiments, and served as an advisor in several SPAC mergers, promoting target companies to incorporate digital assets into their strategic asset allocation. Between 2024 and 2025, Company B participated in over $800 million in publicly listed company encryption-related financing, covering multiple aspects including equity investment, debt financing, and advisory services.

Some Web3 investment company C

In July 2025, Company C announced that it has signed a non-binding memorandum of understanding with a catering and packaged food company. According to a joint statement issued by both parties, Company C will invest up to $100 million in Bitcoin into the food company's Bitcoin treasury revenue strategy. The co-founder of Company C will also join the food company's "Bitcoin Vision Committee" to provide strategic guidance for its treasury management and revenue optimization.

As a well-known investor in the Web3 industry that has risen during the NFT craze, Company C is also seeking opportunities for an IPO in the United States. The co-founder of Company C stated that they are planning to go public in New York, aiming to seize the "unique opportunity" provided by the government's regulatory approach to digital assets.

An Asian encryption investment company D

In December 2024, Company D announced the launch of a $150 million fund aimed at replicating a cryptocurrency treasury management model similar to that of a certain technology company for publicly listed companies in Asia. The fund will focus on publicly listed companies in markets such as Japan, Hong Kong, Thailand, Taiwan, and South Korea.

In May of this year, Company D entered the public market and rebranded through a strategic merger with a Hong Kong luxury goods distributor listed on NASDAQ. This merger allows the luxury goods distributor to gain Company D's expertise in bitcoin, which will participate in the distributor's investment and treasury management. The luxury goods distributor has announced plans to adopt a bitcoin reserve strategy and intends to allocate $150 million to support bitcoin treasury projects for at least ten publicly listed companies in the Asian market.

A certain digital asset trading company E

In June 2025, a fitness equipment and digital fitness services company announced the signing of a financing framework for a "FET Token Treasury" with a total scale of up to $500 million, with the first investment of $55 million jointly invested by Company E and another investment institution. The funds will be exclusively used to purchase Fetch.ai's FET tokens through a certain platform, as on-chain allocated assets on its balance sheet. The fitness company stated that if the plan is fully realized, it is expected to have the largest publicly listed encryption asset portfolio focused on AI tokens.

other participants

In addition to the aforementioned institutions, several well-known encryption venture capitals participated in recent high-profile private placements. These private placements involve several listed companies, including a consumer goods development, manufacturing, and distribution company, a digital asset financial company, and a newly established Bitcoin financial reserve company. Participating institutions include several well-known encryption investment funds, family offices, and traditional financial institutions.

These investment cases reflect the growing demand from traditional capital for high-quality encryption assets and demonstrate the important role that encryption venture capital plays in promoting publicly listed companies to adopt digital asset strategies. As more publicly listed companies explore cryptocurrency treasury management, it is expected that more encryption investment institutions will participate in this trend.