A new wave of corporate crypto investment is reshaping financial markets. According to data reviewed by the Wall Street Journal, at least 98 companies have raised a combined $43 billion since early June 2025—not for expansion, hiring, or infrastructure, but to buy and hold cryptocurrencies like Bitcoin and Ethereum on their balance sheets.

This shift toward “crypto treasury” strategies—where companies treat tokens like digital gold—is fueling both a crypto price surge and rising concerns among regulators and analysts.

From MicroStrategy Imitators to Startups With Tokens

Many of the companies adopting this strategy are newly listed firms or thinly capitalized ventures, mirroring the path taken by Michael Saylor’s MicroStrategy, which began aggressively purchasing bitcoin in 2020. But unlike Saylor’s deliberate financial engineering, some newer firms are raising capital solely to convert it into volatile tokens—often without meaningful revenue or operations.

The WSJ reports some companies are issuing equity directly tied to token performance or future gains. Others are splashing token purchases across earnings reports, triggering retail investor frenzies reminiscent of meme stock rallies.

Institutional Money Joins the Game—Cautiously

Some heavyweight investors, including Capital Group, Cantor Fitzgerald, and Founders Fund, have backed these moves in select cases, betting on the long-term upside of Bitcoin as a treasury asset.

However, tech giants like Microsoft and Meta remain on the sidelines, wary of regulatory risk and volatility. Most S&P 500 companies continue to rely on traditional assets like treasuries, cash, and short-term bonds.

Bubble Fears Resurface

While crypto markets have rallied—Bitcoin is up over 30% since June—analysts warn of growing risks:

  • Stock prices have become tied to token values, creating vulnerability to sharp crypto drawdowns.
  • Some executives have sold shares shortly after announcing crypto buys, raising concerns of speculative manipulation.
  • Regulators are monitoring disclosures, as firms must now report crypto holdings in audited financials under new SEC guidance.

Critics also argue the trend mirrors past crypto bubbles, where hype outpaced utility and investors were left holding the bag when token prices collapsed.

What’s Next?

The trend underscores how deeply crypto has seeped into corporate strategy—beyond mining and fintech into the heart of treasury operations.

If token values hold or climb, early movers could see windfall balance sheet gains. But if volatility strikes, these companies may struggle to explain to shareholders why they bet their cash reserves on internet money.

As one analyst told WSJ:

“They’re treating Bitcoin like Apple stock in 1998. But back then, Apple had customers.”

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.