Data Drop: Inside 2025’s $100 Billion Digital Asset Treasury Boom

Secure Digital Markets (SDM) and BitcoinTreasuries.net are proud to release a joint year‑end research report designed to explain how corporate bitcoin treasuries work, who the major players are, and why this market is likely to grow in 2026 and beyond.

This collaboration pairs SDM’s capital markets expertise with BitcoinTreasuries.net’s leading data on more than 300 corporate, ETF, and government treasuries, with the goal of educating CFOs, boards, and the wider crypto ecosystem on this fast‑growing sector of digital assets.

The findings are packaged in a single research report that maps the full scope of the market for institutions and crypto builders who want an informed introduction to the corporate treasury playbook first pioneered by Strategy in 2020.

DOWNLOAD THE FULL SDM X BITCOINTREASURIES.NET YEAR‑END BITCOIN TREASURY LANDSCAPE REPORT

A $102 Billion Asset Class

BitcoinTreasuries.net and SDM’s data show that corporate bitcoin treasuries have more than doubled over 2025, with the number of tracked entities rising from 158 to 361 by year‑end.

Public companies now control over 1.09 million BTC, or roughly 5.2% of circulating supply, with Strategy alone holding 672,497 BTC and representing an estimated 61% share of public company reserves.

The slides highlight that this growth is no longer confined to a handful of names, spanning miners, software firms, consumer brands, ETFs, and specialized holding companies.

Bitcoin Treasury Capital Structures Evolve

One core finding of the new work is that digital asset treasuries became increasingly financed through a sophisticated mix of capital structures in 2025. Companies now combine convertible notes, loans and credit lines, SPAC/PIPE deals, and direct equity or preferred share issuance to fund BTC accumulation, rather than relying only on retained earnings.​

This evolution shows that savvy treasuries are being integrated into conventional corporate finance workflows and are open to experimenting as they seek optimal outcomes. 

Bitcoin Leads, Altcoin Treasuries Emerge

While bitcoin remains the dominant reserve asset -- with roughly $130 billion in corporate holdings and 4.9% of total token supply held in treasuries -- the report documents a growing multi‑asset dimension. Ethereum treasuries now total about $26.5 billion with 4.6% of ETH supply held by institutions, while Solana treasuries exceed $4.2 billion.​

Additional slides list leading treasury companies for BTC, ETH, SOL, and a range of other assets including DOGE, LINK, XRP, ADA, and more, showing that the “treasury model” is being replicated across multiple blockchain networks.

This means that even though the scale and depth of the bitcoin market continues to anchor the overall sector, 2026 will surely bring new players, new strategies, and new winners.

DOWNLOAD THE FULL SDM X BITCOINTREASURIES.NET YEAR‑END BITCOIN TREASURY LANDSCAPE REPORT

Secure Digital Markets | SDM.co

Secure Digital Markets (SDM) provides unparalleled liquidity, execution speed, and bespoke customer service, making it the top choice for institutional investors seeking reliable digital asset trading solutions. With deep expertise in capital markets and strict regulatory standards, SDM stands out as the premier platform for all digital asset treasury teams looking to optimize their trading and treasury operations.

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