Crypto Treasury Firms Go on $8B Buying Spree in Historic Week

A flurry of corporate crypto buying has shaken the markets this week, with over $7.8 billion in crypto earmarked or already deployed by treasury firms marking one of the largest single-week grabs in crypto's history.

Monday revealed a dramatic surge in crypto accumulation, particularly Ether (ETH), which emerged as the dominant asset of choice.

“Treasury firms are continuing to accumulate crypto in response to strong investor demand. This trend is likely to persist as long as capital remains accessible. However, with more players entering the space, raising funds may become increasingly competitive and that could eventually slow the pace.”

- Dominick John, Analyst at Kronos Research

ETH Leads the Charge

Five publicly listed firms accounted for more than $3 billion in ETH purchases or committed funding—a staggering figure that dwarfs the amount of new ETH issued this week by more than 45 times.

Among the most aggressive buyers was Bitcoin miner BTCS Inc., which filed plans to raise up to $2 billion via equity to expand into Ethereum. Meanwhile, Sharplink Gaming, backed by ConsenSys founder Joe Lubin, doubled down on its position, purchasing $338 million in ETH through two separate transactions.

Also joining the ETH buying frenzy:

• The Ether Machine: Bought 15,000 ETH (~$57M)
• 180 Life Sciences: Rebranded to ETHZilla Corp in a $425M pivot
• Fundamental Global: Became FG Nexus, committing $200M toward ETH holdings

Altcoin Appetite Heats Up

It wasn’t just Ether. Several treasury firms also targeted altcoins, marking a notable shift from Bitcoin-centric strategies.

Tron Inc., now aligned with Justin Sun’s Tron blockchain, announced plans to raise $1 billion to buy TRX. Other firms unveiled plans to acquire Solana (SOL), Sui (SUI), and BNB, with the latter drawing strong interest from a rebranded Canadian firm.

Former vape company CEA Industries, taken over by 10X Capital and YZi Labs, aims to raise up to $1.25 billion to buy BNB. The firm is widely speculated to have ties to Binance’s co-founder Changpeng Zhao.

Smaller but significant altcoin moves this week included:

• Cemtrex Inc.: Purchased $1M in SOL, targeting $10M
• Mill City Ventures III: Closed a $450M deal to pivot toward SUI

Bitcoin Still Strong

Despite the growing altcoin momentum, Bitcoin (BTC) remains a key focus. Seven companies revealed over $2.7 billion in planned or completed BTC acquisitions.

Key players:

• Strategy (formerly MicroStrategy): Acquired 21,021 BTC after raising $2.5B
• The Smarter Web Company (UK): Bought 225 BTC (~$26.5M)
• Metaplanet (Japan): Acquired 780 BTC (~$92M)
• ZOOZ Power Ltd. (Israel): Launched a $180M Bitcoin-buying plan

Risk and Reward in the Treasury Model

According to Galaxy Research, crypto treasury companies now hold over $100 billion in assets, $93B in BTC alone. But analyst Will Owens warns the model relies heavily on maintaining an equity premium over net asset value (NAV).

For instance, Strategy trades at a 58% premium, while Metaplanet trades at 179%, reflecting investor confidence in their capital models.

Looking Ahead

As corporate interest in crypto deepens, the emergence of new treasury firms shows no signs of slowing. The strategy is simple: raise capital, buy crypto, and hope the market and equity valuations keep rising.

But as competition heats up and capital inflows push valuations higher, firms may soon need to look beyond simple buying strategies to sustain long-term value.