Deng Tong, Jinse Finance
Grayscale pointed out in its research report in early June that spot ETPs listed in the United States can be said to be the most important source of new demand for Bitcoin since its launch. During May, these products continued to maintain high net inflows, totaling US$5.2 billion. In the coming months, the purchase of Bitcoin by "Bitcoin vault" companies (i.e. listed companies buying Bitcoin for their balance sheets) may be equal to or even exceed the purchase of spot Bitcoin ETPs.
For details, please refer to Jinse Finance's article Grayscale: The Great Beauty Act and Crypto Vault Companies Are Generating Bitcoin Demand
This article sorts out which crypto vault companies are currently worth paying attention to and explores why large companies are buying cryptocurrencies for their balance sheets.
1. What are the crypto vault companies worth paying attention to?
BTC
1.Strategy (formerly MicroStrategy), 592,345 bitcoins, market value of $63.018 billion
Strategy is undoubtedly a large holder of bitcoins. In 2020, Strategy first announced that it would use Bitcoin as its main reserve asset, allocating company funds to Bitcoin, and actively raising funds through various means to increase its Bitcoin holdings. They view Bitcoin as a long-term value storage and inflation hedging tool, and use a "buy and hold" strategy to take advantage of the gains from the rise in Bitcoin prices, with the goal of becoming a "digital gold treasury."
On June 24, Michael Saylor, co-founder of Strategy, tweeted that Strategy's Bitcoin strategy continues to achieve significant results. As of the latest data, the company has accumulated 592,345 bitcoins with a total market value of $63.018 billion. With the price of bitcoin climbing to $105,269, MicroStrategy has increased its holdings of 85,871 bitcoins this year (YTD), realizing a book profit of $9.04 billion. Since the beginning of 2024, the company's bitcoin holdings have increased by 74.3%, with a cumulative profit of $13.133 billion.
2.MARA Holdings, 49,678 bitcoins, market value of $5.285 billion
MARA Holdings, Inc. is one of the most well-known bitcoin mining companies listed in the United States. MARA does not simply mine and sell bitcoins, but adopts a long-term holding strategy and regards bitcoin as a strategic reserve asset. MARA has also diversified by issuing shares and convertible bonds to raise funds and using the proceeds to purchase more Bitcoin on the open market.MARA is currently recognized as the second largest Bitcoin holder among listed companies, second only to Strategy.
3. Twenty One Capital, 37,230 Bitcoins, market value of US$3.96 billion
Twenty One is supported by stablecoin issuer Tether, crypto exchange Bitfinex and Wall Street veteran investment bank Cantor Fitzgerald.
Twenty One CEO Jack Mallers also announced that the company will launch proof of reserves, a public ledger to verify its Bitcoin treasury holdings.
4. Riot Platforms, Inc., 19,225 bitcoins, market value of $2.045 billion
Riot Platforms' business model is centered on large-scale bitcoin mining operations, and Riot's bitcoin strategy is clear: Accumulate and hold a large number of bitcoins as a core asset. By continuously expanding mining capacity and continuously investing in infrastructure, Riot aims to consolidate its position as a top institutional holder of bitcoin.
5. Galaxy Digital Holdings Ltd, 12,830 bitcoins, market value of $1.364 billion
Galaxy Digital's strategic focus is to provide financial tools for North American bitcoin miners and establish partnerships with third-party data center providers to deeply integrate into the infrastructure construction of the Bitcoin network. Galaxy Digital's bitcoin strategy is robust and diversified, and it not only regards bitcoin as a means of storing value, but also as a fundamental asset of the digital economy.
Galaxy Digital CEO Mike Novogratz once said that Bitcoin will replace gold and reach a price of $1 million.
6. CleanSpark, Inc., 12,502 Bitcoins, Market Value of $1.33 billion
CleanSpark's business model is centered on sustainable large-scale Bitcoin mining, using proprietary technology and strategic expansion to maximize operational efficiency and output. CleanSpark has adopted a "HODL" (long-term holding) strategy in the past, accumulating a large amount of Bitcoin as a core asset. However, In 2025, CleanSpark shifted to a more balanced strategy, monetizing part of the mined Bitcoin for operations and expansion, while still maintaining a large number of holdings.
In early June, CleanSpark published a statement saying that 694 bitcoins were mined in May, and the number of bitcoins held as of May 31 reached 12,502.
7. Tesla, 11,509 bitcoins, market value of $1.224 billion
Tesla's entry into the Bitcoin field marks an important milestone in the integration of traditional industries and digital assets. In early 2021, Tesla invested $1.5 billion in Bitcoin, becoming the focus of media attention, marking its bold layout to diversify funds and embrace the potential of decentralized finance. This strategic configuration stems from its belief in the long-term value of Bitcoin as a means of wealth storage and a hedge against the depreciation of fiat currencies. Tesla's Bitcoin strategy has become a benchmark for other listed companies to incorporate digital assets into corporate financial management.
8. Metaplanet Inc., 11,111 bitcoins, market cap of $1.182 billion
Metaplanet sees bitcoin not only as a reserve asset, but also as a strategic hedge against inflation and fiat currency devaluation. This strategy is in line with the world's leading bitcoin holders, Metaplanet's goal is to accumulate 10,000 bitcoins by the end of 2025 and 21,000 bitcoins by 2026.With a total cost base of $414 million, Metaplanet's strong belief in bitcoin is evident. The continued increase in holdings makes it the largest public bitcoin holder in Asia and one of the top ten bitcoin holders in the world.
On June 24, Metaplanet approved a $5 billion injection into its U.S. subsidiary for Bitcoin vault operations, with the goal of holding 210,000 Bitcoins by the end of 2027.
9. Hut 8 Mining Corp, 10,273 Bitcoins, market value $1.092 billion
Hut 8's business model is centered on leveraging advanced mining technology and strategic energy partnerships to maximize Bitcoin production while maintaining operational efficiency. The company's investment philosophy is rooted in Bitcoin's long-term value proposition as a digital asset and a store of value. By accumulating and holding a large Bitcoin reserve, Hut 8 aims to provide shareholders with the opportunity to directly participate in the rise in Bitcoin prices while generating income through mining operations and related services.
In early 2025, Hut 8 also announced a strategic partnership with Eric Trump to launch "American Bitcoin Corp", aiming to set new standards for Bitcoin mining efficiency and scale.
10.Coinbase Global, Inc., 9,267 bitcoins, $985 million
As a major cryptocurrency exchange, Coinbase holds a large amount of Bitcoin, both for its own reserves and for providing custody services to customers.
On June 25, Coinbase CEO Brian Armstrong disclosed on social media that Coinbase is currently providing cryptocurrency integration services to about 200 banks, securities firms, fintech companies and payment companies. Armstrong said that this business area is underestimated and invited interested institutions to discuss cooperation with Coinbase.
ETH
11.SharpLink,188,000 ETH, worth $459 million
SharpLink purchased 12,207 Ethereum (ETH) at an average price of $2,513 per coin in the week ending June 20, and currently holds more than 188,000 ETH, worth $459 million. SharpLink said it raised $27.7 million by selling 2.54 million shares, most of which was used to strengthen its ETH investment.
SharpLink’s chairman of the board, Joseph Lubin, co-founder of Ethereum, said that increasing the company’s ETH holdings will create “long-term value” for shareholders.
12. Mega Matrix, unknown
Mega Matrix’s board of directors approved the use of Bitcoin and Ethereum as treasury reserve assets on May 31, 2025 to enhance the company’s long-term balance sheet.
SOL
13. Upexi, 596,714 SOL, market value of 87.1202 million US dollars
As of May 12, 2025, Upexi holds approximately 596,714 SOL, currently worth 87.1202 million US dollars. These tokens, including spot and locked tokens, were purchased with a total of 84.2 million US dollars in funds, with an average cost of 141.10 US dollars per SOL. Upexi plans to promote long-term asset appreciation and bring benefits to shareholders by accumulating and staking SOL. Its chief financial officer Andrew Norstrud said that under the long-term "buy and hold" strategy, buying discounted locked SOL can bring intrinsic benefits to shareholders. The discount will gradually disappear over time, and the locked SOL is pledged. Under controllable risks, the discount and the weighted term of about 1.4 years are combined to effectively double the shareholders' pledge yield.
14.Janover Inc., 317,273 SOL, market value of $46.3218 million
Janover Inc. is a Nasdag-listed financial technology company headquartered in Boca Raton, Florida, focusing on commercial real estate loan matching.
In April 2025, Janover announced an increase of 163,651.7 SOLs, becoming a typical case of traditional industries crossing over to the crypto market. Combined with the previous purchase of SOL, Janover's total SOL holdings reached 317,273, worth approximately $46,321,800 (including staking rewards).
On April 4, the company's board of directors approved the inclusion of SOL in the corporate treasury, and the transaction was completed through market purchases on April 15. Janover plans to stake these tokens to obtain an annualized return of 5-7%, and is considering operating a Solana network verification node to participate in ecological construction. The funding source for this move is its cash reserves and the $42 million convertible bonds raised on April 7 from Pantera Capital, Kraken and other crypto industry institutions.
15.SOL Global lnvestments Corp., 260,000 SOL, $37.96 million
SOL Global lnvestments Corp. is a Canadian investment company headquartered in Toronto, focusing on exploring the potential of cryptocurrency, blockchain and emerging technologies.
In 2025, SOL Gobal further focused on Solana (SOL), consolidating its pioneering position in the crypto market by increasing its holdings of 40,350 SOL (worth approximately $8.7 million), becoming a benchmark for traditional investment companies to embrace the Solana ecosystem. In January 2025, SOL Global announced that it would raise funds through a $18 million private placement, of which $10 million would be used directly to purchase SOL and the remaining funds would be invested in Defi and NFT projects in the Solana ecosystem. As of March, about 60% of the company's 40,350 SOLs have been staked and locked in the Solana network to obtain an annualized return of 6.26%. The latest news shows that SOL Global currently holds about 260,000 SOLs. The company's CEO Paul Kania once said in the announcement: We aim to become a Solana super company and provide public market investors with a channel to directly participate in Solana's transformation opportunities.
BNB
16.Build & Build Corporation,
On June 24, Bloomberg reported that Cryptocurrency fund management company Build & Build Corporation is seeking to raise $100 million to acquire BNB. The company will be led by former executives of Coral Capital Holdings, and its strategy is comparable to MicroStrategy's focus on Bitcoin. The company will accumulate BNB as its core asset and plans to go public through a reverse repurchase transaction with an undetermined Nasdaq-listed company.
17. Nano Labs, plans to purchase $1 billion in BNB
On June 24, Nasdaq-listed Nano Labs announced that it would raise $500 million in funds through a private placement of convertible bonds, which will initially be used to purchase $1 billion worth of BNB, and plans to hold 5% to 10% of the BNB circulation for a long time. The company has signed agreements with several investors for a period of 360 days, with no interest during the period, and can be converted into the company's Class A common stock at $20 per share.
2. Why are big companies buying cryptocurrencies for their balance sheets?
According to Bitwise data, institutional buyers have dominated Bitcoin demand since 2025, increasing their holdings by 417,000 BTC.
Jesse Myers, head of Bitcoin strategy at Moon Inc., pointed out that Bitcoin holders underestimate the amount of Bitcoin that companies will accumulate in the next few decades. He predicted that by 2045, Bitcoin Reserve will hold 50% of the world's Bitcoin, and Strategy, led by Michael Saylor, will own $70 trillion worth of Bitcoin, becoming the most valuable company in history. Currently, publicly listed and private companies, ETFs and countries hold a total of about 3.23 million BTC, worth about $348.25 billion, and about $318 trillion in bond capital is seeking better investment channels, and Bitcoin Reserve will become the main buyer of BTC in the next few decades.
1. Improved regulatory system
United States:Bitcoin is defined as a commodity by the CFTC and is considered a security by the SEC (subject to the Howey test). According to ASC 350, companies can treat Bitcoin as an intangible asset and measure it at the lower of cost and net realizable value, and cannot be reversed after impairment.
France, Germany: and other MiCA member countries allow companies to hold Bitcoin, but they must comply with MiCA's anti-money laundering and transparency requirements.
Japan: The 2017 Payment Services Act defines Bitcoin as "legal property" and allows companies to hold it.
Australia:Bitcoin is reported as an intangible asset or financial asset, measured at cost or fair value, and trading gains are subject to capital gains tax.
Singapore:Bitcoin is considered a payment tool by MAS and is allowed to be held by enterprises.
Germany:Bitcoin is considered a private asset and enterprises can hold it freely.
2. Hedge against inflation
Inflation is essentially a decline in the purchasing power of legal tender, and Bitcoin, as a decentralized asset, is not affected by the monetary policy of a single country. When the central bank implements loose policies (such as interest rate cuts and money printing), expectations of legal tender depreciation rise, and some funds may flow into Bitcoin to seek value preservation. In addition, Bitcoin has a "halving" mechanism that reduces its annual inflation rate over time (currently about 1.7%, and will drop to 0.85% after halving in 2024), which is close to zero in the long term, far lower than the legal tender inflation rate in most countries.
3. Occupy emerging financial markets
Enterprises holding cryptocurrencies are essentially a layout of the "blockchain + Web3" technology ecosystem, and are looking forward to the forefront of Web3 technology. Large companies buying cryptocurrencies can be seen as a signal of seizing emerging financial markets and will affect the company's development prospects to a certain extent.
For example, in February 2021, Tesla announced the purchase of $1.5 billion in Bitcoin and plans to accept Bitcoin payments. This move caused Tesla's stock price to rise by more than 10% in a week, and its market value once exceeded $800 billion (previously about $700 billion), and Musk's subsequent series of cryptocurrency-related remarks will make it gain a lot of attention.
David Bailey, president of Bitcoin Magazine, said that every time a company adds Bitcoin to its corporate treasury, it will eliminate a traditional company that does not own Bitcoin. Today, the liquidity of a company is actually the liquidity of Bitcoin. If you don't join the company, you will face "death."
4. The future of the crypto market is promising
In 2009, when BTC was first launched, its value was close to zero; in 2013, BTC rose from $13 to $1,200; in 2017, the ICO boom pushed BTC close to $20,000; in 2021, BTC hit a new high of $69,000; in 2024, BTC prices rose from about $42,000 at the beginning of the year to $108,000; in 2025, BTC broke a new high of $110,000.
ARK Invest CEO Cathie Wood believes that BTC prices will increase 15 times in the next five years. "BTC represents a unique global currency system, and its volatility is decreasing as more and more investors hold it."
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