The Driving Forces Behind the Listed Company's Encryption Asset Reserve Strategy

In recent years, an increasing number of publicly listed companies have included encryption assets on their balance sheets. From a certain tech company being the first to bet on Bitcoin, to a certain media group raising $2.5 billion to build a Bitcoin treasury, and to several traditional industrial and tech giants experimenting with stablecoins or Ethereum strategic reserves on a small scale. According to a certain data platform, as of July 17, 154 listed companies have adopted Bitcoin strategic reserves; additionally, a report released by a certain research institution at the end of June this year pointed out that 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 effect of certain companies, behind this wave is also the encryption venture capital and Web3 funds that focus on institutional-level digital asset layout. They provide listed companies with comprehensive solutions for cryptocurrency purchases, tokenized equity, stablecoin settlement, and on-chain treasury management through leading investments in PIPEs, convertible bonds, reverse mergers, and other means.

The main institutions driving the encryption of listed companies have expanded from a few well-known investment firms in the early stages to include several emerging encryption funds and traditional investment institutions. Recently, more and more crypto VCs have begun to join this ranks.

Main Participating Institutions and Their Strategies

A well-known encryption investment institution A

The institution has invested in several digital asset financial companies, the most notable of which is a financial services company led by a certain Bitcoin evangelist. This institution is the one that invested the most funds in its PIPE financing round. The financial services company is trying to emulate the strategy of a certain technology company and has received support from several industry giants.

In addition, the institution also led the investment in another NASDAQ-listed company, which has sparked a trend in digital asset finance in the United States. This company is drawing on the strategies of a certain technology company but applying them to a particular public blockchain.

The organization also invested in the first Ethereum digital asset financial company in the United States. This company is led by a software company headed by one of the co-founders of Ethereum, which launched the ETH treasury strategy.

a large encryption financial services company

In May 2025, a media group announced that 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. This encryption financial services company served not only as the financial advisor for this debt and equity financing but also as one of the lead underwriters, designing the financing structure for the company and committing to provide liquidity support.

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

A well-known Web3 investment institution

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

In addition, as a well-known investor in the Web3 industry that has risen amid the NFT craze, the institution itself is also seeking opportunities to go public in the United States. According to certain media reports, the institution is planning to go public in New York, striving to seize the "unique opportunities" provided by the government's regulatory approach to digital assets.

a certain Asian encryption investment institution

In December 2024, the agency announced the launch of a $150 million fund aimed at replicating a certain technology company's Bitcoin treasury management model 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, the agency entered the public market and changed its name through a strategic merger with a Hong Kong luxury goods distributor listed on Nasdaq. This merger allowed the distributor to gain the agency's Bitcoin expertise, which will participate in the distributor's investment and treasury management. The distributor has announced that it will adopt a Bitcoin reserve strategy and plans to allocate $150 million to support Bitcoin treasury projects for at least ten listed companies in the Asian market.

Some encryption trading institution

In June 2025, a fitness equipment and digital fitness services company announced the signing of a "FET Token Treasury" financing framework with a total scale of up to $500 million, with the first $55 million jointly invested by the institution and another investment firm. The funds will be specifically used to purchase tokens of a certain AI project through a certain platform, as on-chain allocated assets in its balance sheet.

Other participating institutions

In addition to the aforementioned institutions, many well-known encryption investment firms have also participated in the crypto asset reserve strategies of public companies. They support public companies in building digital asset treasuries centered around Bitcoin, Ethereum, or other encryption assets through participation in private placements, convertible bond issuances, and other means.

The participation of these institutions not only provides funding support for listed companies but also brings professional encryption asset management experience and strategic guidance. As more and more traditional enterprises begin to explore digital asset reserve strategies, the role and influence of these encryption investment institutions will continue to expand.