A growing number of publicly listed firms are changing how they manage corporate reserves — and for many, that now includes holding Bitcoin and Ethereum alongside cash and traditional assets.
According to Galaxy Research, over $100 billion in digital assets is currently held on the balance sheets of what are now being called Digital Asset Treasury Companies (DATCOs). Collectively, these firms control nearly 792,000 BTC (valued at approximately $93 billion) and 1.31 million ETH (worth around $4 billion).
This marks a major evolution in financial strategy. Some of these companies treat crypto as a core reserve asset, similar to gold, while others are taking a more active approach — staking Ethereum to earn yield or raising capital through equity sales or SPAC mergers specifically to acquire more tokens.
While many of these firms are based in the U.S., thanks to easier access to public markets, the DATCO model is rapidly gaining ground globally. This expansion is adding liquidity to crypto markets but also increasing exposure to volatility. In several cases, company stock prices trade at multiples of their crypto holdings, a premium that could vanish quickly if markets correct or regulatory scrutiny intensifies.
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Galaxy’s data shows around 160 public companies now hold BTC, with over 35 firms managing digital asset positions worth more than $120 million each. As crypto’s role on corporate balance sheets grows, so do concerns about valuation risks and potential regulatory shifts that could reshape how digital assets are treated in financial reporting.
Kosta Gushterov
Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.
