Digital Asset Treasury Companies (DATCo) Report 2025

The rise of Digital Asset Treasury Companies (DATCos) has become one of crypto’s most defining developments since 2020. While headlines have largely focused on ETFs, memecoins, and the next wave of DeFi protocols, DATCos have emerged as a powerful new class of market participants.

So, how did DATCos rise from niche corporate experiments into a $130 billion force spanning Bitcoin, Ethereum, and various altcoins?

We’ve summarized the key highlights, but be sure to dig into the full 23 slides below.

Top 5 Highlights of CoinGecko’s Digital Asset Treasury Companies (DATCo) Report 2025

1. Public Companies Are Now Holding Crypto as Reserves. Strategy’s Ascent Has Pushed Pure-Play DATCos Into the Spotlight

2. DATCos Exploded From 4 to 142 Since 2020 — 76 of Them Were Formed in 2025

3. DATCos Deployed $42.7B in 2025, With Over Half of It Since Q3

4. Strategy Dominates the Category, Holding $70.7B, Representing ~50% of All DATCo Crypto

5. DATCo Stocks Spiked Within the First 10 Days (BitMine +3,069%), Before Broadly Correcting

1. Public Companies Are Now Holding Crypto as Reserves. Strategy’s Ascent Has Pushed Pure-Play Datcos Into the Spotlight

Digital Asset Treasury Companies (DATCos) have existed since 2017, primarily starting with publicly listed cryptocurrency mining companies. Strategy was the first pure-play DATCo to emerge in August 2020, and has since sparked a wave of other pure-play DATCos.

The introduction of Crypto Accounting Standards by the FASB in late 2023 allowed DATCos to recognize crypto holdings at fair market value and mark gains as income. This helped bolster the reported balance sheet of DATCos.

President Trump’s pro-crypto stance in the US, as well as the surging price of BTC and other crypto assets, catalyzed significant inflows from Wall Street investors into the sector, including DATCos.

With fiat currencies showing weakness, other companies that may not have crypto as their core business have also started adopting crypto as part of their reserve strategy in order to hedge against currency debasement.

2. Total Number of DATCos Increased From 4 to 142 Between January 2020 to October 2025, With 76 Formed in 2025 Itself

The very first DATCo was Hut 8 Mining Corp, a BTC mining company that listed on the Toronto Stock Exchange in November 2017. Crypto mining companies were the first DATCos between 2017 – 2020. Strategy was the first pure play DATCo to emerge in August 2020.

DATCo crypto holdings totaled $137.3 billion at the end of October 2025, more than double (+139.6%) since the start of the year.

Of the 142 DATCos, 113 (79.6%) hold Bitcoin (BTC) as a treasury asset, compared to only 15 for Ethereum (ETH) and 10 for Solana (SOL). BTC makes up 82.6% of all DATCo crypto holdings by USD value, followed by ETH (13.2%) and SOL (2.1%).

Meanwhile, the US has the largest number of DATCos with 60 (43.5%), followed by Canada with 19 and China with 10. Japan only has 8, but it notably houses Metaplanet, the fifth-largest DATCo and the largest DATCo outside of the US.

3. DATCos Deployed $42.7B in 2025, With Over Half of It Since Q3

Crypto DATCos spent at least $22.6 billion* in new crypto acquisitions in 2025 Q3, by far the largest quarterly amount. Altcoin DATCos accounted for $10.8 billion* (47.8%) of this spend. Since the start of 2025, DATCos have spent at least $42.7 billion* acquiring crypto. 

Bitcoin DATCos were the biggest purchasers of crypto, acquiring at least $30.0 billion of BTC since the start of 2025. This accounted for 70.3% of all crypto purchases by DATCos.

Ethereum DATCos were the second largest spenders, with at least $7.9 billion in reported purchases in 2025. The majority of spending was in August, with at least $7.1 billion worth of ETH purchased. This occurred at the same time as ETH’s all-time high of $5,000.

SOL, BNB, WLFI, and Others accounted for 11.2% of purchases in 2025, and this figure will likely go up as more altcoin treasuries enter the market. However, BTC and ETH remain the go-to assets for DATCos.

4. Strategy Dominates the Category, Holding $70.7B, Representing ~50% of All DATCo Crypto

Strategy has by far the largest crypto holdings amongst all DATCos, with $70.7 billion in BTC. BitMine Immersion (#2), Sharplink (#5), and Forward Industries (#14) are the only altcoin DATCos within the Top 15. All three only became DATCos post-June 2025, highlighting the pace of acquisition.

Notably, seven Pure Play DATCos make the Top 15. Meanwhile, only three Crypto Mining Companies make the Top 15.

Of the five Companies with Crypto Reserves that make the list, four have crypto-related businesses, except for Tesla.

Strategy now holds 3.05% of the total supply of BTC, BitMine Immersion holds 2.75% of the total ETH supply, while Forward Industries holds 1.25% of the total SOL supply.

5. DATCo Stocks Spiked Within the First 10 Days (BitMine +3,069%), Before Broadly Correcting

For most DATCos, their share price experienced a meteoric rise within the first 10 days after announcing their pivot, often hitting a significant high before receding.

In some cases, the highs in the first 10 days were able to hit double-digit multiples, with BitMine Immersion even reaching a +3,069% return.

The only significant outlier thus far is Metaplanet, whose stock experienced a ~100% bump in the first 10 days, but took 269 days before it really hit its peak return of ~6,200%.

Most DATCo stocks experienced significant share price movements preceding their launch, typically benefiting only early buyers or insiders. This has sparked controversy, leading the SEC and FINRA to investigate it as potential insider trading.

However, the pumps have been short lived, with the majority of DATCo stocks tanking in the days following their pivot. For example, ALT5 Sigma was down  -71%, 44 days after its pivot into a DATCo. Its holdings of WLFI has also underperformed, and is down -56% from its launch day.

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