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

In recent years, the number of listed companies incorporating encryption assets into their balance sheets has been continuously increasing. From a certain technology company taking the lead in betting on Bitcoin, to a media group raising $2.5 billion to build Bitcoin reserves, to several traditional industrial and technology giants testing stablecoins or Ethereum strategic reserves on a small scale. According to data platforms, 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示范作用 of certain companies, there are also encryption venture capital and Web3 funds focused on institutional-level digital asset布局 that support this wave. They provide comprehensive solutions for listed companies through leading PIPE (private equity investments in publicly traded company shares), convertible bonds, reverse mergers, and other methods, including cryptocurrency purchases, tokenized equity, stablecoin settlements, and on-chain treasury management.

The main institutions driving the encryption of listed companies have expanded from a few well-known investment institutions in the early stages to include many emerging encryption investment companies, with an increasing number of crypto VCs joining this trend recently.

Main Participants and Their Investment Trends

a well-known encryption investment institution A

The institution has invested in multiple digital asset financial companies, among which the most renowned is a financial services company led by a well-known Bitcoin supporter. This institution is the one that invested the most funds in its PIPE financing round. This 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 digital asset finance company focused on the Solana ecosystem. The institution believes that Solana is an interesting alternative to Bitcoin for several reasons: due to its shorter maturity period, it may have greater upside potential; its volatility is higher than Bitcoin's, which means that this volatility can be leveraged for higher returns; its staking rewards can promote the growth of each SOL share; and due to the limited available alternatives, Solana has more untapped demand.

In addition to supporting publicly listed companies holding Bitcoin and Solana treasuries, the institution also invested in the first Ethereum digital asset financial company in the United States.

a certain encryption investment company B

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 investment company not only served as the financial advisor for this debt and equity financing but was also one of the lead underwriters, designing the financing structure for the company and committing to provide liquidity support.

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

A certain Web3 investment institution C

In July 2025, the agency announced that it had signed 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 Committee" to provide strategic guidance for its treasury management and revenue optimization.

Additionally, as a well-known investor in the Web3 industry that has risen amidst the NFT craze, the institution itself is also seeking opportunities for an IPO in the United States. According to media reports, its co-founder stated that they are planning to go public in New York, aiming to seize the "unique opportunity" provided by the government's regulatory approach to digital assets. With the decline of NFT and GameFi projects, in addition to investments, the institution's latest financial report also indicates that it is transitioning towards consulting services, covering token consulting, token economics, marketing, listing consultations, node operations, and trading services.

A certain Asian venture capital institution D

In December 2024, the institution 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 rebranded itself through a strategic merger with a Hong Kong company listed on Nasdaq. This merger allowed the newly merged company to gain the agency's expertise in bitcoin, which will participate in the company's investment and treasury management. The merged company has announced that it will adopt a bitcoin reserve strategy and plans to utilize $150 million to support bitcoin treasury projects for at least ten listed companies in the Asian market.

Recently, the Bitcoin Investors Alliance, including the institution, raised approximately $25 million by issuing about 58,862,249 new shares to a listed software service provider in South Korea. This software service provider plans to use the new capital to support its daily operations and to develop new business plans in the digital asset field.

Other participating institutions

In addition to the major institutions mentioned above, several other encryption investment firms participated in recent significant transactions. For example, in the "FET Token Treasury" financing of a certain fitness equipment company, an encryption investment firm E co-invested with other investors in the first tranche of $55 million.

Another encryption investment institution F has focused on "Digital Asset Reserve Fund PIPE" as a key research direction, systematically screening and participating in various representative transactions to support listed companies that center their reserve strategies on encryption assets primarily based on Ethereum.

In addition, several institutions participated in the convertible bond issuance of a certain consumer goods company, as well as the initial financing of a certain Bitcoin financial reserve company. These transactions reflect the increasing demand from traditional capital for high-quality encryption assets, while also showcasing the important role that encryption investment institutions play in promoting listed companies to adopt encryption asset reserve strategies.