Crypto treasuries post impressive gains in Q3 2025

Digital Asset Treasury (DAT) companies have doubled from last quarter, adding $25 billion in the third quarter of 2025. Ethereum treasury companies led with 54% of the inflows.

Crypto market data shows that 114 U.S. entities hold around 1.5 million BTC on their balance sheet, which is worth more than $175 billion. Michael Saylor’s Strategy leads with approximately 638,985 BTC at the time of publication, worth over $74 billion.

Bitcoin treasuries lose their luster

TD Cowen analyst Lance Vitanza argued Tuesday that some Bitcoin treasuries are losing their luster since share prices are lagging below a key level. He noted that four of 13 Bitcoin treasury firms tracked by the investment bank are trading at discounts against their respective crypto holdings. He highlighted Semler Scientific at -4% DDC Enterprise at -18%, Sequans at -25%, and Bitcoin Treasury Corp at -18%.

Vitanza also revealed that Strategy has never dropped below its market-to-net-asset value, maintaining a 1.29x premium. Bitcoin Treasuries showed that the company’s mNAV was two basis points away from all-time lows on Tuesday.

Vitanza argued that some stocks should realistically trade at a premium due to their lack of fees, ability to take on leverage through cheap debt, and ability to manage operating expenses. He also expects several existing Bitcoin treasury firms to outperform the underlying asset.

Bitcoin treasury company Kindly MD saw a significant drop in its premium on Monday after its chair, David Bailey, urged the company’s doubters to sell their shares. The firm’s stock price dropped more than 54% on Monday to $1.26 a share, but it has since rebounded to $1.50 per share.

Bailey revealed that around 80 million shares were traded that day, and support humbled him. He also looked forward to meeting the company’s new shareholders.

Ethereum treasuries outperform Bitcoin’s and Solana’s

A report by Standard Chartered analysts revealed that Ethereum crypto treasuries are better positioned than Bitcoin and Solana treasuries to weather the recent collapse in market premiums, known as mNAVs. The analysts argued that ETH’s staking yield, scale, and pre-approved buying strategies make it outperform Bitcoin treasuries, which suffer from too many imitators, and Solana treasuries, which face regulatory headwinds.

On-chain data shows that 11 publicly-traded entities hold more than 3.5 million ETH worth approximately $15.8 billion. BitMine leads with over 2.15 million ETH, and Sharplink follows with 837,230 ETH. Both firms hold nearly 3% of the total ETH in circulation.

On Wednesday, Strategic Solana Reserve data showed that Solana treasuries have acquired 17.112 million SOL, representing roughly 2.98% of the total Solana supply. A total of 17 entities now hold over $4 billion worth of SOL at current prices, with 7.4 million SOL dedicated to staking reserves.

Forward Industries led the pack with more than 6.8 million SOL, worth around $1.61 billion. Sharps Technology, DeFi Development, and Upexi follow with about 2 million SOL each. 

Cryptopolitan reported that Forward Industries recently announced the formation of its $1.65 billion Solana reserve, with support from companies like Galaxy Digital, Multicoin Capital, and Jump Crypto. On-chain data showed that the initiative led to increased inflows into Solana, with Galaxy purchasing $306 million in SOL in one day. The firm also became the first Nasdaq-listed firm to be tokenized on the Solana blockchain.

“The SOL treasury companies’ initial raises combined are about 3-4B (more are coming). This is before they buy more on the open market. Unlike Bitcoin and MSTC, a non-trivial amount of this cash will be injected into SOL DeFi.”

–Mert Mumtaz, Co-Founder and CEO of Helius.

Helius also revealed plans to include staking and lending opportunities in its Solana accumulation strategy over the next 24 months. The company said it’s launching a $500 million Solana treasury reserve. The initiative is led by asset managers Pantera Capital and Summer Capital and is expected to finalize on Thursday. Dan Morehead, Pantera’s founder and managing partner, said the company believes Solana is the foundation for establishing a new financial system.

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