Digital Asset Treasury Firms Spend $49.7B on Crypto in 2025

Digital asset treasury companies poured more than $49 billion into Bitcoin and crypto through 2025, according to CoinGecko’s latest annual report.

Per the report, these firms emerged as major buyers even while the crypto market struggled through one of its toughest cycles since the 2022 bear market. For context, the global crypto market dropped 7.85% in 2025, marking the first annual decline since 2022.

However, most of these losses emerged in the fourth quarter of 2025, with the year recording periods of price surges across multiple months. When the market saw bullish momentum, these Digital Asset Treasury (DAT) firms deployed capital, but the trend slowed in Q4.

• At the start of 2025, DAT companies held $56.5 billion worth of crypto assets, including Bitcoin, Ethereum, and others.
• By the end of the year, their holdings had increased to $134 billion, representing a 137% rise.
• These firms deployed a minimum of $49.7 billion into purchasing crypto assets in 2025.
• Their purchase spree slowed in Q4 2025 when the crypto market saw losses.

CoinGecko’s report shows that crypto failed to carry its earlier momentum into 2025. The total market value dropped nearly 8% year-over-year and ended the year near $3 trillion.

The sharpest damage came in the last three months of the year, when the market shed almost a quarter of its value.Notably, a liquidation wave of roughly $19 billion in October accelerated the drop shortly after total market value briefly reached a record high near $4.4 trillion.

While gold and silver saw gains, Bitcoin could not keep up, dropping more than 6% last year. However, digital asset treasury companies stole the show.

These firms spent at least $49.7 billion buying Bitcoin, Ethereum, and other tokens during the year. Nearly half of the spending came in the third quarter, when several new treasury vehicles launched and immediately deployed heavy capital into the market.

Their activity helped push institutional ownership to a new scale, giving treasuries control of more than 5% of both the Bitcoin and Ethereum supply by year-end. The Crypto Basic recently confirmed that the top 100% companies holding BTC have accumulated 5.2% of the asset’s supply.

Notably, the pace slowed in Q4 2025. As prices fell, the share prices of many publicly listed treasury firms dropped below the value of their assets, putting pressure on them to support their stock prices. Instead of continuing to accumulate tokens, they redirected capital to buy back outstanding shares.

Despite this, their collective crypto balance jumped from roughly $56 billion at the start of 2025 to more than $134 billion on January 1, 2026, representing a gain of more than 137%. By the start of 2026, treasuries held more than 1 million Bitcoin and 6 million ETH.

Data from BitcoinTreasuries confirms this trend. Specifically, public companies alone boosted their Bitcoin reserves by almost 500,000 BTC during 2025. Their holdings increased from about 598,714 coins to more than 1.09 million, representing an increase of around $47.5 billion at current prices.

Meanwhile, even with the falling prices, traders and investors stayed active. Notably, average daily trading volume climbed above $160 billion, reaching the highest level seen in years.

Stablecoins gained traction, with their collective market size rising nearly 50% to more than $300 billion as investors looked for safe, liquid assets during the downturn. Also, perpetual futures markets saw centralized exchanges clear more than $86 trillion in trades.