Digital Asset Treasury Companies to Pour $42.7 Billion into Crypto by 2025, $22.6 Billion in the Third Quarter Alone

BitMine Immersion, Sharplink and Forward Industries are the only altcoin-focused DATCos in the top 15 holdings.

Digital Asset Treasury Companies (DATCos) have deployed at least $42.7 billion in crypto acquisitions so far in 2025. Interestingly, more than half of that amount was spent in the third quarter alone, when DATCos collectively acquired $22.6 billion worth of digital assets.

The third quarter of 2025 was therefore the strongest quarter ever for DATCo accumulation.

Bitcoin DATCos dominate

In its latest analysis, CoinShares revealed that altcoin-focused DATCos accounted for $10.8 billion of this spending in the third quarter, or 47.8% of the total. However, despite the rise of altcoin treasury strategies, Bitcoin-focused DATCos still lead the market by a wide margin.

Bitcoin DATCos have purchased at least $30.0 billion worth of BTC since the start of 2025 and accounted for 70.3% of all total DATCo crypto purchases this year. Ethereum DATCos were the second largest group in terms of purchase value. In fact, at least $7.9 billion worth of ETH was issued in 2025. The bulk of that ETH spending, at least $7.1 billion, occurred in August.

Other assets, including SOL, BNB, WLFI and several smaller assets, accounted for 11.2% of purchases in 2025. CoinGecko expects this share to rise as more altcoin-focused DATCos deploy capital.

Even with this altcoin expansion, Bitcoin and Ethereum remain the dominant assets owned by corporate digital assets.

Strategy leaders DATCos

Strategy is currently the largest DATCo by crypto holdings, reporting $70.7 billion worth of BTC on its books, which represents about half of all digital assets owned by DATCo. The company alone owns 3.05% of the total Bitcoin supply in circulation.

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Meanwhile, BitMine Immersion, Sharplink, and Forward Industries are the only altcoin-focused DATCos in the top 15 by holdings, with all three only entering the category after June 2025. In total, seven pure play DATCos are among the top 15, and only three crypto mining companies make the top 15. Of the five companies with crypto reserves from companies also in the top 15, four are crypto-related companies, with Tesla being the only exception.

The total number of DATCos has expanded from just four in January 2020 to 142 in October 2025. 76 were formed this year alone. Hut 8 Mining Corp was the first DATCo, in November 2017. Strategy later became the first pure play DATCo in August 2020.

Total DATCo investments stood at $137.3 billion at the end of October 2025, an increase of 139.6% since the beginning of the year. Of the 142 DATCos, 113 own BTC, while only 15 own ETH and 10 SOL.