Digital Asset Treasury Companies Pour $42.7B Into Crypto in 2025, $22.6B Spent in Q3 Alone

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.

Q3 2025 has therefore been the strongest quarter on record for DATCo accumulation.

Bitcoin DATCos Dominate

In its latest analysis, CoinShares revealed that altcoin-focused DATCos represented $10.8 billion of this Q3 spending, 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 beginning of 2025, and accounted for 70.3% of all aggregate DATCo crypto purchases this year. Ethereum DATCos were the second-largest group by acquisition value. In fact, at least $7.9 billion was spent on ETH in 2025. Most of that ETH spending, with at least $7.1 billion, took place in August.

Other assets, including SOL, BNB, WLFI, and various smaller-cap assets, accounted for 11.2% of purchases in 2025. CoinGecko expects this share to rise as more altcoin-centric DATCos begin deploying capital.

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

Strategy Leads DATCos

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

Meanwhile, BitMine Immersion, Sharplink, and Forward Industries are the only altcoin-focused DATCos in the top 15 by holdings, and all three entered the category only 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 corporate crypto reserves that are also in the top 15, four are crypto-related businesses, with Tesla the sole exception.

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

Total DATCo holdings reached $137.3 billion at the end of October 2025, up 139.6% year-to-date. Of the 142 DATCos, 113 hold BTC, while only 15 hold ETH and 10 hold SOL.

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