Corporate Treasury Holdings of Alternative Cryptocurrencies

Public companies are increasingly investing in cryptocurrencies other than Bitcoin, including Ethereum, Solana, XRP, and Binance Coin. Firms across biotech, fintech, and Web3 sectors are diversifying their financial assets and capitalizing on the growing legitimacy of digital currencies. Companies such as SharpLink Gaming, Solana, and XRP are leading the trend, with some committing significant amounts to staking and restaking protocols to generate yields.

Public companies are increasingly integrating cryptocurrencies other than Bitcoin into their treasuries, with significant investments announced in Ethereum (ETH), Solana (SOL), XRP (XRP), and Binance Coin (BNB) this year. This trend, driven by firms across biotech, fintech, and Web3 sectors, reflects a strategic pivot to diversify financial assets and capitalize on the growing legitimacy of digital currencies.

SharpLink Gaming, a Minnesota-based affiliate marketing firm listed on Nasdaq (NASDAQ:SBET), has emerged as a leader in altcoin treasury adoption, focusing on Ethereum. As of July 22, SharpLink holds 205,000 ETH, valued at approximately $1.35 billion, making it the second-largest corporate holder of Ethereum behind the Ethereum Foundation. The company, now chaired by Joe Lubin, co-founder of Ethereum and CEO of Consensys, announced plans in May 2025 to raise $425 million to build its ETH treasury. Since June 2, SharpLink has committed all its ETH to staking and restaking protocols, generating a yield of 322 ETH. The firm's stock surged from under $4 to nearly $40 following the announcement, though it stabilized at $16.29 by mid-July, reflecting sustained investor interest [1].

Solana has also gained traction as a treasury asset. DeFi Development Corporation (NASDAQ:DFDV), formerly Janover, a real estate software firm, rebranded in April 2025 after Kraken executives took leadership roles. The company raised $24 million in a private equity deal to acquire SOL, holding 395,000 tokens by May 31. Separately, Upexi, a consumer product company (NASDAQ:UPXI), secured $100 million in funding led by venture firm GSR, amassing 735,692 SOL by June 24. These holdings, valued at over $100 million and $331 million respectively, underscore Solana's appeal due to its high-throughput DeFi ecosystem and low transaction costs [1].

XRP, the native token of the Ripple network, is another altcoin attracting corporate investment. Trident Financial Solutions, a Singapore-based fintech company, announced plans to raise $7.5 million to build a $500 million XRP treasury, citing its efficiency in cross-border payments. Similarly, Webus (NASDAQ:WETO), a Chinese travel booking firm, disclosed intentions to acquire $500 million in XRP, with a $300 million capital raise already completed. These initiatives align with XRP's growing adoption by financial institutions, as evidenced by its use in Unicredit's payment solutions for transfers from Portugal to Brazil, announced in early 2025 [1].

Windtree Therapeutics, a biotechnology firm (NASDAQ:WINT), has committed to Binance Coin as its treasury asset. On July 24, the company announced a $500 million equity line of credit (ELOC) and a $20 million stock purchase agreement with Build and Build Corp., allocating 99% of the $520 million proceeds to purchase BNB. Windtree's total commitment could reach $700 million, pending stockholder approval to increase authorized shares. The company has partnered with Kraken to manage custody and trading of its BNB holdings, leveraging the token's robust performance, which saw a 17.5% value increase in July 2025, reaching $759 per token [1].

Nano Labs (NASDAQ:NA), a Web3 infrastructure provider, also announced a BNB-focused treasury strategy, unveiling a $1 billion initiative in June. By July, the company had acquired 120,000 BNB tokens, valued at approximately $90 million, with an initial $50 million purchase followed by a $34.8 million investment. Nano Labs' strategy aims to capitalize on BNB's role in the Binance Smart Chain's DeFi ecosystem [1].

Mercurity Fintech Holding (NASDAQ:MFH), a U.S.-based fintech firm, launched a $500 million "DeFi Basket Treasury" on July 14, 2025, diversifying across multiple altcoins: Ethereum, Solana, XRP, BNB, and Cardano (CRYPTO: ADA). The company plans to acquire these assets using existing cash reserves and future fundraising, focusing on yield-generating DeFi protocols and Solana integration. This diversified approach reflects a broader trend of firms seeking exposure to multiple altcoins to mitigate risk and enhance returns [1].

Interactive Strength (NASDAQ:TRNR), a U.S.-based fitness equipment manufacturer, announced on June 11 plans to raise $500 million to establish a treasury of Fetch.ai tokens, linked to the Fetch.ai large language model. This move highlights the growing interest in AI-related altcoins, though specific holdings were not disclosed by July 2025 [1].

Animoca Brands' "Altcoin Strategic Reserves" report, published July 18, 2025, notes that public companies hold over $1.4 billion in altcoins, with Ethereum dominating but Solana, XRP, and BNB gaining ground. The report highlights a 150% average stock price increase within 24 hours of altcoin treasury announcements, with gains reaching 226% after 30 days [1].

This market response underscores investor enthusiasm for altcoin exposure through public equities, particularly as altcoin ETFs remain limited. The adoption of altcoin treasuries is enabled by recent U.S. Financial Accounting Standards Board (FASB) rule changes, allowing fair value accounting for crypto assets, which simplifies balance sheet management. However, risks persist, including altcoin volatility, regulatory uncertainties, and potential shareholder dilution from fundraising efforts.

References:
[1] https://finance.yahoo.com/news/why-public-companies-ammassing-eth-132938016.html