Digital Asset Treasuries Surpass VC Funding in 2025 Raising $15 Billion

Digital asset treasuries have emerged as the dominant capital-raising vehicle in the crypto space in 2025, surpassing traditional venture capital rounds. Companies have raised over $15 billion through these treasuries, signaling a structural shift in how firms in the digital asset industry secure funding and manage liquidity [1]. The strategy involves publicly traded companies allocating capital to digital assets—primarily Bitcoin and increasingly altcoins—as part of their corporate treasury management [1]. This trend reflects a broader institutional confidence in the role of digital assets as a core component of corporate financial strategy [1].

The strategy appears to generate strong market reactions. For instance, when Lion Group announced a $600 million treasury allocation for Hyperliquid, its stock price surged by 20% within the same period [1]. This illustrates how the market interprets these moves as signals of long-term commitment to the crypto ecosystem and an alignment with institutional-grade investment vehicles [1].

Hyperliquid’s HYPE token has gained traction as a secondary asset class in digital treasuries, with nearly $1.5 billion in HYPE tokens already secured, and additional funds allocated for future purchases [1]. This diversification beyond Bitcoin highlights how companies are now exploring strategic allocations to altcoins, often with the backing of token foundations or development teams [1].

The shift to digital asset treasuries is reshaping the broader venture capital landscape in the crypto sector. Traditional venture funding, once a primary source of capital for early-stage crypto startups, has seen a steep decline, with only 856 deals recorded in 2025—down 56% from 1,933 in the same period the previous year [1]. This drop has coincided with increased participation from major crypto VCs like DCG, Paradigm, and Galaxy in digital treasury investments, suggesting a reallocation of capital toward more liquid and mature strategies [1].

Institutional investors are increasingly viewing digital treasuries as a more immediate and stable avenue for gaining crypto exposure compared to the high-risk, high-reward nature of venture capital rounds [1]. The approach also allows firms to avoid equity dilution and maintain control over their capital structure while benefiting from the liquidity of public markets [1].

The momentum behind digital asset treasuries has also accelerated in the second half of 2025, with July marking a peak in monthly fundraising, reaching approximately $6.2 billion [1]. This suggests a rapid adoption of the strategy across the industry and a growing alignment between corporate treasury management and digital finance [1].

This transformation in capital allocation reflects broader macroeconomic trends, including the stagnation of venture funding and evolving regulatory environments [1]. As investors seek secure and efficient alternatives to traditional funding models, digital asset treasuries offer a compelling solution that balances innovation with financial prudence [1].

Source: [1] TheBlock (https://www.theblock.co/post/367485/digital-asset-treasuries-eclipse-venture-funding-as-companies-raise-15-billion-in-2025)