Bitcoin on the Balance Sheet Meets a Crypto IPO Frenzy
The world of crypto has a wave on its hands—an IPO frenzy, to be precise. The public markets have been experiencing a significant influx of capital from investors in 2025 as many companies have IPO’d or SPAC deals have closed. There will be more deals to come, whether through IPO or a SPAC, as many companies and investors continue to explore the opportunity within the public markets.
All this public market action has been happening alongside a second wave: the Bitcoin treasury boom. Public companies and crypto companies are increasingly using Bitcoin or Ethereum as a corporate treasury reserve asset. Together, these two trends are going to change the crypto industry — and public markets in general.
The IPO Wave
Crypto firms have made a mad dash for the public markets in the past 8 months under the new crypto-friendly administration.
- In June 2025, Circle Internet Group (the issuer of stablecoin USDC) completed its initial public offering to raise $1.1 billion at a valuation of $6.9 billion.
- In August 2025, the Peter Thiel-backed crypto exchange Bullish (BLSH) filed for and completed its IPO, raising another $1.1 billion at a valuation of $2 billion, whose shares have shot up in early trading.
This flurry of activity is just the beginning. An analysis by Architect Partners found that Gemini, Grayscale, BitGo, and Figure Technology have filed with the SEC or intend to confidentially submit IPO filings soon. Another group, including Kraken, Blockchain.com, OKX and Uphold, have either publicly commented on IPO plans or are known to be in talks with investment banks. Additional likely candidates, according to the report, are Crypto.com, Fireblocks and ConsenSys.
The Bitcoin Treasury Boom
The other trend is the “Bitcoin treasury play”, in which a public company moves corporate cash into Bitcoin (or Ethereum) on its balance sheet. MicroStrategy made this play famous, but it’s hardly alone.
- As of August 14, 2025, approximately 150 public companies hold bitcoin on their balance sheet, totaling between 820,000 and 930,000 BTC. That’s around 4–4.7% of all bitcoins in circulation.
- According to data from Coingecko, the value of the Bitcoin holdings of public companies is over $93 billion in BTC, and $ETH treasuries are worth over $4 billion.
- Corporate treasuries are large and growing quickly. While high-profile examples such as Trump Media & Technology Group, Inc. (TMTG) often make headlines, they represent just one part of a much broader trend. ). TMTG used $2 billion — two-thirds of its available cash — to purchase bitcoin. The firm pivoted towards a bitcoin treasury play strategy.
- ETHZilla has also moved to a Bitcoin treasury play model, having completed a pivot to Ethereum. The firm owns around $350 million of ETH on its balance sheet. Its stock price soared as much as 70% on the day of the announcement.
- Two mining firms are actively pursuing large ETH treasuries: BitMine Immersion Technologies and The Ether Machine. The latter is seeking a SPAC merger that will let it raise capital to buy 400,000 ETH, or $1.5 billion worth, on its balance sheet. The company intends to become a “publicly traded Ethereum holding and mining company.”
- Strive Asset Management is merging with a SPAC with the goal of being described as “the Berkshire Hathaway of Bitcoin Treasury companies.”
- World Liberty Financial, which backs ALT5 Sigma Corp., intends to raise $1.5 billion for a new crypto treasury that will hold the same ~7.5% of bitcoin’s genesis supply.
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The Pipeline
The rush is not over. Bitcoin Standard Treasury Company (BSTCO) will go public later this year, via a SPAC sponsored by Cantor Fitzgerald. If it prices at its stated target range, it will be the fourth-largest public Bitcoin treasury holder as soon as it goes public.
The current rush of listings and treasury builds will feed on itself. Listing on the public markets can provide capital and legitimacy for a crypto firm to move into a treasury build. In fact, it’s hard to imagine one without the other. Holding bitcoin as an asset will also be an easy way for investors to gain exposure to the crypto market without buying the actual coins themselves.
The Bubble, or a Paradigm Shift?
Let’s be real: many of these treasury plays are financed by debt or equity. Levered balance sheets and weak earnings are a disaster if crypto markets tank. This may be a “bitcoin tulip bubble,” as some commentators have said. Others have said it reminds them of the dot-com bubble.
But you don’t have to read it this way. Companies and their treasury assets are inextricably linked in modern finance. Bitcoin and other cryptocurrencies have earned a seat at the table. And in the long term, public markets are being used to bring crypto to corporate finance.
Author: Mohammed Bari | [email protected]