The Firms Behind 2025’s Biggest Public Crypto Treasury Deals

In 2025, corporate adoption of cryptocurrencies has shifted from being a niche experiment to a structured financial strategy. Large public companies are no longer relying solely on Wall Street to arrange capital raises or manage their treasuries. Instead, the heavy lifting is increasingly being done by crypto-native firms — specialist market makers, venture funds, and trading houses that understand how to execute in volatile digital asset markets.

Players like Galaxy Digital, Jump Crypto, GSR, DWF Labs, and a16z crypto are now central in structuring treasury strategies for public firms. Traditional banks, lawyers, and auditors remain in the picture, but it is these crypto-specialists who are driving the asset selection, liquidity sourcing, and staking mechanics.

This article explores the most significant public-company treasury deals of 2025, the firms behind them, and what they signal about the future of corporate balance sheets.

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Why Crypto Treasuries Matter

A crypto treasury is a reserve of digital assets held on a company’s balance sheet, much like cash or marketable securities. Firms pursue them for various reasons:

• Diversification away from fiat and traditional assets
  
• Alignment with product strategies (e.g., gaming or AI tokens)
  
• Staking or yield opportunities native to the protocol
  

The landscape changed dramatically in 2025 when new U.S. accounting rules required many crypto assets to be measured at fair value rather than under the old “impairment only” model. As reported by Bloomberg Tax, this reform gave boards and CFOs greater clarity, enabling them to mark assets both up and down and provide more accurate disclosures.

This clarity has accelerated adoption. Public companies in the U.S. now hold more than $127 billion worth of crypto assets, concentrated in Bitcoin, Ethereum, and Solana.

Key Treasury Assets in 2025

Bitcoin (BTC)

Still the anchor, Bitcoin dominates corporate reserves. According to the Bitcoin Treasuries Report, public companies collectively hold over 1 million BTC, with firms like MicroStrategy, Marathon, and Metaplanet among the largest holders. The total corporate value of BTC exceeds $110 billion.

Ethereum (ETH)

Ethereum is increasingly held in treasuries with staking. Companies like SharpLink reported holdings of more than 837,000 ETH by late August, while BitMine Immersion disclosed more than 2 million ETH in September. Together, ETH holdings are worth around $14 billion.

Solana (SOL)

Solana’s speed and low fees have made it attractive to consumer-facing firms. Public treasuries in SOL are now worth about $3.2 billion, with holdings spread across companies like Forward Industries and DeFi Development Corp.

The Biggest Treasury Deals of 2025

Forward Industries: $1.65 Billion Solana Treasury

In September 2025, Forward Industries closed a landmark $1.65 billion private placement to fund a Solana (SOL) treasury. The round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with Cantor Fitzgerald assisting as placement agent.

According to filings, Forward purchased more than 6.8 million SOL at an average of $232 each, nearly all of which has been staked to generate yield. Governance changes followed: Kyle Samani of Multicoin Capital was appointed chairman, while Galaxy and Jump gained observer roles on the board.

This deal represents the largest corporate SOL treasury to date, effectively creating a publicly traded proxy for investors seeking Solana exposure without waiting for a U.S. ETF approval.

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Heritage Distilling / IP Strategy: First IP Token Treasury

In August 2025, Heritage Distilling (CASK) announced a $220 million private placement to launch a treasury of Story Protocol’s $IP tokens. Shortly after, the company rebranded to “IP Strategy” (IPST) to reflect its new focus.

The round included participation from a16z crypto, Polychain Capital, and Amber Group, among others. SEC filings confirmed that the company held more than 53.2 million IP tokens by the end of August.

This marks the first time a Nasdaq-listed company built its treasury around intellectual-property-linked tokens rather than a major blockchain. By aligning with Story Protocol, the firm is betting on programmable licensing and tokenized IP rights as a future revenue stream.

Interactive Strength (TRNR): Building an AI Token Treasury

In June 2025, Interactive Strength (TRNR) launched a facility of up to $500 million to build a treasury anchored in Fetch.ai’s FET token. The initiative was co-led by DWF Labs and ATW Partners, with custodial services through BitGo.

TRNR disclosed that it closed an initial $55 million tranche and began acquiring FET tokens. The company plans to integrate Fetch.ai’s AI models into its fitness technology products, making the treasury a strategic as well as financial move.

This deal is notable for creating one of the first AI-linked token treasuries, positioning TRNR as a pioneer in blending artificial intelligence and blockchain finance.

MEI Pharma → Lite Strategy: A Litecoin Treasury

In July 2025, MEI Pharma (later rebranded to Lite Strategy, ticker LITS) announced a $100 million raise led by GSR to establish a Litecoin treasury.

The deal was structured with direct involvement from Charlie Lee, creator of Litecoin, and the Litecoin Foundation. GSR not only funded the raise but was also contracted as the treasury manager, responsible for execution, custody, and advisory.

The rebrand to Lite Strategy symbolized the company’s full embrace of LTC as a core balance-sheet asset, making it the first U.S. issuer to institutionalize a Litecoin treasury.

Helius Medical Technologies: Pivot to a Solana Treasury

On September 15, 2025, Helius Medical Technologies (HSDT), traditionally a neurotech firm, announced an oversubscribed $500 million raise to fund a Solana-focused treasury.

The deal, which could rise to $1.25 billion with attached warrants, was backed by Pantera Capital and Summer Capital. Dan Morehead of Pantera framed the deal as an opportunity for traditional investors to gain Solana exposure ahead of a potential ETF launch.

This marked one of the first examples of a public biotech pivoting into a crypto treasury vehicle.

The Firms Behind the Deals

• Galaxy Digital: A crypto merchant bank led by Mike Novogratz, specializing in structuring large crypto financings and providing liquidity.
  
• Jump Crypto: Known for its trading infrastructure and liquidity support, Jump ensures deals can execute without destabilizing token markets.
  
• GSR: A market maker and structured products specialist, GSR leads PIPE deals and often takes an active role in treasury management.
  
• DWF Labs: A global digital asset market maker, DWF has become a go-to for staged token acquisitions and large-cap treasury execution.
  
• a16z crypto: The venture arm of Andreessen Horowitz, often anchoring rounds in emerging protocols like Story Protocol.
  
• Polychain Capital: One of the largest crypto hedge funds, supporting token treasuries tied to new Web3 ecosystems.
  

These firms bring deep expertise in liquidity sourcing, tokenomics, and custody — expertise that traditional banks often lack.

Why 2025 Is Different

1. Professionalization: Treasury deals now use PIPEs, ATM equity offerings, and structured stablecoin commitments, rather than ad-hoc purchases.
   
2. Governance integration: Investors like Multicoin and Galaxy don’t just provide funds — they take board seats or observer roles to shape strategy.
   
3. Token diversity: Beyond Bitcoin and Ethereum, companies are now building treasuries around Solana, Litecoin, and IP tokens.
   
4. Transparency: Companies like IP Strategy are introducing real-time treasury dashboards, making on-chain holdings visible to investors.
   
5. Alignment with business models: From AI (Fetch.ai at TRNR) to IP (Story Protocol at Heritage), treasuries are increasingly tied to strategic product themes.
   

Risks to Watch

• Volatility: Even with staged purchases and staking, corporate treasuries are exposed to crypto market swings.
  
• Regulatory shifts: SEC classification or new tax rules could reshape how treasuries are reported and valued.
  
• Liquidity: Selling large reserves may depress markets, forcing companies to manage exits carefully.
  
• Protocol risk: Bugs or governance disputes in the underlying token networks could impair holdings.
  
• Reputational risk: Public companies risk backlash if crypto holdings underperform or are seen as speculative.
  

Outlook

The 2025 treasury wave is showing no signs of slowing. More companies are exploring hybrid treasuries that combine BTC, ETH, SOL, and thematic tokens. Institutional custodians like BitGo and Anchorage Digital are expanding offerings for corporate clients, while auditors are scrambling to create standardized frameworks.

The key takeaway: watching who funds and structures these treasuries is just as important as tracking the companies themselves. Deals backed by Galaxy, Jump, GSR, and a16z not only inject capital but also signal which protocols may see sustained liquidity and corporate adoption.

As balance sheets modernize, corporate treasuries are becoming one of the clearest channels for institutional capital to flow into crypto — and 2025 may be remembered as the year crypto-native firms took the wheel from Wall Street.

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By: Montel Kamau

Serrari Financial Analyst

2nd October, 2025