A fast-growing wave of corporate crypto adoption is transforming balance sheets across the US and beyond.

In just one year, the number of publicly listed firms holding digital assets has risen sharply, with more than 152 companies now owning over 950,000 bitcoin worth $110 billion.

Once confined to a few early adopters, the trend has spread across industries, from media to healthcare, and is now creating a new ecosystem of custodians, brokers, and asset managers profiting from the activity.

Analysts say this marks a structural shift in corporate treasury management that could influence how firms allocate capital in the years to come.

According to Bitcoin Treasuries.net, a year ago, publicly listed firms held just over 416,000 Bitcoin.

Today, that figure has more than doubled to 950,000 coins, valued at over $110 billion.

Michael Saylor’s company Strategy, previously known as MicroStrategy, remains the largest holder with $73 billion in bitcoin. Its market capitalisation now stands at $95 billion, about 25% higher than the value of its holdings.

Other corporate buyers include Trump Media, which disclosed a $2 billion Bitcoin treasury earlier this year, and Nakamoto Holdings, a Bitcoin-focused firm that merged with KindlyMD.

The merger propelled KindlyMD’s stock from under $2 to $15, giving the renamed NAKA a $114 million market cap.

World Liberty Financial, majority-owned by the Trump family, added to the momentum with a $1.5 billion treasury anchored by its WLFI token.

Corporations are not only buying Bitcoin but also diversifying into Ether, Solana, and other cryptocurrencies.

Data from Architect Partners shows companies have raised $98 billion this year for crypto treasuries, with another $59 billion pledged by 139 firms since June.

This trend is fuelling Wall Street activity. Underwriting commissions and fees from offerings such as preferred stock and convertibles are flowing to banks including Morgan Stanley, Barclays Capital, Moelis & Company, and TD Securities.

For instance, Strategy’s $722 million offering in March generated around $10 million in fees for its underwriters. MARA Holdings also issued $950 million in convertible notes in July, expected to yield another $10 million in fees.

Custodians have emerged as another major beneficiary of the corporate crypto boom.

BitGo, headquartered in Palo Alto, surpassed $100 billion in assets under custody in the first half of 2025, supported by rising demand from companies storing their crypto reserves.

Coinbase and FalconX are also securing custody deals with large firms, charging between 0.10% and 0.30% annually.

BitGo alone has struck custody agreements with about two dozen corporate treasury clients in recent months, paving the way for its confidential IPO filing in July.

Custodians’ fee models, though slim in margins, have collectively produced hundreds of millions in revenue given the scale of digital assets under management.

With more than $60 billion in crypto assets seeking returns, companies are exploring staking, lending, and options overlays.

Asset managers like Galaxy, Wave Digital Assets, and Arca are offering treasury solutions, typically charging 25 to 50 basis points.

Galaxy recently reported $175 million in inflows for its treasury management services from around 20 corporate clients.

Lending firms like Maple Finance and Two Prime are also gaining ground, as corporates look to differentiate their strategies beyond simply holding crypto.

Analysts suggest that while appreciation of bitcoin and other tokens has been the main driver of returns, yield strategies will become increasingly important as adoption grows.

Wall Street firms including Capital Group, D1 Capital Partners, and Cantor Fitzgerald are already financing these corporate purchases, encouraged by regulatory clarity under President Trump’s administration.

With $31 trillion in corporate cash reserves worldwide, analysts see significant headroom for further crypto adoption across the corporate sector.

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