Arkham Intelligence says a growing number of public companies now hold Bitcoin, Ethereum, and other digital assets on their balance sheets, creating a class of firms often described as crypto treasury companies. These businesses typically raise capital through equity or debt, then use the proceeds to buy crypto. For investors, the structure offers market exposure through stocks rather than direct token ownership.
A model that began with Strategy spread across sectors
According to Arkham, the template took shape in 2020 with Strategy, formerly MicroStrategy. Under Michael Saylor, the company redirected capital into Bitcoin and built one of the largest corporate holdings. That approach has since been copied by other listed firms, and the model now extends beyond a single asset or business line.
Arkham points to Marathon Digital Holdings as an example of a company combining mining operations with Bitcoin accumulation. BitMine Immersion Technologies moved its focus toward Ethereum. The concept has also spread beyond the two largest cryptocurrencies. Forward Industries has built large Solana reserves through private investment deals, while MetaPlanet has assembled a notable Bitcoin position. Arkham also notes that Tesla and SpaceX previously added Bitcoin to their balance sheets.
Ethereum treasury firms add staking income
Arkham says treasury companies centered on Ethereum have started to emerge as a separate category. Unlike Bitcoin-focused holders, these firms can earn yield by staking their assets. That changes the economics of the model. In Arkham’s example, BitMine holds a large share of Ethereum supply and generates annual returns through staking rewards.
The result is a structure where companies are not only holding crypto as a reserve asset. Their stock can still move with the underlying token, but staking introduces an operating income component that Bitcoin treasury firms do not have in the same form. Arkham’s explanation stays focused on how the setup works, not on forecasting future returns.
Volatility, NAV, and mNAV remain central to valuation
Arkham also warns that the strategy carries clear risks. Sharp moves in crypto prices can hit corporate balance sheets directly and affect investor sentiment at the same time. In a prolonged downturn, companies may need to sell holdings to cover expenses or repay debt. That can lock in losses and add pressure to the stock.
Investors commonly track NAV and mNAV when valuing these firms. Arkham describes those metrics as tools for measuring the value of crypto holdings and the premium at which a company’s equity trades relative to its underlying assets. For crypto treasury companies, those numbers have become key reference points in public market pricing.
Arkham highlights real-time on-chain transparency
Alongside its market overview, Arkham highlights the role of transparency tools. Its platform allows users to monitor wallet activity, balances, and transactions in real time. For companies that finance themselves in public markets while holding large on-chain positions, that visibility has become part of how investors assess operations and treasury behavior.