Crypto-buying firms, which purchase and hold digital assets as a core business strategy, surged in popularity this year as public markets welcomed companies following the lead of early adopters like Strategy, amassing everything from Bitcoin to Dogecoin. Many firms used reverse mergers to go public, enabling rapid growth amid friendlier regulatory conditions under the current SEC leadership. The popular metric mNAV (multiple-to-net asset value) became a key tool for assessing these firms, reflecting how stock prices compared to crypto holdings; some firms aimed specifically to maximize crypto-per-share metrics. Market enthusiasm faded as stock prices of many crypto-buying firms fell below their underlying crypto value, reducing their ability to raise funds via stock issuance. Intense competition, mergers, and a proliferation of crypto treasury models led to fragmentation and made it harder for companies to stand out. While some firms branched into staking and validation to earn revenue, others faced governance or capital challenges and exited the strategy. Despite uncertain prospects and reduced momentum, supportive regulation and institutional interest suggest more such firms will emerge, leaving the industry at a crossroads between lasting relevance and passing trend.