In 2025, the corporate Bitcoin treasury strategy pioneered by Strategy (formerly MicroStrategy) was widely adopted, with firms across industries amassing significant holdings in Bitcoin, Ethereum, and Solana through large-scale equity and debt raises. Strategy led by example, raising billions via bond sales, stock offerings, and innovative preferred shares, acquiring 660,624 BTC as of December, worth $62 billion. Its approach hinged on buying Bitcoin when company stock traded above Bitcoin asset value, though by November, falling market cap made stock sales potentially dilutive. Other companies followed suit: Forward Industries built the largest Solana treasury, raising $1.65 billion and accumulating over 6.9 million SOL. BitMine established the largest publicly traded Ethereum treasury, holding 3.8 million ETH valued at $12 billion, and also made smaller investments in Bitcoin and altcoins. The Ether Machine, after a merger and Nasdaq debut, held nearly 500,000 ETH and staked it to generate DeFi yield. Metaplanet, dubbed "Asia’s MicroStrategy," pivoted from hotels and tech to amass 30,823 BTC, with plans to acquire up to 1% of Bitcoin’s total supply by 2027. Experts suggest these moves are shifting from opportunistic to structural, driven by accounting standards and liquidity, though warn that hesitant or narrative-breaking approaches were penalized. Some questioned the wisdom of firms with no crypto utility making large, volatility-inducing allocations.