Why Strategy And Other Public Crypto Treasury Companies Are All The Rage

By now, it’s abundantly clear that the mega-trend of 2025 is publicly-traded companies following in the footsteps of Michael Saylor and Strategy to buy crypto and hold it on their balance sheet.

No one has been doing it for as long or as big as Saylor has, and as such — Saylor got to give the keynote at Bitcoin’s biggest conference of the year in Vegas. But as we highlighted last week, basically everyone is copying him now.

Trump's media company is emulating the Bitcoin treasury playbook, alongside Metaplanet and now GameStop. There’s the Ethereum treasury play now with SharpLink (freshly funded with another $425 million from ETH co-founder Joe Lubin’s company Consensys.) And there’s also a publicly-traded Solana treasury play now with Defi Dev Corp. — which saw shares climb by more than 3,000% after announcing it would be buying and holding SOL tokens.

It’s all become so commonplace that it was a little surprising to see Saylor dedicate a chunk of his conference-closing, standing room-only keynote to highlight why it’s smart to leverage America’s capital markets to do so.

“At the very top of the pyramid is the well-known seasoned issuer in the U.S. capital markets. There’s a few hundred of them in the world,” Saylor told the crowd. “What can you do when you crawl to the top of that pyramid? You can file a registration statement and sell a billion dollars of securities in six hours.”

And if number-go-up is really all anyone cares about, then being more efficient at buying and holding a thing in a way that leads to price rising faster would, indeed, be rewarded. (It has certainly played a significant role in Bitcoin’s price appreciating — which, in turn, has also fueled Strategy’s nearly 3,000% rise over the last five years as it stacked 5% of Bitcoin’s entire supply.)

Notably, neither Trump's DJT nor GameStop hasn't yet enjoyed anything close to the premium to its net asset value (NAV) that Strategy continually trades with. Perhaps the better strategy, then, is to replicate Saylor’s Strategy outside of Bitcoin?

The answer seems to be a resounding, “Yes.” Pantera Capital, which made an amazing 1,000x return on their Bitcoin bet, explained to Coinage this week why they invested millions into Defi Dev Corp. to potentially become the Strategy of Solana. Since announcing the company would be buying Solana as a treasury asset, DFDV shares have popped 3,000% as well.

“You look at MicroStrategy's $100 billion market cap — call it 5% of Bitcoin. If you translate that over to Solana … that's $5 billion," Pantera's Comso Jiang said, justifying Pantera's initial $50 million bet to get DFDV cranking with its Solana buys. "It sounds like a pretty big [total addressable market] to me.”

All Eyes on The Circle IPO

If you think publicly-traded crypto companies are cool, wait until you see one get listed, because this week is expected to feature one of the largest crypto public offerings in a long time. Circle, the stablecoin issuer behind USDC (second-largest stablecoin in the world behind Tether) has just boosted its offering due to demand.

An amended S-1 filing showed Circle boosted its price range from $24–$26 per share to $27–$28 per share and is seeking a total valuation north of $7 billion.

Circle also couldn’t be listing at a better time as the stablecoin bill is also getting another big push across the finish line. As House Financial Services Chair French Hill tells us, the Senate has its work to do — but everything is progressing as expected.

Circle should benefit from that hype though the listing this week, even if the vote doesn’t materialize as soon as expected.

Crypto’s New Favorite Trader

Elsewhere, a crypto trader going by the name James Wynn is continuing to post incredibly sized trades on X. With leverage, he’s ridden $4 million position all the way up to $100 million, before getting closed out at a $17.5 million loss.

It’s unclear if it’s a standalone trader, or people working in tandem with others to bring awareness to the HyperLiquid trading platform — but Wynn has increasingly gotten louder in calling out crypto market makers and exchange owners, including Binance’s CZ, in tweets.

He re-opened a new position Monday and called on people to donate USDC to his public wallet and buy Bitcoin to defend what he insinuated was a calculated short against his position. Wynn later used the nearly $21,000 that was went to him to slightly lower his liquidation price.

It’s a funny thing to consider, but perhaps it proves the reason why Saylor’s strategy has worked so well: You could be this guy and ask people to donate to a Bitcoin levered bet and receive $20,460.

Or, you can be Saylor and leverage the trust of public markets for his Bitcoin bet and receive $42 billion. One of those things is not like the other.

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