Catenaa, Thursday, July 31, 2025-The combined market capitalization of publicly traded firms holding cryptocurrencies has soared to $160 billion, up from roughly $90 billion at the start of 2024, as investors increasingly seek exposure to digital assets through equities.
The rise marks a significant shift in how institutional and retail investors approach crypto markets. Rather than directly holding tokens, many now prefer gaining access through equity in companies that manage large crypto treasuries.
This route offers less volatility, regulated access, and mitigates risks tied to market liquidity.
Many treasury-focused firms have seen their stock prices climb sharply, in some cases double digits, after revealing crypto holdings. Analysts attribute this to investor confidence in professional crypto management and the reputational strength these firms bring to digital asset portfolios.
A key valuation metric, known as mNAV (multiple of Net Asset Value) is being used to assess such companies. While many trade at a premium to their token NAVs, experts caution that this does not always equate to actual leveraged crypto exposure. Rather, it often reflects market confidence in management strategies and institutional oversight.
Analysts say that these firms are also becoming exit routes for crypto whales. Instead of liquidating tokens on exchanges, large holders are transferring them into treasury vehicles in exchange for equity stakes.
These shares are then sold via traditional markets, easing liquidity pressure and preserving token stability.
