- CoinGecko’s 2025 DATCo report says there are 142 Digital Asset Treasury Companies holding $137.3 billion in crypto, up from just 4 in 2020
- Strategy alone holds $70.7 billion, or about half of all DATCo crypto, making it the clear category leader ahead of BitMine Immersion and MARA
- U.S. regulators at the SEC and FINRA are reviewing the sharp stock spikes that followed several DATCo balance-sheet announcements
Bitcoin’s pullback has not stopped corporations from stacking coins. Digital Asset Treasury Companies, or DATCo’s, have turned into a full market segment, with CoinGecko’s Nov. 5, 2025 report counting 142 firms that together hold $137.3 billion in crypto.
That is a jump from only four firms in 2020 and shows that corporate balance sheets are now a real channel for Bitcoin, Ethereum and Solana demand. For readers asking “how many” and “how big,” the answers today are 142 DATCo’s and $137.3 billion.
Related: Corporate Bitcoin Treasuries Climb to $135 Billion with Strategy (MSTR) on Top
Strategy Now Owns About Half Of All DATCo Crypto
The report shows that Strategy, the rebranded MicroStrategy, is the runaway leader with $70.7 billion in cryptocurrencies, which is just under 50% of all DATCo holdings. This single number explains why markets still treat Strategy stock as a leveraged Bitcoin proxy.
It also marks a milestone in the institutionalization of BTC because one listed company now sits on roughly 3.05% of total Bitcoin supply. So if the question is “who is the biggest DATCo right now,” the answer is Strategy and it is not close.
DATCo’s Grew Fastest In 2025 And Still Prefer Bitcoin
Growth has been explosive. From 2020 to 2025, the count rose from 4 to 142, with 76 new entrants coming in 2025 alone, which makes this the fastest year on record. Holdings also climbed from under $10 billion in 2021 to nearly $180 billion at peak 2025 valuations, before settling at $137.3 billion on today’s prices.
Bitcoin still dominates treasury mix at 82.6%, Ethereum is next at 13.2%, and Solana takes 2.1%. If you are wondering “what do DATCo’s actually hold,” the answer is mostly Bitcoin.
Top DATCo’s After Strategy And Where They Are Based
Behind Strategy, BitMine Immersion reports $12.9 billion, MARA Holdings sits on $5.9 billion, XXI on $4.8 billion, Sharplink on $3.3 billion, and Metaplanet on $3.4 billion. Seven pure-play DATCo’s now rank in the top 15, which means the model is no longer a mining-only game.
The United States leads the field with 60 registered DATCo’s, Canada has 19, and China 10, so if the question is “which country has the most DATCo’s,” it’s the U.S. by a wide margin. Tesla is still the lone non-crypto major in the upper tier.
Stock Rallies Drew Regulator Attention
Share prices of these treasury-heavy companies often exploded the week they announced a crypto balance-sheet pivot. BitMine Immersion logged a 3,069% move in ten days, and Metaplanet peaked 269 days after launch with a 6,200% gain.
Those outsized jumps are why the SEC and FINRA are now reviewing trading around DATCo announcements for possible insider dealing or disclosure gaps. So if readers ask “why are regulators probing DATCo’s,” the answer is: the stock spikes came first, then the disclosure.
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