Wall Street Treasury Buyers Scoop Up $49.7B Of Bitcoin And Ethereum, New Study Finds

• Digital Asset Treasury Companies deployed at least $49.7 billion in crypto in 2025, with nearly half of that buying concentrated in the third quarter.
• DATCos collectively held about $134 billion in digital classes by early 2026, accounting for more than 5% of the circulating Bitcoin and Ethereum supply.
• Stablecoins expanded to 10.37% of the $3 trillion crypto market in 2025, providing liquidity, even as ownership remained concentrated among treasury buyers.

Digital Asset Treasury Companies (DATCos) now control more than 5% of the total circulating supply of Bitcoin and Ethereum, according to CoinGecko’s 2025 Annual Crypto Industry Report published last week.

CoinGecko said that DATCos held about $134 billion worth of digital assets at the beginning of 2026. This was a 137.2% increase from the beginning of 2025, when DATCos held about $56.5 billion. Over 2025, these firms “deployed at least $49.7 billion to acquire over 5% of the total BTC and ETH supply, with nearly 50% of that buying activity concentrated in the third quarter itself.

113 Firms Hold Bitcoin As Treasury Asset

There are 142 DATCos, among which 113 firms hold Bitcoin as a treasury asset, 15 hold Ethereum (ETH), and only 10 hold Solana (SOL). 

Major DATCos include Strategy (MSTR), which bought 221,877 Bitcoin (BTC) in 2025, amounting to 7,09,715 BTC holdings in total. Tesla (TSLA), which bought 1789 BTC. Metaplanet (JPY) purchased 35,102 BTC, and Marathon Digital (MARA) bought 8357 BTC, respectively. Additionally, the crypto holdings for DATCos like Riot Platforms (RIOT) and Block (XYZ), along with several other firms, “totalled to $137.3 billion at the end of October 2025,” said CoinGecko.

While Ethereum and Solana acquisitions were smaller, Galaxy Digital (GLXY) and Forward Industries were two prominent industry leaders.

The report described the growing footprint of DATCos as a structural shift and crypto market ownership, particularly for Bitcoin and Ethereum, where supply is fixed or issuance is limited. CoinGecko noted that treasury accumulation increased even during periods of price weakness in 2025, dropping to $5.8 billion, bringing down the share price of DATCos.

Stablecoins Expand As Market Liquidity Grows

Alongside the rise of treasury buyers, CoinGecko said that stablecoins continue to expand their role in crypto markets. Stablecoins accounted for 10.37% of the $3 trillion total crypto market capitalization in 2025, rising to $311 billion in market value.

Read also: MSTR Defies Crypto-Stock Slump As Gold And Silver Hit Record Highs

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