From Bitcoin to Solana: How DAT Are Reshaping Corporate Balance Sheets

From Balance Sheets to Blockchains: How Corporates Are Adopting Digital Assets

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What began in 2020 as a bold bet by a few U.S. tech firms has coalesced into an identifiable trend with a name: the Digital Asset Treasury (DAT) phenomenon. These are public companies—not miners, not exchanges—that raise capital to accumulate, stake, and actively manage crypto assets as reserve assets. Across continents and industries, DATs are transforming corporate balance sheets into crypto treasuries, driving a new wave of adoption beyond financial institutions and fintech.

⚠️ Note: The list of companies and figures below is not exhaustive. It is based on publicly available announcements and news reports, and should be read as a snapshot of the most visible corporate moves into crypto rather than a complete census of all DATs worldwide.

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Each new announcement tends to spark a stock market surge, as investors reward the association with Bitcoin. But is this simply a passing fad, a speculative halo effect, or the beginning of a lasting shift in how corporates manage their treasuries?

This article looks at the companies driving the trend — from U.S. pioneers like Tesla and Block, to Asia’s Metaplanet and Genius Group, to European newcomers — and asks why they are making these moves.

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1. U.S. Tech DAT Pioneers

The corporate adoption story began in the United States, where a trio of high-profile tech firms set the precedent for what would later become the Digital Asset Treasury model.

Strategy (formerly MicroStrategy) became the poster child of Bitcoin treasuries. Beginning in 2020, it poured billions into BTC, reaching $12 billion by 2025. In February 2025, the company rebranded from MicroStrategy to Strategy to reflect its reinvention as a Bitcoin-centric holding company.
Why? For Strategy, Bitcoin is not just a reserve — it’s the company’s entire identity. The pivot from enterprise software to a hard-money balance sheet made it the blueprint for corporate DATs worldwide.

Tesla shook markets in 2021 when it disclosed a $2 billion Bitcoin purchase. Though it later sold part of its holdings, the move marked one of the first major endorsements of Bitcoin by a global consumer brand.
Why? Tesla’s allocation was less about balance-sheet optimization and more about branding — positioning itself as a cutting-edge innovator willing to embrace disruptive technologies, even in corporate finance.

Block (formerly Square) also bought Bitcoin in 2020 and 2021, investing a total of $220 million. Unlike Tesla, Block integrated Bitcoin directly into its business lines through Cash App and Spiral, making BTC both a treasury reserve and a product.
Why? Block’s approach was uniquely operational. By embedding Bitcoin into its apps and services, it signaled that BTC wasn’t just a treasury asset, but part of its long-term vision as a Bitcoin-native fintech ecosystem.

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2. New U.S. DAT Adopters

Some of the most striking entrants into the corporate crypto space are firms with little or no historic link to finance or blockchain. Their announcements have often triggered spectacular stock price reactions, underscoring the power of the “crypto halo effect.”

GameStop became a cultural icon during the Reddit-fueled short squeeze of 2021. In 2025, it leaned further into its meme-stock identity by purchasing $500 million of Bitcoin. While its business remains rooted in gaming, the purchase symbolized solidarity with a crypto community that views Bitcoin as a tool of financial independence.
Why? GameStop’s move was less about balance sheet strategy and more about cultural alignment — using Bitcoin to reinforce its brand as a symbol of rebellion against Wall Street.

MEI Pharma, once a struggling biotech with no viable drug pipeline, shocked markets in 2025 by reinventing itself as a crypto holding vehicle. It allocated $115 million into Litecoin, becoming the first U.S. listed company to use LTC as its primary reserve asset. The company’s future role — whether a holding firm, asset manager, or shell for crypto exposure — remains unclear.
Why? MEI’s pivot was about survival. With no path forward in biotech, it used its listing as a vehicle to capture investor attention and reinvent itself through a bold treasury play.

Trump Media & Technology Group raised over $2.5 billion in 2025 with the stated goal of building a Bitcoin reserve. While no purchases have yet been disclosed, the announcement itself shows how far the Bitcoin treasury narrative has spread, even into political and media spaces.
Why? Trump Media’s move is as much political as financial — a way to signal alignment with Bitcoin’s anti-establishment narrative while courting investor enthusiasm.

Forward Industries, a legacy OEM and manufacturer of electronic accessories, stunned markets in September 2025 by pivoting into Solana. After raising $1.65 billion in a PIPE led by Galaxy Digital, Jump Crypto, and Multicoin Capital, it deployed $1.58 billion to purchase over 6.8 million SOL. All tokens are staked and actively managed, positioning Forward as the world’s first “Solana treasury company.”
Why? Unlike symbolic Bitcoin buys, Forward’s play is about reinvention at scale: turning a small-cap industrial firm into a crypto treasury vehicle with an active on-chain yield strategy.

Helius Medical Technologies, a Nasdaq-listed neurotech and medical device company, announced an oversubscribed $500 million PIPE in September 2025, led by Pantera Capital and Summer Capital, to fund a Solana treasury strategy. The raise, with an additional $750 million in warrants available, will be deployed over the next 12–24 months into SOL staking and DeFi. The news alone sent its stock price up 250% in pre-market trading.
Why? For Helius, the pivot is about repositioning: transforming from a niche medical devices firm into a high-visibility Solana treasury company, backed by top-tier crypto investors and fueled by the promise of staking yields and DeFi participation.

Upexi, a Nasdaq-listed consumer products company with brands spanning pet care, wellness, and nutraceuticals, also joined the Solana treasury wave in 2025. By August it had accumulated over 2 million SOL — worth roughly $334 million at the time — and raised over $200 million in a private placement to expand its holdings. Most of its SOL is staked to generate around 8% yield, creating a hybrid identity as both a consumer brand and a Solana treasury company.
Why? For Upexi, the move is about reinventing its growth story. As a mid-cap consumer goods firm, its expansion potential was limited. By pivoting into Solana, it taps into investor demand for digital assets while using staking yields to bolster returns beyond its traditional retail operations.

CleanCore Solutions (NYSE American: ZONE), a cleaning technology firm, has rapidly built a Dogecoin treasury this month. As of mid-September 2025, it holds over 600 million DOGE, following recent purchases (100 million more DOGE added, after earlier buys of ~285 million DOGE and getting past 500 million DOGE previously). The company’s near-term goal is to reach 1 billion DOGE within 30 days, backed by a $175 million private placement and supported by major institutional and crypto-native backers.
Why? CleanCore’s strategy is about identity and community as much as finance: by declaring Dogecoin its primary reserve asset and aligning with the Dogecoin Foundation / House of Doge, it taps into the meme culture and uses treasury accumulation for both signaling and potential utility (payments, remittance, etc.).

Sharps Technology (NASDAQ: STSS), which operates in medical devices and pharmaceutical packaging (not originally crypto), has launched a digital-asset treasury strategy focused on Solana. After a recent PIPE equity raise, it now holds over 2 million SOL, with the treasury valued north of $400 million. Sharps has also entered into a partnership to stake part of its SOL via BonkSOL, a liquid staking token in the Bonk ecosystem, aiming to combine yield generation with participation in the Solana developer-/community ecosystem.
Why? Sharps is pushing the DAT model into altcoins beyond Bitcoin. It’s not just about holding large SOL reserves; the company is using yield-oriented strategies and community ecosystem alignment (Bonk) to drive value per share and demonstrate that treasuries can be active, not passive.

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3. Asia’s Corporate DAT Race

Asia has quickly become one of the most dynamic regions for corporate Bitcoin adoption, with companies from diverse industries leading the charge.

In Japan, Metaplanet pivoted from hotels and real estate in 2024 to position itself as “Asia’s MicroStrategy.” It already holds over 18,000 BTC and aims for 210,000 BTC by 2027, making Bitcoin the centerpiece of its new identity.
Why? For Metaplanet, Bitcoin is a radical rebrand strategy — a way to move beyond its legacy assets and reinvent itself as a pure crypto treasury vehicle.

In Taiwan, WiseLink, an electronics manufacturer, committed $10 million via a convertible note to TopWin under a “Bitcoin + Cross-Border Finance” framework, giving it indirect but deliberate exposure.
Why? WiseLink’s move reflects how industrial firms are beginning to experiment with financial innovation, using crypto not only as a treasury asset but also as a bridge for global financing.

In South Korea, K Wave Media, a Nasdaq-listed K-pop entertainment company, secured up to $1 billion in financing to fund a Bitcoin treasury. It has so far acquired 88 BTC but set a target of 10,000 BTC.
Why? K Wave Media is leveraging Bitcoin to attract institutional capital and investor attention, blending cultural influence with financial signaling.

In Singapore, Genius Group, originally an education services firm, raised its Bitcoin goal tenfold in 2025 — from 1,000 BTC to 10,000 BTC. It currently holds about 180 BTC, with incremental purchases ongoing.
Why? Genius Group sees Bitcoin as both a treasury hedge and a narrative pivot — a way to stay relevant in the digital economy while positioning itself alongside other bold corporate adopters.

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4. European Corporate DAT Entrants

Europe has seen a mix of corporate adopters, often smaller firms but no less striking.

In France, Capital B, a tech company listed in Paris (Ticker: ALCPB), has become Europe’s first listed Bitcoin Treasury Company. As of September 2025, it holds about 2,249 BTC (≈ €206M), supported by a €58.1M private placement aimed at accelerating its “bitcoin per share” strategy.
Why? As one of the early European DATs, Capital B underscores two points: that bitcoin treasury strategies are no longer confined to the U.S. and Asia, and that institutional investors in Europe are ready to back listed companies committed to crypto reserves.

In the Netherlands, Treasury N.V., backed by the Winklevoss twins, now holds over $147M in Bitcoin, positioning itself as a listed treasury specialist.
Why? Treasury N.V. is explicitly designed as a pure crypto treasury play, offering investors direct exposure to Bitcoin via equity markets.

In the UK, Smarter Web, originally a marketing services firm, adopted a Bitcoin reserve of 242 BTC (~$23M) in 2024. The announcement alone sent its share price soaring by more than 7,000% in six weeks.
Why? Smarter Web used Bitcoin as a signaling device — turning itself from an obscure micro-cap into a market phenomenon almost overnight.

In Germany, Evertz Pharma became the first German-listed company to hold Bitcoin on its balance sheet, allocating around $10M.
Why? The move was largely symbolic — but as a first for German corporates, it showed how far the Bitcoin treasury narrative had spread by 2020.

In France, Bpifrance, while not a corporate but a state-backed investment bank, launched a €25M crypto token fund in 2025. It is closer to venture capital than treasury management, but demonstrates government-linked interest in digital assets.
Why? Bpifrance’s initiative is less about reserves and more about ecosystem support, blending industrial policy with the digital asset sector.

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Corporate Balance Sheet Crypto Investments by Year

From 2020 to 2025, corporates across the U.S., Asia, and Europe have disclosed crypto allocations, with Strategy (ex-MicroStrategy) leading the wave.

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5. Outside Corporates: Institutions and Crypto-Native Firms

Corporate adoption has been the headline, but financial institutions and crypto-native companies are also shaping the landscape.

On the institutional side, ETF issuers such as BlackRock (iShares IBIT, $20B AUM), Fidelity (FBTC, $12B), Ark/21Shares (ARKB, $5B), and Purpose (Canada, $1.6B) have opened the door for investors who cannot hold Bitcoin directly. U.S. pensions like Wisconsin and Michigan have also begun allocating to Bitcoin ETFs.

Meanwhile, crypto-native firms — including Marathon Digital (50,000+ BTC), Riot Platforms (19,000+ BTC), BitFuFu (1,700+ BTC), and American Bitcoin (Eric Trump–backed miner) — hold large amounts of Bitcoin as part of their operations. Exchanges like Coinbase also fall in this category, with crypto holdings that reflect working capital more than strategic treasury decisions.

Why? Institutions provide the infrastructure that makes corporate adoption scalable, while miners and exchanges naturally hold crypto as inventory. Their role is crucial, but it is different from corporates: they are enablers and operators, not pivots.

Conclusion

From U.S. tech pioneers to European niche firms and Asian rebrands, public companies are increasingly adopting digital assets as balance-sheet strategies. What began with isolated bets on Bitcoin has now matured into a recognizable pattern: the rise of the Digital Asset Treasury (DAT).

DATs are neither miners nor exchanges; they are listed companies that reinvent themselves by raising capital to buy, hold, and often actively manage crypto assets like BTC, SOL, or DOGE. For some, it’s survival. For others, it’s signaling. And for a growing number, it’s a full pivot of corporate identity.

Markets have often rewarded these moves with extraordinary share price rallies, highlighting the “crypto halo effect” that can transform an obscure micro-cap into a market darling overnight. Yet whether this is a passing fad or the blueprint for a new corporate treasury model remains an open question.

What is clear is that DATs are no longer U.S.-only and no longer Bitcoin-only. From Paris to Tokyo, Taipei to New York, corporates are writing a new chapter in finance — one balance sheet at a time.

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