US entities now hold nearly three-quarters of all crypto treasury value, underscoring Wall Street's dominance in digital assets.
The US now sits squarely at the centre of the world’s crypto balance sheet. New data from blockchain analytics firm Sentora shows that US entities hold 73% of all global crypto treasury value, a dominance that makes Wall Street and Washington the twin anchors of institutional digital assets.
Sentora’s Crypto Treasury Tracker puts combined corporate and sovereign holdings at $241.3bn, with Bitcoin accounting for 87.4% and Ethereum 10.3% of the total.
The numbers underline how American firms have become the undisputed leaders of the institutional crypto market, combining scale, liquidity, and regulatory clarity to dominate the sector.
Regulation and balance-sheet power
Two key factors explain the US lead. The first is the depth of the country’s capital markets, which allows companies to raise debt and equity to accumulate crypto at an institutional scale.
The second is regulation. Measures such as the GENIUS Act and broader market-structure reforms in Washington have provided investors and auditors with more precise guidance on custody, accounting, and compliance.
Together, they are cementing the US as the natural home for listed crypto-treasury companies and government-linked holdings.
Leading players include Michael Saylor’s Strategy Inc., the former MicroStrategy, with 640,808 Bitcoin worth more than $78bn.
The company’s early all-in bet on crypto now makes it a larger holder than either the US or Chinese governments, which each hold over 190,000 Bitcoin. A wave of listed miners and crypto infrastructure firms has built up substantial reserves.
On the Ethereum side, BitMine Immersion Technologies has emerged as one of the world's largest holders, positioning itself as an equity-backed validator.
Top 10 Crypto Treasuries (October 2025)
- Strategy Inc. (US) – Bitcoin – $78.0bn
- United States Government (US) – Bitcoin – $22.7bn
- China Government (CN) – Bitcoin – $21.8bn
- Block.one (US) – Bitcoin – $18.8bn
- BitMine Immersion Technologies (US) – Ethereum – $15.3bn
- Tether Holdings Ltd. (BVI) – Bitcoin – $10.0bn
- United Kingdom Government (UK) – Bitcoin – $7.0bn
- MARA Holdings (US) – Bitcoin – $7.3bn
- Ukraine Government (UA) – Bitcoin – $5.3bn
- XXI (US) – Bitcoin – $5.0bn
High-risk, high-reward trade
Crypto-treasury stocks have faced a sharp reality check after a surge earlier in 2025.
Share-price premiums to underlying asset value have compressed as investors shift toward cheaper ETF exposure and as token prices fluctuate. These companies act as leveraged bets on Bitcoin and Ethereum, with soaring market caps when crypto prices rise, and even faster falls when sentiment turns.
Many firms used share offerings at premiums to net asset value to fund additional crypto purchases during the rally. That cycle has flipped, leaving some issuers struggling to maintain balance sheets and service convertible debt.
For investors, the trade remains tempting but risky, offering equity-level leverage without the liquidity of holding tokens directly.
With nearly three-quarters of global crypto treasuries now American, the balance of power in digital assets is firmly anchored in the US. The question for 2026 is whether that dominance can withstand the next market cycle as prices, regulation, and investor appetite continue to shift.
