BitMine Immersion, Sharplink, and Forward Industries are the only altcoin-focused DATCos among the top 15 holdings.
Digital Asset Treasury Companies (DATCos) have deployed at least $42.7 billion in cryptocurrency acquisitions so far in 2025. Interestingly, more than half of that amount was spent in the third quarter alone, when DATCos collectively acquired $22.6 billion in digital assets.
Therefore, Q3 2025 has been the strongest quarter on record in terms of DATCo accumulation.
Bitcoin DATCos dominate
In its latest analysis, CoinShares revealed that altcoin-focused DATCos accounted for $10.8 billion of this Q3 spending, or 47.8% of the total. However, despite the rise of altcoin treasury strategies, Bitcoin-focused DATCos still lead the market by a wide margin.
Bitcoin DATCos has purchased at least $30 billion worth of BTC since the beginning of 2025, and accounted for 70.3% of all aggregate DATCo cryptocurrency purchases this year. Ethereum DATCos was the second largest pool by acquisition value. In fact, at least $7.9 billion was spent on ETH in 2025. The majority of that ETH spending, at least $7.1 billion, took place in August.
Other assets, including SOL, BNB, WLFI, and several smaller-cap assets, accounted for 11.2% of purchases in 2025. CoinGecko expects this share to increase as more altcoin-focused DATCos begin to deploy capital.
Even with this expansion of altcoins, Bitcoin and Ethereum remain the dominant assets held by corporate digital asset treasuries.
Strategy leads DATCos
Strategy is currently the largest DATCo by cryptocurrency holdings, reporting $70.7 billion in BTC on its books, which represents about half of all digital assets owned by DATCo. The company alone holds 3.05% of the total Bitcoin supply in circulation.
You may also be interested in:
Meanwhile, BitMine Immersion, Sharplink, and Forward Industries are the only altcoin-focused DATCos in the top 15 by holdings, with all three entering the category only after June 2025. In total, seven pure-play DATCos are in the top 15, and only three crypto mining companies are in the top 15. Of the five companies with corporate cryptocurrency reserves that also make the top 15, four are cryptocurrency-related businesses, with Tesla the only exception.
The total number of DATCos has increased from just four in January 2020 to 142 in October 2025. 76 of them were formed this year alone. Hut 8 Mining Corp was the first DATCo, in November 2017. Strategy subsequently became the first pure DATCo in August 2020.
DATCo’s total holdings reached $137.3 billion as of the end of October 2025, an increase of 139.6% year-to-date. Of the 142 DATCos, 113 have BTC, while only 15 have ETH and 10 have SOL.
SECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link to sign up and unlock $1,500 in exclusive BingX Exchange rewards (limited time offer).
