Galaxy Research: Public Firms Holding Digital Assets Now Manage More Than $100 Billion in Crypto Reserves
The post Galaxy Research: Public Firms Holding Digital Assets Now Manage More Than $100 Billion in Crypto Reserves appeared on BitcoinEthereumNews.com.
Key highlights: Public companies hold over $100B in digital assets, with Strategy (MSTR) leading at $71.8B and $28B in gains. Shares often trade at high NAV premiums; Metaplanet at 179%, Strategy at 58%, reflecting investor demand. The model depends on NAV premiums and liquidity; losing these could cause buybacks and market stress. Galaxy Research analyst Will Owens published a report about a new class of public companies — firms holding digital assets as reserves. These companies maintain cryptocurrencies on their balance sheets as a core strategic function and already control over $100 billion in digital assets. Market scale Companies with digital assets on their balance sheets collectively hold 791,662 Bitcoin and 1,313,318 Ethereum, or about 3.98% of Bitcoin’s total supply and 1.09% of Ethereum’s total supply. Leading the pack is Strategy (MSTR), with assets of $71.8 billion at current prices. The unrealized gains of this company alone exceed $28 billion. Companies with digital assets in reserves: Bitcoin vs. Ethereum. Source: Galaxy Research Strategy is followed by Japan’s Metaplanet (ticker 3350.T on the Tokyo Stock Exchange), which positions itself as the “Japanese Strategy,” and SharpLink Gaming (SBET). While these companies used to focus exclusively on Bitcoin, they are now diversifying their portfolios by adding SOL, XRP, BNB, HYPE, and other tokens. Distribution of companies by cryptocurrency in corporate reserves (July 2025). Source: Galaxy Research Trading at a premium: The essence of the business model A key feature of these firms is that they trade at a premium to their net asset value (NAV). NAV is calculated as the market value of all cryptocurrencies on the company’s balance sheet, divided by the number of outstanding shares. The premium indicates how much more expensive the company’s shares are relative to the per-share value of its crypto assets. Strategy trades at a 58% premium,…
