Q2 wasn’t defined by price moves—it was shaped by shifts beneath the surface. While digital asset markets remained relatively stable, corporate adoption advanced and policymakers started catching up. In the U.S., the Senate passed the GENIUS Act, the first major federal crypto legislation designed to put stablecoins on a path toward regulatory clarity. The downstream effect of this landmark legislation is that Bitcoin is no longer viewed as just a speculative asset. It’s increasingly being treated as a strategic financial tool, with companies rethinking how they manage cash, reserves, and long-term risk.
This report examines that transition. Spotlighting the companies leading the shift, the underlying forces driving treasury adoption, and the key signals that matter to decision-makers evaluating Bitcoin as part of their capital strategy.
Cryptocurrency Industry Price performance
- Bitcoin jumped ~30% on bullish news: the U.S. Strategic Bitcoin Reserve, strong ETF inflows, and global liquidity. The breakout above $110k in late June was driven by institutional demand and favorable macro trends.
- Ethereum gained 34%, slightly outpacing BTC, boosted by ETF inflows, post-merge optimism, and L2 upgrades. Key resistance remains around $2.8k.
- Solana rebounded ~20% after early underperformance. U.S.-China trade tension eased, and optimism around a likely spot ETF (95% odds per Bloomberg) sparked buying.
- XRP rose ~4%, lifted by SEC lawsuit progress, Trump’s crypto reserve comments, and high ETF approval odds.
Market Update
In Q2, the crypto market outperformed equities, with Bitcoin breaking above $100K to a record $112K amid strong institutional inflows into spot ETFs and corporate treasuries. Ethereum surged on the back of the Pectra upgrade, improved staking, and ETF demand, outperforming BTC and driving a DeFi revival led by AAVE. Regulatory sentiment improved as the SEC signaled openness to DeFi and the GENIUS Act on stablecoins passed, boosting XRP and SOL on ETF optimism. Institutional moves like Coinbase’s $2.9B Deribit acquisition and growing stablecoin and ETF adoption position crypto for continued momentum into Q3 despite macro headwinds.
Crypto Treasuries
Financing Crypto Accumulation
These companies typically raise capital through convertible debt, equity issuance, or preferred stock, then allocate proceeds to crypto purchases. MSTR pioneered this approach via repeated rounds of equity, debt, convertible debt, and preferred-share sales, helping amplify their Bitcoin-per-share metric, which in turn boosted its stock price and BTC holdings.
The leverage effect means that when crypto prices climb, shareholders enjoy magnified equity returns. Effective corporate leverage creates a symbiotic “flywheel” as outlined by industry veterans like Cantor’s Brett Knoblauch.
The institutionalization of crypto balance sheets has given rise to a new breed of public companies, vehicles purpose-built for digital asset exposure through regulated, capital marketsbased strategies. These firms have emerged as a preferred access point for both institutional allocators seeking liquidity and smaller investors looking for asymmetric upside.
Crypto treasury companies are no longer just proxies for Bitcoin—they are becoming an investable asset class of their own. The coming quarters will determine whether this trend solidifies into a permanent pillar of the institutional crypto landscape, or fades as mandates, markets, and access tools mature.