Liquidity Flywheel Drives Binance to 300 Million Users

The data behind Binance’s Journey so far
Log In Kaiko Data
  1. Home
  2. Insights

  3. Corporate Treasuries Fuel Crypto Surge

Corporate Treasuries Fuel Crypto Surge

Layer 1

DeFi

Written by The Kaiko Research Team

08/09/2025

    Welcome to the Data Debrief!

    Welcome back to the Data Debrief! Digital asset treasury companies are powering crypto’s rally this year as firms like Strategy, BitMine, and Metaplanet steadily accumulate Bitcoin, Ethereum, and altcoins. Their persistent buying is supporting spot prices, attracting new investors, and fueling the rapid growth of listed crypto-treasury firms, especially across APAC.


    • Digital asset treasuries fuel crypto’s rally and its risks.

    • New DATs are purchasing XRP, SOL, and even smaller coins like HYPE and ENA.


    • WLFI’s first week of trading in data.

    Corporate Treasuries Fuel Crypto Surge

    Digital asset treasury (DAT) companies have emerged as key drivers of the crypto markets this year, accumulating large reserves of Bitcoin, Ethereum, and an expanding basket of altcoins. Their steady purchases have not only supported spot prices but have also shaped volatility patterns across the market.

    The most prominent example is Strategy (MSTR). In less than nine months, the company has added 190,000 BTC, bringing its total holdings to 636,505 BTC. At this pace, MSTR is on track to match its record 2024 Bitcoin purchases.

    But it’s not just Bitcoin. Firms like BitMine and SharpLink have also been building large ETH treasuries, helping to drive ETH’s rally to new highs. New DATs are purchasing XRP, SOL, and even smaller coins like HYPE and ENA.

    Want the full analysis?

    Subscribe to Kaiko Research Premium for more market insights.

    Get the full analysis

    Data Used In This Analysis

    Our industry-leading research is the direct result of combining our proprietary data with world-class in-house experts. Bringing the very best of Kaiko’s people and data together, we unlock the unique insights that form the basis for our discoveries and analysis. We believe in doing so, our data speaks for itself, helping both our clients and the wider industry get a better understanding of the crypto ecosystem, and the evolving trends and patterns in motion at a regional and global scale.

    • Market Explorer

      Price and transaction volume for centralized and decentralized exchanges.

      Learn more

    • Level 1 & Level 2 Market Data

      Tick and aggregated market data, from cryptocurrency exchanges.

      Learn more

    • Blockchain Monitoring Tool

      All users, all transactions, and all history for blockchain wallets.

      Learn More

    More From Kaiko Research