U.S. firms dominate global crypto treasuries
Research firm Sentora’s “Crypto Treasury Tracker” found that U.S. entities (corporations, private firms, DAOs, exchanges) hold about 73% of the value of global crypto treasuries.
The total size of the institutional/organisational crypto treasury pool is estimated to be in the “low hundreds of billions” of USD.
Separately, many U.S.-listed firms are increasing their crypto holdings (e.g., American Bitcoin Corp. boosted its holdings to 3,865 BTC (US$441 million) recently.
Market influence & liquidity
With U.S. firms holding a large share of institutional crypto reserves:
Their decisions (buying, selling, disclosing) can have outsized effects on markets — global crypto price, liquidity, sentiment.
Concentration means fewer large actors controlling large volumes → higher “systemic” risk if one acts.
Regulatory & jurisdictional risk
Because many of the assets are held by U.S.-domiciled entities:
U.S. regulation (SEC, Treasury, IRS) becomes even more relevant globally. Changes in U.S. policy will ripple into crypto markets worldwide.
For non-U.S. firms or investors (e.g., in India) this means some “global crypto” risks are tied to U.S. law/regulation indirectly.
Signalling institutional adoption
The trend that corporations are treating crypto (especially Bitcoin, Ethereum) as treasury/strategic reserve assets rather than purely speculative instruments is meaningful. It suggests maturation of the asset class.
Implications for emerging / non-U.S. markets
In India and Asia, even if local firms/treasuries hold less, the dominant role of U.S. entities means global flows, pricing and liquidity may be shaped by U.S. activity.
Local regulation needs to account for the fact that “global” crypto is heavily U.S. anchored.
For Indian corporate treasuries or investors, understanding these U.S. dominated dynamics helps in strategy & risk-assessment.
Key risks & caveats
The 73% figure covers “crypto treasuries” tracked by Sentora — The data may have gaps or bias toward tracked entities.
Crypto is volatile: Even large holdings can be subject to large value swings, meaning treasuries are risky from a corporate finance perspective.
Concentration risk: With so much held by relatively few entities, a major firm liquidation or regulatory shock could have outsized impact.
Regulatory, accounting & tax frameworks remain uneven globally; what U.S. firms do may not translate directly to Indian context.
Even though U.S. firms dominate, there are emerging non-U.S. treasuries (Japan, Asia) which may increase their role.
What this means for India / Indian investors & firms
If you’re an Indian investor: Recognize that global crypto supply/demand and institutional flows are heavily influenced by U.S. players. Moves by those firms can affect price, risk, access, liquidity.
If you’re an Indian company considering crypto on your balance sheet: Understand that you’ll be operating in a space where U.S. corporate and regulation set a significant backdrop.
For Indian regulation: The fact of U.S. dominance may raise issues of global regulatory alignment, cross-border custody, asset jurisdiction, tax implications.
Local firms might still carve niche roles (e.g., focusing on local market, local regulations, region-specific assets), but must account for global interconnections.
Here’s a summary of the key findings from the Sentora “Crypto Treasury Tracker” (and related reports) — which help you understand how crypto treasuries are distributed globally and which entities hold what. These are based on available public-data and estimates, not full disclosure from all entities. Use for informational purposes, not investment advice.
Total size of crypto treasuries
According to Sentora, the global total of institutional/organisational crypto treasuries is in the “low-hundreds of billions” of USD.
One source (Best Wallet citing Sentora) estimates $238.6 billion as of September 2025.
The tracker states 324 entities holding crypto assets: 244 holding Bitcoin, 75 holding Ethereum, 17 holding Solana (as of one snapshot)
Concentration by Country / Region
U.S. entities reportedly hold about 73% of global crypto treasury value in Sentora’s database.
For example: The U.S. and China (in one data line) each held $22.3-$22.5 billion (though this appears to conflict slightly with the 73% number, suggesting varying definitions).
Asset breakdown and trends
On Bitcoin: Sentora reports 1.86 million BTC held by treasuries as of August 2025.
Large public companies make up a significant portion of holdings. For example, in a report: of 1.79 million BTC held by 213 entities, 71.4% was on public company balance-sheets.
A theme: Start-ups tend to hold more Solana; crypto-native firms more Ethereum; large corporations/governments more Bitcoin.
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
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