Treasury Tokens Escape the Bargain Bin as Strategy Fires Up Another $42B Shopping Spree

Digital asset treasuries are bouncing back after getting hammered by discount pressure in late 2025. Public companies sitting on crypto holdings were trading at prices lower than the value of their stashes—basically a fire sale no one wanted to attend. But the tide is turning.

Strategy (formerly MicroStrategy) led the charge in fixing things. The company ditched convertible bonds, pivoted to preferred equity, and built up a U.S. dollar reserve fund. This strategic makeover helped keep the firm in benchmark indexes while other treasury companies scrambled.

Forward Industries, the Solana-focused outfit, grabbed a loan to buy back shares and shore up its balance sheet. Meanwhile, Ethereum treasury firms started actually making money—Bitmine Immersion picked up 65,341 ETH and rolled out staking strategies, while Sharplink Gaming dipped into restaking for extra yield. Upexi, the Solana treasury, announced plans to park some capital in DeFi protocols.

The numbers tell the story. Bitcoin holdings in corporate treasuries jumped from around 2.2% in January 2025 to roughly 4.4% by March 2026. Ethereum went from basically zero to about 5.5% over the same stretch. Solana was slower to the party but caught up fast, hitting around 2.5% by October 2025 and settling near 2.7% in early 2026.

Strategy isn't done shopping. The company just announced a fresh at-the-market program worth $42 billion—$21 billion in STRC and another $21 billion in