Crypto in Public Markets: Equity Exposure, Treasury Strategies, and Corporate Growth

• Many publicly listed companies are increasingly adopting crypto

• Digital asset treasuries hold around USD100 billion worth of cryptocurrencies 

• “We thought this might be a bad time for [crypto firms] to go public, but it turned out to be great.” - Lowell Ness, Partner at Perkins Coie

Digital asset treasury (DAT) companies were a key trend in 2025 as companies in crypto rushed to find new ways for traditional investors to access these new markets. By listing token holding companies, it became possible for entities such as sovereign wealth funds to get exposure to the digital asset space. However, few have rushed to take advantage of this option so far.

Still, publicly listed companies have become major holders of crypto assets as a result of the trend, holding more than 5% of the total Bitcoin supply. DATs hold around USD 100 billion worth of cryptocurrencies combined, according to data from The Block.

As a result, there is increasing integration of crypto assets and public markets, which has the potential to reshape capital markets. 

“New forms of public equity exposure are being provided through vehicles like DATs,” Jung from Hyperion DeFi said, adding that DATS have enabled investors to get exposure to not just the underlying asset, but other valuable components of the ecosystem, such as yield enhancement strategies. This is supporting protocols, and enabling the launch of new primitives.

“With Hyperliquid being a little under USD10 billion, we see an opportunity where if you build validators, align with the right protocols, build infrastructure and services for new clients to come to the ecosystem, not only are you enabling it to position to win or become one of the next major ecosystems, but you are the first public company to be integrated into benefitting both from the tailwind of the Treasury asset and revenue generating products,” he added.

Ness of Perkins Coie said that DATs feel “played out” presently. He highlighted the success of crypto exchange-traded funds (ETFs) and the initial public offerings (IPOs) coming to market that are oversubscribed. “We thought this might be a bad time for [crypto firms] to go public, but it turned out to be great,” he said.

BakerHostetler’s Goody Guillén observed that there are a greater number of alternatives on the market. “Now there’s more types of offerings for the different types of exposure investors are looking for,” she said. “If you want more exposure to a specific asset or grouping of digital assets, then you can – either directly, or correlated through an ETF or Treasury.”

The conversation also touched on shareholder activism and the potential for consolidation in the DAT market. All panelists expressed optimism for 2026, anticipating increased institutional interest and the potential for significant market growth. 

“A lot of big institutions are here – this is the institutional involvement that we’ve been waiting for. It’s up to the people in the crypto space to also step up and ensure that we can meet their requirements. Together we can build a better financial system that is accessible globally,” said Jung.