June 27, 2025 – Dubai, United Arab Emirates

Leading Web 3.0 venture capital firm DWF Ventures has published a research report revealing the growth in crypto treasury investment by public companies.

It has identified 14 companies that have rolled out a crypto investment strategy, and who collectively now hold digital assets worth $76 billion.

In the past year, DWF Ventures has noted investments of more than $40 billion made by public companies. It pinpoints a total of 14 such companies that now have significant crypto treasuries.

Aside from the Michael Saylor-led Strategy with its $67 billion investment, DWF Ventures cites public companies such as Trump Media, GameStop, Metaplanet, Tesla and Semler Scientific.

The report examines the different ways in which publicly listed companies can raise capital and deploy crypto treasuries.

Examples include private investment in PIPE (Public Equity), ATM (At-the-Market) Equity Sales, Credit Facility, Reverse Merger and Company Treasury.

It notes the popularity of PIPE and convertible notes as used by the likes of Trump Media, Interactive Strength and GameStop.

DWF Ventures also explores the crypto assets that public companies have elected to acquire.

Bitcoin predictably dominates – but it highlights examples of companies that have established altcoin treasuries. These include Nano Labs (BNB) as well as companies investing in ETH, SOL, SUI and TRX.

One of the more interesting deals that was examined as a case study is Tron’s reverse merger.

This will effectively see Tron go public in the US through a reverse merger with Nasdaq-listed SRM Entertainment Inc. (SRM).

SRM Entertainment has also entered into a $100 million equity agreement to fund its Tron treasury.

The report concludes,

“Building on our recent investment in Interactive Strength (TRNR) for the FET treasury, DWF Labs is actively exploring further opportunities within the US equity market.

“The company is keen to engage in similar structured deals moving forward.”

The DWF Ventures crypto treasury report can be read in full here.

About DWF Labs

DWF Labs is the new generation Web 3.0 investor and market maker, one of the world’s largest high-frequency cryptocurrency trading entities, which trades spot and derivatives markets on over 60 top exchanges.

Learn more here.

Contact

Lynn Chia, vice president of communications