Bitcoin, Ethereum, and XRP fell early Wednesday. Investors have sidelined the coins in favor of a growing trend—surging crypto treasury stocks.
Bitcoin was trading at $112,235 early in the day—down 0.6% over the past 24 hours, according to CoinDesk data. The world’s largest cryptocurrency has climbed 3.5% so far in September after a late-August slump sent it falling sharply from its record high above $124,000.
Ethereum, the second-biggest digital asset, fell 0.8% to $4,322, while popular altcoin XRP was down 1.2% at $2.97 after failing to hold the $3 level it reached briefly on Tuesday. Solana rose 0.9% and Dogecoin was up 0.3%.
But while cryptocurrencies are trading sideways, crypto treasury companies continue to pop up—and they are soaring.
QMMM Holdings jumped more than 1,700% Tuesday after the digital advertising company unveiled plans to establish a $100 million crypto treasury initially including Bitcoin, Ethereum, and Solana. The stock is up more than 16,000% in 2025.
It comes after tech company Eightco surged 3,000% on Monday after it sold new stock to fund purchases of Worldcoin—the token of OpenAI CEO Sam Altman’s World project.
Crypto treasury companies are all the rage right now following the success of Strategy, formerly known as MicroStrategy, which has built up its Bitcoin stake over several years as the digital asset has surged. The company has paid around $47 billion for its holdings, which are currently worth more than $71 billion.
Shares in the marketing firm Asset Entities soared 110% in premarket trading on Wednesday after its shareholders approved a merger with Vivek Ramaswamy’s Strive Enterprises to form a Bitcoin treasury company.
Last month, a small biotech start-up called 180 Life Sciences tried to mimic the model with Ethereum. The Peter Thiel-backed stock, which has since changed its name to ETHZilla, is up 135% over the past three months.
Another example is CaliberCos, which jumped more than 300% Tuesday after the company said it purchased Chainlink tokens. It previously signaled plans to launch a digital asset treasury strategy.