Crypto treasury expansion draws scrutiny

An analysis of how corporate crypto treasuries are driving fees for custodians, brokers and banks as more companies add bitcoin to their balance sheets.

Crypto Treasury Boom Fuels Big Fees for Custodians and Banks

A growing wave of public companies is adding crypto to their balance sheets. About 152 publicly traded firms now control more than 950,000 bitcoins worth over 110 billion dollars, up from 416,000 a year ago. Strategy Inc led by Michael Saylor remains the largest holder with roughly 73 billion in bitcoin, and several other names such as World Liberty Financial and Trump Media are expanding their treasuries. The trend also widens beyond bitcoin to ether and other assets as custody and trading services gain traction.

This boom ties corporate finance to crypto markets, making treasury decisions part of a broader asset strategy. It raises questions about governance, disclosure and policy risk as regulators eye the space. If the trend continues, more firms will rely on external lenders and asset managers to generate yields, not just hold assets. That could boost the influence of a few gatekeepers and spur calls for clearer reporting and risk controls.

Highlights

The trajectory of this trend will hinge on policy signals and the ability of firms to deliver reliable yields.