The cumulative market capitalization of publicly listed companies holding cryptocurrencies in treasury reached 340 billion dollars as of September 1, up 10 percent since mid-August, according to The Block. The figure still sits well below the 490 billion dollar peak reached in October-November, when Bitcoin traded near 126,000 dollars.
Treasury stocks surge ahead
Strategy stock rose 30 percent over the period, while BitMine gained 27 percent. Strategy outperformed Bitcoin by 10 percent since August 17. These holdings concentrate on major digital assets: Strategy and BitMine hold Bitcoin and Ether in treasury, while CYPH backs Zcash and PURR backs Hyperliquid.
Smaller positions delivered larger returns. CYPH stock climbed 142 percent, well ahead of the 56 percent appreciation in its underlying token, Zcash. PURR gained 62 percent as Hyperliquid, its backing token, rose 36 percent. Zcash itself has appreciated 1200 percent year-to-date.
How the strategy works
Digital Asset Treasury refers to companies that buy and hold cryptocurrencies to raise capital at a premium, then use leverage to buy more tokens. The mechanism works when underlying assets generate returns—staking for Ethereum, mining for Zcash, validator operations for Hyperliquid—that passive accumulation strategies like Bitcoin cannot replicate.
