Chart of The Week: Treasury Company Balances

Hello and welcome back to the chart of the week. Today we will review treasury company balances. What is a treasury company? It is a company that holds a specific crypto asset and that includes institutional holders, market makers, and corporate entities with crypto investments. You'll see on the screen here, there are a lot of different treasury companies at this moment with a lot of names you might recognize, but that wasn't always the case. Back in the day, there was just a few treasury companies, and the one that most people think of first is Strategy. Um, you'll also notice that there was a large spike in the amount of treasury companies, specifically around Q4 of 2024 on Bitcoin. and then more recently for Ethereum around um middle of 2025 as well as Salana um in a similar spot. But you'll notice that these players are rapidly growing and they are deser deservedly so earning more of our attention. So how many are there right now? Currently on Bitcoin, there is a 153 treasury companies that we've been able to identify. And you'll notice it's a pretty steady upwards and to the right chart here with a drastic spike as of lately. Similarly with ETH and Salana, as we mentioned earlier, there's a lot of players in there. ETH 25 different treasury companies and Salana's up to 18 different treasury companies identified at this moment. Again, these players are becoming more and more relevant in the market, and we're going to want to continue to monitor what are they doing? Are they accumulating? Are they selling? And figure out how is that going to impact price. So, how relevant are they? Just looking at Bitcoin here, we can see that treasury companies own about 5. 4% of Bitcoin circulating supply. And you'll also notice that Strategy owns 3. 3% of Bitcoin's supply. That is massive. If these companies were to completely sell out, that would drastically shift markets. And it's really important for us to be able to monitor these companies and figure out how are they going to handle their assets and how is that going to affect price. You'll see some pretty clear examples here. A lot of these companies start accumulating and then we see price follow that. And then as of lately too, we saw a lot of these companies accumulate and that led to the highest price we've seen um Bitcoin getting around the 125,000 mark. It's no surprise that these companies are driving price um because 5% of the total circulating supply is drastic. Similarly with ETH, we can see a very similar scenario where about 4. 8% 8% of Ethereum is owned by these treasury companies. And surprisingly, Bitmine owns over 3% of Ethereum as well. So, we'll want to monitor these companies and see what are they doing and how might they shift markets. We'll also look at just recent returns. So, these are realized profits from these treasury companies. Um, just on Bitcoin specifically, we can see that towards the beginning of this recent cycle, they were cashing in a little bit of losses, nothing too drastic, little over 6 million, close to $7 million of losses. And then as of lately, they did cash in some sizable profits, amounting to about $39 million of profits. What you will notice though is there are some really large spikes here and that's going to add a lot of supply into the market when these companies sell. But for the most part there are very large gaps in trading activity meaning these companies are functioning more like treasuries which is what we would expect rather than like a active hedge fund or something along those lines. So if we look at unrealized losses we can get a better understanding of how they're performing as of their current holdings. Meaning if you bought at $50 and price goes up to $100, you would have 100% profits. So we can see in the past there's been windows where these treasury companies were looking at over 120% of unrealized profits. And then there's also been windows where they were looking at close to 50% unrealized losses. So the volatility of Bitcoin has definitely been relevant for them in the past. And we can even see that in the more recent cycle where there's windows where these treasury companies were again looking at over 100% profits and as we've seen they've continued to accumulate but price has not necessarily reflected that um in the form of returns for them. Their current average ROI is about 10% if we focus in on more recent dates. So 10% not a crazy return as of

now. We'll see how they react if price collapses below their purchase price and we'll see if they truly have diamond hands and continue to function like treasury companies. Thank you so much for tuning into the chart of the week and I look forward to seeing you next time.