Corporate Crypto Treasury
Crypto · Active
· Financials
Latest report
2026-05-01 14:08
Companies holding cryptocurrency on the corporate balance sheet as treasury reserve (e.g. MicroStrategy Bitcoin treasury strategy).
Pool
81
Industries
5
Cohort
5
Cohort MCap
61.0B
Layers
5
Topology Rationale
This theme is organized around the economic loop of corporate crypto treasury adoption: companies that actually hold crypto on balance sheet, the capital-markets and custody infrastructure that helps them fund and manage those positions, and the exchanges/data rails that enable acquisition, valuation, and liquidity. A smaller adjacent layer captures software or digital-infrastructure businesses with credible treasury-enablement or direct crypto-operating relevance, while unrelated software, traditional asset managers, and non-crypto specialty finance names are left unassigned.
Value-Chain Layers
1
Corporate Crypto Treasury Operators
Companies that directly adopt cryptocurrency as a treasury reserve asset or are organized primarily around holding and scaling corporate crypto reserves.
3 companies
| Company | Role | Market Cap | Revenue ($M) | BTC Holdings (Count) | BTC Market Value ($M) | BTC Yield (%) | Net Income ($M) |
|---|---|---|---|---|---|---|---|
|
MicroStrategy Incorporated
MSTR
Q4-2025
|
software company best known for Bitcoin treasury strategy
Technology
|
55.4B | 123 | 713,502 | 59,750 | 22.8% | -12,437 |
|
Twenty One Capital, Inc.
|
vehicle formed to pursue crypto treasury exposure
Financial Services
|
5.1B | — | — | — | — | — |
|
Hut 8 Corp. Common Stock
HUT
FY2025
|
digital infrastructure operator with bitcoin-related treasury exposure
Financial Services
|
8.0B | 235 | — | — | — | -248 |
2
Treasury Funding, Brokerage & Advisory Channels
Capital-markets intermediaries that provide issuance, brokerage, execution, advisory, and financing infrastructure used to build or scale corporate crypto treasury positions.
13 companies
| Company | Role | Market Cap | Revenue ($M) | Net Income ($M) | EPS Diluted ($/Share) | Total Assets ($M) | Dividend Per Share ($/Share) |
|---|---|---|---|---|---|---|---|
|
Charles Schwab Corp
SCHW
Q1-2026
|
brokerage platform enabling investor access and execution
Financial Services
|
159.7B | 6,482 | 2,479 | 1.37 | 493,300 | 0.32 |
|
Interactive Brokers Group Inc
IBKR
Q1-2026
|
multi-asset broker with institutional trading access
Financial Services
|
131.0B | 1,669 | 267 | 0.59 | 218,749 | 0.09 |
|
Robinhood Markets Inc
HOOD
Q1-2026
|
retail brokerage with crypto trading distribution
Financial Services
|
64.1B | 1,067 | 346 | 0.38 | 45,474 | — |
|
LPL Financial Holdings Inc
LPLA
FY2025
|
advisory and brokerage platform for capital access
Financial Services
|
26.5B | 16,989 | 863 | 10.92 | 18,493 | 0.3 |
|
Futu Holdings Ltd
|
brokerage platform with investor trading access
Financial Services
|
21.5B | — | — | — | — | — |
|
Evercore Partners Inc
EVR
Q1-2026
|
investment bank advising on financing transactions
Financial Services
|
12.8B | 1,392 | 301 | 7.2 | — | 0.89 |
|
Stifel Financial Corporation
SF
Q1-2026
|
wealth and institutional brokerage distribution
Financial Services
|
12.0B | 1,478 | 242 | 1.48 | 42,893 | — |
|
Virtu Financial, Inc.
VIRT
Q1-2026
|
execution and market-making liquidity provider
Financial Services
|
10.9B | 1,095 | 347 | 1.99 | 25,115 | 0.24 |
|
Houlihan Lokey Inc
HLI
Q3-FY2026
|
corporate finance and valuation advisory
Financial Services
|
10.9B | 717 | 117 | 1.7 | 3,937 | 0.6 |
|
Jefferies Financial Group Inc
JEF
Q1-2026
|
capital markets and underwriting support
Financial Services
|
9.7B | 2,017 | 156 | 0.7 | 74,380 | 0.4 |
|
Xp Inc
|
brokerage and wealth platform for market access
Financial Services
|
9.5B | — | — | — | — | — |
|
Freedom Holding Corp
FRHC
Q3-FY2026
|
brokerage-led financial platform supporting execution
Financial Services
|
9.0B | 629 | 76 | 1.25 | — | — |
|
Stonex Group Inc
SNEX
Q1-2026
|
trading, funding, and institutional execution services
Financial Services
|
8.2B | 39,030 | 139 | 2.5 | — | — |
3
Trading Venues, Market Data & Price Discovery Infrastructure
Exchanges, trading venues, and market-data providers that enable crypto acquisition, liquidity, benchmark pricing, and treasury portfolio valuation.
9 companies
| Company | Role | Market Cap | Revenue ($M) | Net Income ($M) | Operating Margin (%) | Share Repurchases ($M) | Dividends Paid ($M) |
|---|---|---|---|---|---|---|---|
|
S&P Global Inc
SPGI
Q1-2026
|
ratings, indices, and market intelligence for valuation
Financial Services
|
128.2B | 4,171 | 1,395 | 51.8% | 1,000 | 288 |
|
CME Group Inc
CME
Q1-2026
|
regulated derivatives venue with crypto-linked trading relevance
Financial Services
|
104.1B | 1,880 | 1,154 | — | 536 | 2,700 |
|
Intercontinental Exchange Inc
ICE
FY2025
|
exchange and data operator supporting price discovery
Financial Services
|
88.5B | 9,931 | 3,315 | 60.0% | 1,300 | 1,100 |
|
Moodys Corporation
MCO
Q1-2026
|
financial data and analytics for treasury oversight
Financial Services
|
80.4B | 2,079 | 661 | 53.2% | 1,500 | — |
|
Nasdaq Inc
NDAQ
Q1-2026
|
exchange and capital-markets technology infrastructure
Financial Services
|
52.0B | 1,407 | 519 | 57.0% | 548 | 153 |
|
Coinbase Global Inc
COIN
FY2025
|
major crypto trading and institutional venue
Financial Services
|
48.0B | 7,181 | 1,260 | — | 1,700 | — |
|
MSCI Inc
MSCI
Q1-2026
|
index and analytics provider for portfolio benchmarking
Financial Services
|
43.5B | 851 | 406 | — | — | 150 |
|
Cboe Global Markets Inc
CBOE
FY2025
|
exchange operator with data and derivatives infrastructure
Financial Services
|
31.4B | 2,429 | 1,095 | 65.6% | — | 76 |
|
Tradeweb Markets Inc
TW
Q1-2026
|
electronic markets platform for institutional execution
Financial Services
|
25.8B | 618 | 233 | — | 482,621 | — |
4
Custody, Fund Administration & Treasury Operations Enablement
Banks, custodians, and financial software providers that help institutions safeguard digital assets, administer treasury holdings, and support accounting or reporting workflows.
6 companies
| Company | Role | Market Cap | Revenue ($M) | AUM ($M) | Net Interest Income ($M) | CET1 Capital Ratio (%) | Operating Margin (%) |
|---|---|---|---|---|---|---|---|
|
BlackRock Inc
BLK
Q1-2026
|
digital assets capabilities and institutional platform
Financial Services
|
161.5B | 6,698 | 13,894,600 | — | — | 44.5% |
|
The Bank of New York Mellon Corporation
BK
Q1-2026
|
asset servicing and custody infrastructure
Financial Services
|
90.8B | 5,409 | 2,100 | 1,370 | 11.0% | 38.0% |
|
State Street Corp
STT
Q1-2026
|
custody and institutional servicing platform
Financial Services
|
42.0B | 3,796 | 5,620,000 | 835 | 10.6% | — |
|
Northern Trust Corporation
NTRS
Q1-2026
|
asset servicing and wealth administration
Financial Services
|
30.5B | 2,206 | 1,785 | 662 | 12.0% | — |
|
Intuit Inc
INTU
Q2-FY2026
|
accounting and tax software relevant to treasury reporting
Technology
|
109.9B | 4,651 | — | — | — | — |
|
SS&C Technologies Holdings Inc
SSNC
Q1-2026
|
fund admin and financial operations software
Technology
|
16.8B | 1,647 | — | — | — | 38.4% |
5
Digital Asset Treasury-Adjacent Software & Compute Ecosystem
Software or digital-infrastructure companies with some plausible connection to enterprise treasury analytics, data operations, or crypto-related infrastructure, but not direct core treasury ownership.
3 companies
| Company | Role | Market Cap | Revenue ($M) | Free Cash Flow Margin (%) | Operating Cash Flow Margin (%) | Operating Margin (%) | Capex ($M) |
|---|---|---|---|---|---|---|---|
|
Palantir Technologies Inc.
PLTR
FY2025
|
enterprise data platform potentially used for treasury analytics
Technology
|
330.7B | 4,475 | 51.0% | 48.0% | 50.0% | 34 |
|
SAP SE ADR
|
ERP backbone relevant to corporate treasury accounting
Technology
|
200.5B | — | — | — | — | — |
|
Figma, Inc.
FIG
FY2025
|
software platform with digital-asset ecosystem adjacency
Technology
|
8.9B | 1,056 | 23.0% | 24.0% | 12.0% | 4 |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 14:08 | 81 | 5 |