In recent months, an unprecedented crypto frenzy has engulfed Wall Street, transforming numerous publicly traded companies into impromptu “crypto hedge funds.” From Japanese hoteliers to French chipmakers and a small EV startup in Texas, firms are rushing to accumulate Bitcoin, Ether, and even obscure tokens—not to build operations, but to stoke share prices and ride the wave.
🔍 The Rise of Crypto Treasury Operations
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Between June 1 and July 29, 2025, 98 listed companies in the U.S. announced plans to raise $43 billion expressly to purchase cryptocurrencies. Counting year‑to‑date, this total has more than doubled, reaching a staggering $86 billion—surpassing the combined proceeds of U.S. IPOs for the same period.
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Market reactions are swift: mere announcements of crypto acquisition plans trigger soaring stock prices, spurring a domino effect as others rush in to capitalize.
📈 Viral Examples Fueling the Mania
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Volcon, an electric bicycle startup based in Texas, raised $500 million to buy Bitcoin. Its stock soared nearly 400% in a single day cafef.
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Sequans Communications, a French chipmaker, secured $384 million from investors specifically to invest in Bitcoin. Its shares surged over 215% before later retreating.
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Bitmine Immersion Technologies, valued at just $26 million before its announcement, raised $250 million to acquire Ether. Backed by Peter Thiel and Galaxy Digital, its stock skyrocketed 800% in a matter of days.
💼 Big Names & Hedge Funds Dive In
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Major investment firms such as Capital Group, D1 Capital Partners, and Cantor Fitzgerald, as well as billionaires like Peter Thiel, are directly sponsoring crypto‑treasury deals.
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Cantor Fitzgerald even launched a $5.3 billion SPAC purely to buy Bitcoin—a bold “SPAC 2.0” built around crypto.
⚠️ Warning Signs and Market Skepticism
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Michael Saylor, CEO of MicroStrategy (renamed Strategy), the pioneer of Bitcoin-treasury strategy since 2020, admits that extending this “treasury accumulation” approach to other cryptocurrencies is far more speculative than strategic cafef.
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Veteran strategist Michael O’Rourke notes that he has never seen investors pay such hefty premiums for assets that they could easily buy for themselves in ETFs at a much lower cost cafef.
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Several tech giants—Meta and Microsoft—recently rejected shareholder proposals to add Bitcoin to their balance sheets. Their boards warned against adopting corporate crypto holdings.
☠️ Risks of a Brewing Bubble
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Critics warn that an abrupt market downturn could wipe out the cryptocurrency holdings of hundreds of companies, pushing many toward bankruptcy.
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Practices like staking—locking tokens to earn yield—add additional risk by limiting liquidity during sudden price drops.
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The phenomenon is being interpreted as collective FOMO (Fear of Missing Out), cheap capital flows, and favorable crypto policies under the Trump administration—coming together to fuel what may well be the signature bubble of this century.
🧠 Why This Matters
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Financial Engineering over Fundamentals: Companies are prioritizing headline-grabbing crypto plays over real operational expansion or profitability.
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Misalignment of Interests? Insider executives have sometimes sold their personal shares shortly after announcing crypto plans—raising concerns.
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Fragility Prone to Breakdowns: If crypto prices fall, the collateralized or staked holdings could trigger forced sales, halting trading, or collapse.
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Regulation and Governance Gaps: This trend spotlights the need for clear accounting standards and governance oversight for corporate crypto exposure.
📝 In Summary
What started as an experimental treasury strategy is now spinning into full-blown mania. In less than eight months, corporations have collectively pledged $86 billion to crypto purchases—an extraordinary red flag. Whether this proves to be the dawn of mainstream institutional crypto adoption or a textbook speculative bubble remains to be seen. But one thing is clear: the consequences—economic, regulatory, and reputational—could echo for years to come.
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