Public companies actively embrace encryption asset reserves, Strategy leads the trend

In the second quarter of 2025, Strategy Company performed particularly well during the earnings report season. Under the leadership of the management team, the company's operating revenue reached a record high of $14.03 billion, a year-on-year increase of 7106%. Even more noteworthy is that the encryption assets held by Strategy have an unrealized gain of up to $14 billion.

This success stems from the company's strategic decision to choose BTC as a reserve asset. With the demonstration effect of the Strategy, more and more companies are beginning to incorporate encryption currencies into their reserves, expanding from BTC to ETH, SOL, and SUI, among others. The types of encryption reserves and the number of participating companies have rapidly increased in just a few months. For ordinary investors, in addition to directly investing in these tokens that are listed as reserves, they can also consider purchasing stocks of reserve companies.

To help investors better understand this field, we have evaluated several commonly used encryption reserve company data query tools, summarized as follows:

Comparison of Comprehensive Query Platforms

1. Blockworks

Blockworks provides comprehensive encryption reserve company data, covering various tokens such as BTC, ETH, SOL, and includes 26 companies. Its data includes key indicators such as stock codes, reserve tokens, trading volume, NAV, etc. The platform also ranks companies based on the net value of encryption assets and provides data charts for risk indicators like MNAV.

The advantages of Blockworks lie in its comprehensive data and detailed metrics, especially its asset net value premium and MNAV data, which can intuitively reflect the company's risk situation. The only drawback is that it only provides stock codes instead of full company names, which may confuse users who are not familiar with the US stock market.

2. Delphi Digital

Delphi Digital provides data on three types of reserve companies: BTC, ETH, and SOL, but the number of companies included is relatively small. Their data includes basic information such as company name, stock code, stock price, and market capitalization.

The data on this platform is relatively simple, mainly covering well-known or early reserve companies, with insufficient attention to emerging companies. Overall, Delphi Digital can serve as an alternative for general data inquiries.

3. The Block

The Block provides data on 26 companies, including BTC, ETH, SOL, and comprehensive encryption reserve enterprises. The data covers information such as company market capitalization, the market value of held tokens, and individual company holdings.

The charts of The Block are not as intuitive as those of Blockworks. Some data comes from the DUNE platform, which is updated slowly and needs improvement in accuracy.

4. cryptotreasuries.info

The platform provides reserve data for three categories: BTC, ETH, and SOL, with BTC being the most included by reserve companies. The data includes company name, stock code, token holdings and value, income, and MNAV among other indicators.

cryptotreasuries.info is the platform with the most BTC reserve companies, but there are fewer ETH reserve companies, and the data for SOL reserve companies has not been updated yet. This platform also provides data on the increase in holdings of reserve companies and comparison charts of stock price trends.

5. Crypto Stock Tracker

As an emerging platform, Crypto Stock Tracker covers data on BTC, ETH, SOL, and XRP reserve companies. Its features include providing recent acquisition news and platform updates. The data includes stock prices, market capitalization, circulating shares, etc., making it user-friendly for those considering investing in U.S. stocks.

6. cryptotreasuries.com

This is a newly launched encryption reserve company data analysis platform, currently featuring a limited number of companies. Its advantage lies in listing recent data on companies that have increased their token holdings and the proportion of those holdings, making its future development potential worth paying attention to.

Summary

Currently, the speed at which publicly listed companies are transforming into encryption reserve companies is quite fast, with almost new companies announcing the purchase or plans to purchase BTC as a strategic reserve every week. In addition to direct purchases, some companies are also increasing their holdings of encrypted assets through financing or issuing new shares.

Among the several platforms evaluated, Blockworks performed the best overall. New platforms such as Crypto Stock Tracker and cryptotreasuries.com each have their unique features, being the only platforms that exclusively list XRP and HYPE reserves, respectively. cryptotreasuries.info, on the other hand, has the most BTC reserve companies listed.

It is worth noting that all platforms have not updated the ETH holdings data of Sharplink Gaming in a timely manner. The company recently increased its holdings by 15,822 ETH, bringing the total holdings to 480,204 ETH, valued at $1.62 billion. This reflects that real-time data updates remain a challenge faced by various platforms.