As more and more publicly traded companies are massively purchasing altcoins like ETH, SOL, or even memecoins to artificially boost their valuations and attract investors.
Influential figures in the Web3 space, such as Brittany Kaiser, Andrew Keys, or Charlie Lee, are orchestrating spectacular deals through SPACs or shell companies, betting on sometimes highly volatile tokens.
Financial analysts denounce an ultra-speculative model, often without real economic foundation, and warn of high risks for shareholders in case of a sharp correction in the crypto market.
Publicly traded companies rushing towards cryptocurrencies: a problem?
It seems like we are even forgetting about Bitcoin. In 2025, it’s altcoins, memecoins, niche tokens, and exotic bets that are driving the shares of publicly traded companies. Following Michael Saylor‘s ‘Bitcoin first’ strategy, a new game is unfolding: accumulating ETH, SOL, HYPE, or even TRUMP, TON, or LTC to artificially boost stock market valuations.
Objective: attract the spotlight (and investors)
Since the market capitalization of Strategy, Saylor‘s company, exceeded $116 billion, almost double the value of its BTC holdings, the model has been inspiring. But the market is saturated: owning BTC is no longer a differentiator. As a result, some companies prefer to bet on less mainstream but louder tokens.
In the ETH realm, we already have 3 giants, Sharplink, Bitmine, and Ether Machine, each already announcing between 1 and 2 billion dollars worth of ethers. But Ethereum is not the only altcoin chosen by publicly traded companies…
This is the case with Sonnet BioTherapeutics, an oncology-focused biotech, which saw its shares surge by 200% after announcing the acquisition of the HYPE token via an $888 million SPAC. HYPE is the native token of the Hyperliquid blockchain, unknown to the general public, yet enough to excite the stock market algorithms.
Similar strategy with Freight Technologies, a logistics company from Texas, which raised $20 million in convertible debt to acquire the memecoin TRUMP, associated with the current U.S. president. The CEO even speaks about diversification:
This allows us to diversify our crypto treasury while drawing attention to trade policies.
The same tech figures behind the deals
Behind these bets, we find well-known names from the Web3 ecosystem. Brittany Kaiser, former Cambridge Analytica, is preparing a $200 million deal to purchase Toncoin (Telegram’s token) through a publicly traded shell company. She mentions a colossal potential: “With over a billion monthly users on Telegram, the demand for TON could skyrocket.”
On the other hand, Andrew Keys, co-founder of Consensys Capital, is injecting $645 million in ETH into a SPAC, joined by Pantera Capital and Blockchain.com with an additional $800 million. The goal is to make this vehicle one of the largest ether holders in the market.
Even Charlie Lee, creator of Litecoin, is joining the game. He invests $100 million in MEI Pharma, which will become the first publicly traded company to exclusively hold LTC. Immediate result: +78% in the stock market.
Assumed risks, but increasing criticisms
Behind the euphoria, doubts are creeping in. Eric Benoist, an analyst at Natixis, considers these bets as “highly speculative”:
This is not a long-term strategy. In the end, their value will rely solely on the tokens on the balance sheet.
A similar sentiment at Standard Chartered, where Geoff Kendrick warns: “If prices drop, it’s either the shareholders or the creditors who will foot the bill.” He mentions a fleeting phenomenon, more related to the announcement effect than a real business strategy.
Behind the scenes, these operations also serve as infrastructure for whales looking to legitimate their token holdings, or even to obtain a valuation premium through leverage effect. The recipe: raise debt, buy tokens, and capitalize on speculative momentum to value the stock well beyond the assets held.
Sometimes, fundraising even turns into a quick exit door for seed investors, allowing them to forget about their vesting…
A model that fascinates… but won’t last long?
Analysts are clear: the Michael Saylor effect cannot be endlessly replicated. Bitcoin’s programmed scarcity (21 million units) remains unique. Few tokens offer such scarcity mechanics, and most can be issued at will, weakening the promise of long-term value.
A report from Breed VC sums up the situation:
More and more companies will adopt this model, with riskier and more leveraged bets. The majority will fail, only a few will maintain a sustainable premium on their stock.
