Altcoin treasury companies – DOGE, HYPE, FET, LTC treasuries

What's an altcoin treasury strategy?

An altcoin treasury strategy is when a company allocates a portion of its balance sheet to alternative cryptocurrencies beyond Bitcoin and Ethereum.

The goals can include the diversification of assets, the alignment of crypto-focused products and speculative exposure to emerging blockchain ecosystems.

Why invest in altcoin treasury companies?

Atcoin treasury companies can be a way to gain exposure to emerging tokens via the stock market. Essentially, it provides indirect crypto exposure without directly holding the coins.

However, altcoins are typically riskier and more volatile than Bitcoin or Ethereum. Their value can be tied to the adoption of niche projects, regulatory shifts, or speculative demand.

If you're also interested in how companies are approaching Bitcoin, check out our guide to Bitcoin treasury strategies.

Top public companies investing in altcoins

1. Bit Origin (NASDAQ: BTOG) – Dogecoin (DOGE)

Bit Origin is a digital asset mining and infrastructure company headquartered in the US. While its core focus has been Bitcoin mining, the firm disclosed Dogecoin holdings as part of a broader diversification strategy in 2025.

Why it's acquiring DOGE:

Bit Origin has highlighted Dogecoin's potential use in micropayments and decentralised finance. It also noted increased institutional interest in tokenisation which should further fuel the DOGE price.

2. TLGY Acquisition Corp – StablecoinX (ENA)

TLGY is a US-listed special purpose acquisition company (SPAC) that plans to merge with StablecoinX, a service provider for the Ethena blockchain. The newly formed company plans to list under the ticker USDE on the Nasdaq. As part of its agreed merger, both organisations agreed to build a treasury reserve of Ethena (ENA), a synthetic stablecoin ecosystem token.

Why it's acquiring ENA:

The treasury initiative aims to create shareholder value through early exposure to the Ethena eco-system, which StablecoinX views as a leading protocol in the global uptake of digital money.

3. Interactive Strength (NASDAQ: TRNR) – Fetch.AI (FET)

Interactive Strength is a sports equipment US technology company focused on connected fitness solutions. In June 2025, it announced plans to acquire US$55 million in Fetch AI (FET), an Ethereum token that powers AI-driven blockchain platform fetch.ai.

Why it's acquiring FET:

To give shareholders exposure to the growth of the fetch.ai ecosystem. Interactive Strength also signed a technology partnership with fetch.ai which requires the use of FET tokens.

4. Freight Technologies (NASDAQ: FRGT) – Fetch.AI (FET)

Freight Technologies is a supply chain and logistics technology company. In April 2025, it announced the acquisition of US$5.2 million FET tokens.

Why it's acquiring FET:

Freight Technologies' FET treasury strategy supports its plans to utilise the Fetch.ai platform to scale within the logistics space and explore decentralised logistics optimisation.

5. Sonnet BioTherapeutics (NASDAQ: SONN) – Hyperion (HYPE)

Sonnet BioTherapeutics is a US-based biotech company that in July 2025 announced a merger with Rorschach I LLC to form a new entity Hyperliquid Strategies Inc (HSI). Once merged it plans to continue the development of its biotech assets. As part of the business agreement, it announced plans to hold $12.6 million HYPE tokens valued at over US$500 million.

Why it's acquiring HYPE:

The company sees its HYPE treasury as bringing untapped value to shareholders through exposure to the Hyperliquid ecosystem. It sees it as an investment into emerging decentralised finance ecosystems.

6. Hyperion DeFi Inc. (NASDAQ: HYPD) – Hyperion (HYPE)

Hyperion DeFi Inc (previously Eyenovia) is a US-based ophthalmology biotech firm that became the first publicly listed company to build a treasury of Hyperliquid's native token, HYPE. In July 2025, it reported it has expanded its Hyperion (HYPE) holdings to 1,535,722.

Why it's holding HYPE:

To provide shareholders with exposure to the growth of the Hyperliquid ecosystem and to earn additional income by staking the HYPE token. Hyperion has also partnered with Kinetiq, a staking protocol built on the Hyperliquid blockchain. Through the partnership, Hyperion can also earn liquid staking tokens it can reuse as collateral.

7. Lion Group Holding (NASDAQ: LGHL) – HYPE, SOL, SUI

Lion Group is a fintech company and trading platform headquartered in Hong Kong. In July 2025, it added Hyperion (HYPE) to its digital assets portfolio in addition to SOL and SUI. As of July, it holds 128,929 HYPE tokens, 6,629 Solana tokens and 356,129 SUI tokens.

Why it's holding HYPE:

Lion Group's stated strategy is to expand its exposure to Web3 tokens, including HYPE, to position itself in the DeFi ecosystem.

8. Lite Strategy (NASDAQ: LITS) – Litecoin (LTC)

Lite Strategy (formerly Mei Pharma) is a US-based oncology biotech firm. In August 2025, it became the first publicly listed company to adopt Litecoin as a primary asset reserve after purchasing 929,548 Litecoin (LTC) tokens.

Why it's holding LTC:

Litecoin's long history and liquidity profile make it one of the more established altcoins for treasury diversification. MEI views Litecoin as a long-term store of value and integral part of global financial systems and may launch mining activities in the months to come.

9. Tao Synergies (NASDAQ: TAOX) – Bittensor (TAO)

Tao Synergies is a technology-focused company that is exclusively focused on building a Bittensor (TAO) treasury. As of July 2925, it held 29,899 TAO tokens.

Why it's holding TAO:

TAO tokens provide access to machine learning markets within the Bittensor ecosystem, an AI network that incentivises the development of machine intelligence. Tao Synergies is aimed at creating shareholder value through staking activities and exposure to the Bittensor ecosystem.

10. Tron, Inc. (NASDAQ: TRX) – TRON (TRX)

Tron, Inc. (prev. SRM Entertainment, Inc.) announced plans in 2025 to primarily focus on building a TRON treasury. It also manufactures custom merchandise for major global themeparks. As of July 2025, it holds over 365 million TRX tokens.

Why it's holding TRX:

Tron believes it will become a core global payment platform thanks to its low costs and fast speeds. Tron Inc aims to provide long-term shareholder value through exposure to the TRON blockchain.

Altcoin treasury companies in 2025

Crypto treasuries have moved from one-off experiments to a (small but growing) line item in corporate disclosures.

In 2025, altcoin markets have been seeing significant gains alongside Bitcoin and Ethereum and big corps are starting to take notice. The launch of spot crypto ETFs in the United States and positive sentiment from US legislators are also bolstering broader crypto prices.

It's no surprise that public companies are seeing the value of adding cryptocurrencies to their balance sheets as a way to increase shareholder value and diversify their revenue streams beyond business as usual.

In some cases, companies, particularly those that regularly operate at a loss (like biotechs), are using crypto reserves as a way to provide additional capital. Other companies are strategically moving away from their original business structure to focus exclusively on becoming pure crypto treasury firms.

What are the risks of investing in altcoin treasury companies?

Altcoin treasuries add another layer of risk on top of normal company risk. Key issues to watch:

• Token volatility & concentration: Small caps holding a volatile token can see outsized P&L and share-price swings.
• Liquidity risk: Many altcoins trade thinly; exiting a position can move the market.
• Regulatory & classification risk: A token's legal status can change; accounting treatment and disclosure rules differ by jurisdiction.
• Smart-contract & governance risk: Protocol upgrades, validator failures or governance changes can impact token value.
• Custody & controls: Private key security, counterparty risk at custodians/exchanges and internal controls matter.
• Disclosure quality: Press releases can be promotional; prioritise audited filings and reconciled wallet disclosures (where provided).
• Strategy mismatch: If the token has no clear link to revenue, operations or product roadmap, the holding may be purely speculative.

How to de-risk your investments

• Check the exchange and regulatory filings first (10-K/20-F/6-K, MD&A, notes to accounts). These filing should disclose how much of the asset the company is holding on the balance sheet, the potential risks involved and strategic reasoning.
• Look for size vs. balance sheet (% of assets), pricing basis and custody details.
• Map token performance vs. share moves to see if the equity trades like a proxy for that asset.

Our expert says

"Altcoin treasuries can amplify both upside and downside. Before you buy the stock, find out why the company holds the token, how big the position is relative to total assets and who controls custody. If those three answers aren't clear in filings, treat the holding as speculative"

Kylie Purcell

Investments Analyst

FAQ

• What is an altcoin treasury?

  It's when a company holds one or more non-BTC, non-ETH tokens on its balance sheet as part of treasury or strategic operations (e.g. staking, ecosystem participation, or product alignment).

• How do companies disclose these holdings?

  Typically via audited financial statements and market filings (e.g. 10-K/20-F/6-K/8-K), quarterly reports, or investor presentations. Treat unaudited blog posts and social updates as secondary.

• How large are these positions?

  Most disclosed altcoin treasuries are small relative to total assets. Always check the percentage of assets and any limits in the treasury policy.

• How do these holdings affect a share price?

  Correlation varies. Some microcaps trade like token proxies during rallies; others show limited linkage when core business drivers dominate.

• Where can I verify a company's token holdings?

  Start with regulatory filings and notes to the accounts. If wallet addresses are disclosed, you can corroborate on-chain. Cross-check against custodian attestations where available.

• Do Australian companies hold altcoins?

  A few ASX microcaps have disclosed digital asset holdings at times, but altcoin treasuries remain uncommon. Always rely on ASX announcements and audited financials for confirmation.

• Should I invest in companies because they hold a specific token?

  Only if the token holding makes sense for the business and the position size, controls and disclosure quality meet your risk tolerance. Otherwise, consider direct exposure (or a diversified vehicle) instead of adding company risk on top.

Written by

Kylie Purcell

Investments Analyst

Kylie Purcell is an experienced investments analyst and finance journalist with over a decade of expertise in a wide range of financial products, including online trading platforms, robo-advisors, stocks, ETFs and cryptocurrencies. She is a sought-after commentator and regularly shares her insights on the AFR, Yahoo Finance, The Motley Fool, SBS and News.com.au. Kylie hosts the Investment Finder video series and actively contributes to the investment community as a judge and panellist. She holds a Master of Arts in International Journalism, a Graduate Diploma in Economics, and ASIC-recognised certifications in securities and managed investments. See full bio

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