The combined market capitalization of publicly traded companies holding cryptocurrencies in treasury has reached $340 billion, up 10% since mid-August, according to data from The Block published on September 1. This rebound remains below the all-time high of $490 billion reached last October-November. Lesser-known structures like CYPH (Zcash-linked) and PURR (Hyperliquid-linked) posted returns of 142% and 62% respectively, far outperforming Strategy (+30%) and BitMine (+27%). Unlike Bitcoin, these new treasuries actively participate in the ecosystem by running validators or operating mining operations, generating yield that cannot be replicated with passive Bitcoin holdings.
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