Q2 2025: From Balance Sheets to Benchmarks

Key Points

1. Bitcoin rose 29.8% in Q2 2025, reaching a new all-time high, with public companies increasing their BTC holdings by nearly 20% and expanding into assets like ETH, SOL, and XRP.

2. Corporate treasury adoption is growing, with public companies now holding over $1.4 billion in altcoins, with ETH leading but other assets like Solana, TRX, XRP, and BNB gaining traction.

3. ETH saw a 36.4% rise in Q2, with positive ETF flows for eight consecutive weeks, and Aave outperformed within the CoinDesk 20 Index, gaining 72% due to increased lending activity.

4. Solana returned 24.3% in the quarter but lagged behind in ETF infrastructure and treasury narratives, despite corporate interest shown by entities like SOL Strategies and DeFi Development Corp.

5. Benchmarks and indices are playing a more active role in capital decisions, with over $15 billion in cumulative trading volume since launch, indicating a structured approach by allocators.