Big Investors Who Can’t Buy Crypto Are Gobbling Up These Stocks Instead
President Trump’s sweeping crypto reforms spark a new wave of stock market plays for institutions locked out of digital assets.
Bitcoin (BTCUSD) climbed as high as $124,200 on August 14, touching another record high as investors embraced riskier assets amid expectations that the Federal Reserve will resume easing policy at its meeting next month.
Trump Admin Lights a Fire Under the Industry
Earlier in 2025, under the Trump administration, the United States made major policy changes in a wide range of cryptocurrency activities. The pivotal developments include:
- On August 7, President Donald Trump signed an executive order directing the Labor Department to reexamine rules around 401k retirement plans.
- The GENIUS Act, now U.S. law, established a national framework for stablecoins, mandating compliance with the Bank Secrecy Act and robust oversight. It creates a regulatory green light for banks to offer stablecoin and crypto custody services at scale.
- The CLARITY Act and draft Senate legislation go further; they expressly permit banks and financial holding companies to engage in crypto activities, such as custody, trading, lending, payments, derivatives, node operation, and more, subject to existing banking laws. These bills divide regulatory supervision between the SEC and CFTC depending on the type of digital asset.
- The FDIC also dropped requirements for banks to notify or seek approval before engaging in crypto activities, further clearing the path for banking sector participation.
- The Federal Reserve abandoned its restrictive guidance, aligning with the OCC and FDIC for a more permissive stance on digital asset activities for banks.
A Backdoor to Owning Bitcoin
Bloomberg attributed the rally to growing demand in crypto from large corporations. Another key catalyst is that many large investors, especially in countries such as the UK and Japan, where crypto ETFs are banned or institutions are barred from holding digital assets directly, are turning to publicly traded companies that hold significant Bitcoin or other tokens.
Rise of the Crypto Treasury Companies
Data from CoinGecko shows that digital-asset firms, including MicroStrategy and others that hold bitcoin on their balance sheets, now control about $113 billion worth of BTC. Meanwhile, companies accumulating Ethereum (ETHUSD) have amassed $13 billion, based on figures from strategicethreserve.xyz.
What’s unfolding now feels less like a rally and more like the opening act of a financial upheaval. The real question isn’t just who’s buying bitcoin today, it’s which companies are secretly building the foundations of tomorrow’s financial order. With that in context, let’s uncover the names that could hold the keys to this seismic shift.
1. Profusa (PFSA)
Market Cap as of August 20: $17 Million
Profusa (NASDAQ: PFSA) is a California-based digital health innovator that is carving a rare niche as both a cutting-edge wearable biosensor company and a newly minted Bitcoin adopter. The company is known for its Lumee™ Oxygen Platform and upcoming continuous glucose monitoring technology, a $10 billion global tissue oxygen monitoring market.
- On August 6, 2025, Profusa announced its first $1 million Bitcoin purchase under a long-term strategy, in partnership with global crypto trading solutions provider BlockFills. This initial allocation marks the start of a $100 million equity line of credit deal with Ascent Partners Fund LLC, with all proceeds earmarked for Bitcoin acquisitions.
- Profusa’s operational focus remains squarely on healthcare innovation. The Lumee Oxygen platform, already CE-marked for sale in Europe, targets high-value applications in peripheral artery disease, chronic wounds, and critical limb ischemia.
- On July 31, 2025, the company signed a letter of intent (LOI) with Spanish distributor Dismeval, S.L., gaining immediate access to hospitals and clinics across Spain, including the Canary and Balearic Islands. The commercial launch in Europe is expected in Q1 2026.
- Profusa is also developing an AI-powered continuous glucose monitoring system for over 500 million potential patients worldwide. Pivotal trials are scheduled for 2026, with a mid-2027 launch target, which could disrupt the projected $7.5 billion market for continuous glucose monitors as PFSA’s solution could outperform the existing stale technology.
Fundamental Analysis
Profusa stands out as a rare small-cap opportunity, blending breakthrough biosensor technology with the upside of Bitcoin exposure. Its Lumee™ Oxygen Platform is already EU-approved and positioned to tap into multi-billion-dollar markets in glucose monitoring, vascular health, and surgical recovery, with potential to disrupt incumbents and attract acquisition interest. With a lean share structure and exposure to two powerful growth trends, biotech and crypto, Profusa offers investors asymmetric upside potential.
2. Strategy (MSTR)
Market Cap as of August 20: $97.65 Billion
Strategy (NASDAQ: MSTR) is a business intelligence and analytics software company that provides actionable insights for decision-making. Together with its subsidiaries, the company also operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally.
- Strategy has gained significant attention for its heavy Bitcoin holdings and has transitioned from a software firm and a cryptocurrency investment vehicle. The company’s traditional software business is estimated to represent less than 0.2% of its enterprise value.
- On August 11, 2025, Strategy announced that it added another 155 BTC worth $18 million during the week of August 4–10. The purchase, disclosed in a U.S. Securities and Exchange Commission filing, was made at an average price of $116,401 per coin.
- Earlier, between July 28 and August 3, Strategy invested $2.46 billion to acquire 21,021 BTC at an average cost of $117,256 per token. These transactions were funded primarily through proceeds from the company’s at-the-market (ATM) offering and the recently completed initial public offering of its Variable Rate Series A Perpetual Stretch Preferred Stock.
- As of August 10, Strategy has achieved a BTC Yield of 25.0% YTD 2025 and holds 628,946, which gives the company a commanding position as the world’s largest publicly traded bitcoin treasury.
Fundamental Analysis
In Q2 2025, Strategy delivered a dramatic turnaround, posting $10.0 billion in net income versus a $102.6 million loss last year, with EPS of $32.60 far above estimates. With Bitcoin above $120,000, MSTR has already generated $13.2 billion in BTC gains YTD, positioning it as a high-beta (3.71) leveraged play on crypto’s upside. Investors see it as both a pioneering enterprise software firm and a proxy for large-scale Bitcoin adoption. Analysts believe that Strategy offers leveraged bitcoin exposure with higher volatility and should be sized carefully in portfolios.
Also Read: Why This Tiny Wearable Tech Stock Looks Poised for a Massive Breakout
3. BitMine Immersion Technologies (BMNR)
Market Cap as of August 20: $9.03 Billion
BitMine Immersion (NYSE American: BMNR) specializes in cryptocurrency mining using advanced immersion cooling systems. This technology improves efficiency, reduces costs, and allows for high-performance operations in large-scale mining facilities. In mid-2025, BitMine shifted its core strategy from primarily Bitcoin mining to the accumulation of Ethereum for its corporate treasury.
- On August 11, 2025, BitMine announced that its holdings of over 1.15 million ETH exceeded $4.96 billion. BitMine is now the third-largest overall cryptocurrency treasury, trailing only MicroStrategy and Mara Blockchain. The milestone marks a dramatic increase from the $2.9 billion in ETH holdings reported just one week earlier, representing an additional $2.0 billion in value.
- BitMine has also launched its ETH Treasury Strategy on June 30, with an ambitious long-term objective termed “the Alchemy of 5%”, to acquire and stake 5% of Ethereum’s total circulating supply. The company’s rapid accumulation has been fueled by significant capital raises, including a $250 million private placement completed on July 8, just 16 days before surpassing $2 billion in ETH holdings.
- BitMine’s crypto approach focuses on an asset-light strategy, prioritizing capital efficiency and leveraging partnerships to stake ETH and generate yield. With Ethereum’s price hovering near recent highs and institutional adoption accelerating, BitMine’s rapid treasury buildout places it in a strong position to benefit from both asset appreciation and staking returns.
Fundamental Analysis
BitMine Immersion stands out as a hybrid between a mining operator and a crypto asset manager. With a $1 billion stock buyback program underway, management is signaling confidence in long-term value despite negative earnings (EPS: -3.03 | P/E: -18.61) due to heavy investment in ETH and infrastructure. However, its heavy concentration in Ethereum means the stock’s performance is tightly correlated with ETH’s price trajectory and regulatory developments.
4. Upexi (UPXI)
Market Cap as of August 20: $413.22 Million
Upexi (NASDAQ: UPXI) is a diversified brand owner and aggregator focused on e-commerce and consumer products. The company acquires, develops, and scales brands in various sectors, including health, wellness, and pet care, through direct-to-consumer, wholesale, and third-party platforms. Upexi also focuses on the cryptocurrency industry and asset management.
- Upexi has been expanding its Solana (SOLUSD) holdings. On July 28, 2025, Upexi took another major step in its aggressive cryptocurrency strategy, entering into a $500 million equity line agreement with A.G.P./Alliance Global Partners.
- The deal allows the company to sell up to $500 million of its common stock without a commitment fee, with proceeds earmarked for general corporate purposes and to further expand its Solana treasury holdings.
- The move comes just days after Upexi revealed it had grown its Solana reserves to 1.9 million SOL, worth more than $381 million based on a spot price of $200.60 per token as of July 23. This latest accumulation included an additional 83,000 SOL purchased for $16.7 million, at an average cost of $201.34 per token.
- With $500 million in potential new equity capital now available and a clear focus on expanding its Solana holdings, Upexi appears poised to deepen its position in the digital asset market.
Fundamental Analysis
Upexi filed to sell 48 million shares for its holders on July 21, 2025, causing shares to plunge 62% in a single day. Such moves, often perceived as “insider selling” or dilution risk, have hurt investor confidence and contributed to extreme volatility in share price. Critics argue this “crypto treasury” strategy invites enormous volatility and dilutes the company’s original business focus, transforming what should be a consumer products firm into a high-risk hybrid. Furthermore, the company’s enterprise value is far below the notional value of its Solana holdings, indicating the market discounts this asset’s utility or believes there are restrictions or risks in realizing value from these digital assets.
5. ALT5 Sigma (ALTS)
Market Cap as of August 20: $722.17 Million
ALT5 Sigma (NASDAQ: ALTS), together with its subsidiaries, operates through Fintech and Biotechnology segments. The company’s fintech division offers ALT5 Pay and ALT5 Prime settlement solutions, along with a digital asset trading platform that provides institutional and retail investors. ALTS’s biotech division focuses on novel, non-addictive pain therapies.
- On August 11, 2025, ALT5 Sigma announced that it raised $1.5 billion through a registered direct offering and a concurrent private placement. The offering involves the sale of up to 200 million shares (or equivalents) at $7.50 each, with closing on August 12, 2025.
- The funding round’s lead investor, World Liberty Financial, contributed in the form of $WLFI tokens. ALT5 Sigma plans to use the proceeds to acquire additional $WLFI tokens, establish a cryptocurrency treasury, settle litigation, pay down debt, support ongoing operations, and fund general corporate initiatives.
- Earlier this year, on February 3, 2025, the company partnered with Odoo, a global provider of fully integrated business applications. This collaboration integrates ALT5 Pay, the company’s cryptocurrency payment platform, into Odoo’s suite of POS, eCommerce, and ERP systems.
- The integration gives Odoo’s 13 million users across 170 countries access to seamless crypto payment capabilities via simple API connections and ALT5-supported widgets.
- On the biotech side, it’s advancing JAN 101 and JAN 123, non-opioid pain and addiction therapies, still in early-stage clinical trials.
Fundamental Analysis
ALT5 Sigma is a speculative hybrid fintech-biotech player attempting to carve out space in two high-growth but high-risk sectors. The company is financially stretched, with a Debt/Equity ratio of 68.66%, and a current ratio of 0.88x. Therefore, the company’s liquidity and solvency pressures are major red flags. Valuation also looks frothy: a Price/Sales ratio of 4.13x and Price/Book of 83.17x are well above sector averages, reflecting investor speculation rather than operating performance.
6. Quantum BioPharma (QNTM)
Market Cap as of August 20: $70.93 Million
Quantum BioPharma (NASDAQ: QNTM) is a biopharmaceutical company focused on developing innovative treatments for the neurological and cannabinoid therapeutics space, a niche with unmet medical needs, increasing regulatory acceptance and market potential. The company has also been purchasing Bitcoin and other cryptocurrencies as part of its strategic efforts.
- Earlier in June, Quantum BioPharma expanded its cryptocurrency investments to a total of $5 million. These purchases include additional Bitcoin and other cryptocurrencies, and mark another step in the company’s gradual accumulation since early 2025.
- On March 20, Quantum invested an additional $1.5 million in Bitcoin and other cryptocurrencies, bringing its holdings at the time to $3.5 million. This was followed by a $1 million purchase on May 19, which lifted the total to $4 million, and now the June 10 update confirms an additional investment to reach the $5 million milestone.
- Quantum’s approach has been consistent: steadily increasing its cryptocurrency exposure while maintaining flexibility to adjust positions based on market conditions. The company has stated that it “will continue to monitor market conditions and may increase or decrease its holdings of Bitcoin or other cryptocurrencies as it deems appropriate.”
- The company is advancing a diversified strategy combining biotech development, its lead candidate, Lucid-MS, is in a Phase 2 trial for multiple sclerosis, supported by a distribution deal for the hangover product unbuzzd™, and a clinical collaboration with Ingenu CRO aimed at PPMS research.
Fundamental Analysis
Quantum BioPharma’s potential hinged on advancing cannabinoid therapeutics through clinical trials and is a speculative play on the emerging medical cannabis and neurological treatment markets. Furthermore, the company has filed a $700 million lawsuit against institutions like CIBC (NYSE: CM) (TSX: CM) and RBC (NYSE: RY) (TSX: RY), alleging stock price manipulation via spoofing tactics from 2020–2024. QNTM also faces trading irregularities such as a multi-million share block that trades vastly exceeding its float, which has raised further scrutiny.
Risks to Consider
Cryptocurrencies are notorious for their wild price swings. Unlike traditional stocks, crypto lacks underlying assets or cash flows, making valuation highly speculative and exposing investors to amplified risks that extend far beyond their core operations.
Regulatory uncertainty adds another layer of fragility, as today’s permissive U.S. stance could easily reverse. New regulations like the EU’s Markets in Crypto-Assets Regulation (MiCA) aim to address this, but do not eliminate all risks. Therefore, stocks tied to crypto may be vulnerable to sudden regulatory changes that hurt their value. Moreover, Trump’s order does not directly authorize crypto allocations in 401(k)s; it instructs regulators to clarify fiduciary responsibilities for plan managers offering exposure to alternative assets such as crypto, private equity, and real estate.
Final Thoughts
PFSA, with its ultra-low float, $15 million market cap, ambitious $100 million Bitcoin acquisition plan, and disruptive healthcare technology pipeline targeting a $10 billion market, is uniquely positioned for explosive upside. Furthermore, the company’s key regulatory milestones in the EU, a European market launch on the horizon, and a treasury strategy placing it alongside Wall Street’s boldest Bitcoin holders, the company’s dual-track model offers rare appeal.
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