A growing number of publicly traded companies are turning to alternative cryptocurrencies — including the Donald Trump-themed memecoin HYPE, litecoin, and Toncoin — in a high-stakes bid to inflate their share prices and differentiate themselves in an increasingly saturated market of bitcoin-hoarding firms, according to a report by the Financial Times.
The trend builds on the strategy popularized by billionaire Michael Saylor, whose company, Strategy, holds over $116 billion in bitcoin. Now, firms are broadening their horizons, issuing shares or convertible bonds to acquire lesser-known digital assets in hopes of capturing market attention and mimicking the speculative success that bitcoin-centric strategies have produced.
One of the more notable moves involves Brittany Kaiser, a former Cambridge Analytica executive, who is partnering with Canadian firm RSV Capital to raise $200 million via a public shell company in order to acquire Toncoin — the native token of Telegram’s blockchain network. Kaiser told the Financial Times that the deal is aimed at supporting “the growth of the Telegram ecosystem,” which boasts more than a billion monthly active users.
Avalanche, the blockchain platform behind the AVAX token, is reportedly exploring a similar approach. It is considering selling tokens to a publicly listed shell company that would hold and stake them, generating yield and attracting crypto-savvy investors.
The surge in interest comes on the heels of landmark pro-crypto legislation passed in Washington, which has been credited with helping bitcoin reach a record high of over $123,000. As bitcoin’s price soars, however, some companies are turning to altcoins in search of cheaper entry points and quicker gains.
Companies like Freight Technologies have bought into this narrative, raising $20 million through convertible debt to purchase $TRUMP, a memecoin associated with the U.S. president. CEO Javier Selgas described the move as both a diversification strategy and a political signal aimed at raising visibility on trade issues.
Other businesses have taken even bolder steps. Sonnet BioTherapeutics, a struggling oncology firm, saw its share price skyrocket by 200% after announcing an $888 million SPAC deal backed by ex-Barclays CEO Bob Diamond to buy HYPE, the memecoin native to the Hyperliquid blockchain. The rally proved short-lived, however, with shares falling after the initial surge.
Still, the wave of activity has not gone unnoticed. MEI Pharma saw its stock surge 78% after revealing that Charlie Lee, litecoin’s co-founder, is injecting $100 million to make the firm the world’s first public litecoin-holding company. Similarly, Binance co-founder Changpeng Zhao’s YZi Labs is backing a new treasury firm dedicated to amassing Binance’s BNB tokens.
Despite the excitement, skepticism remains high. Eric Benoist, tech and data research specialist at Natixis CIB, cautioned that buying fringe tokens is a “hugely speculative” strategy. “That’s not going to save them for a very long time. At the end of the day, they’ll be worth whatever [crypto] they have on the balance sheet and that’s it.”
Geoff Kendrick of Standard Chartered added that while crypto strategies may yield short-term equity gains, they come with long-term risks. “If prices collapse, you’ll have pain in either equity holders or bondholders.”
Analysts point out that such vehicles often serve as exit strategies for early crypto holders seeking to convert large token stashes into public equity. Michael Saylor’s Strategy, for example, is now valued at nearly twice the worth of the bitcoin it holds, thanks to leveraged buying and speculative investor interest.
Ethereum co-founder Andrew Keys is also jumping into the trend. He recently launched a SPAC to acquire ether, contributing $645 million of his personal holdings alongside $800 million in backing from Pantera Capital and Blockchain.com.
Crypto VC firm Breed recently noted that while more companies are likely to follow this playbook, “most will fail. Ultimately, only a select few companies will sustain a lasting [share price] premium.”
As the race to tokenize corporate treasuries accelerates, the long-term viability of these unconventional strategies remains in question. But for now, riding the crypto wave — even beyond bitcoin — has become the latest speculative play on Wall Street.
