TL;DR
- John Deaton believes Wall Street won’t let Bitcoin monopolize profits and expects growing corporate adoption of XRP, ETH, and SOL.
- Five companies already manage XRP reserves, while firms like Fundstrat, SharpLink, and Upexi have added ETH and SOL to their corporate treasuries.
- Deaton warns that institutional greed is driving crypto adoption on corporate balance sheets, prioritizing returns over the specific asset.
The presence of digital assets and cryptocurrencies on corporate balance sheets keeps expanding, moving past the idea that only Bitcoin can serve that role. John Deaton, a lawyer closely tied to the XRP community, predicted years ago that companies would eventually add other tokens to their treasuries. Today, that forecast is materializing with concrete cases involving XRP, Ethereum, and Solana.
Several years ago, when I said I eventually expected XRP ETFs – some people laughed.
I said Wall Street is too greedy to not do it.
I also knew people would copycat @saylor and implement BTC Treasury companies. There’s no way people on Wall Street are going to sit back and… https://t.co/BQ9o0YCrHc
— John E Deaton (@JohnEDeaton1) June 30, 2025
Deaton argues that Wall Street’s logic is straightforward: it won’t allow a handful of players to monopolize profit opportunities in a growing market. By his estimates, between 60 and 100 companies have already implemented Bitcoin treasury strategies. Now, that trend is spreading to other cryptocurrencies.
VivoPower International secured $121 million to build a $100 million XRP treasury, backed by Saudi investors and advised by a former SBI Ripple Asia executive. Worksport Ltd. allocated $5 million — 10% of its cash reserves — to Bitcoin and XRP. Meanwhile, Hyperscale Data Inc. plans to launch an XRP lending platform before 2026 and already lists the token on its accounts.
John Deaton: Greed Over Functionality
Webus International Limited, a Chinese firm, manages a $300 million XRP treasury for cross-border payments alongside Samara Alpha Management. Additionally, Wellgistics Health uses XRP in its treasury to speed up medical payments and bypass banking delays.
Ethereum is also starting to claim a spot on corporate balance sheets. Fundstrat and SharpLink Gaming hold ETH positions as part of their treasury strategy, with SharpLink leading at $425 million, backed by Consensys, the firm founded by Ethereum’s Joseph Lubin.
In Solana’s case, Upexi raised $100 million for a SOL treasury. DeFi Development Corp multiplied its stock value 30x after announcing SOL purchases. Sol Strategies launched as a Solana-focused treasury firm, supported by Cantor Fitzgerald. An unnamed EdTech company is preparing a $500 million raise to hold SOL.
For Deaton, the focus isn’t on specific cryptocurrencies but on how greed and the search for returns are driving mass crypto and digital asset adoption in corporate finance.
