The 2025 microcap market will be remembered for many things: a rebound in IPO volume, aggressive regulatory changes, and the growing dominance of foreign issuers. But those are surface-level stories. The real structural shift happened elsewhere, in a corner of the market many observers initially dismissed as a temporary crypto trade. 2025 was the year digital asset treasury strategies moved from the fringe into the core of the microcap capital markets.

For years, MicroStrategy (NASDAQ:MSTR) stood alone as a kind of financial outlier, a public company that transformed itself into a proxy for Bitcoin exposure. Michael Saylor’s strategy was unconventional when it began, and for a long time,…

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