In recent years, many companies have shifted from traditional business models to embrace cryptocurrency. This trend shows wider digital asset adoption. Companies pivot to crypto for financial, strategic, and psychological reasons. In biotech and pharma, traditional profitability takes years.
Developing new drugs requires research, clinical trials, and FDA approval. This process often costs hundreds of millions and carries high risk. For firms seeking quicker returns, cryptocurrency offers potential profits faster. Additionally, crypto avoids many regulatory hurdles of clinical trials.
The cryptocurrency market’s momentum also attracts companies. As digital assets rise, leaders feel FOMO—fear of missing out on gains. Some view crypto as both an investment and growth opportunity. Further, firms diversify holdings or pivot completely from their original business.
This strategy helps companies tap booming sectors, attract investor attention, and rejuvenate struggling operations, as seen with Vanadi Coffee SA. In essence, embracing crypto serves practical and psychological purposes. Practical reasons include faster returns and risk diversification.
Psychological reasons include market enthusiasm and meeting investor expectations. However, the pivot carries substantial risk. Still, high growth, liquidity, and market relevance make cryptocurrency more appealing than slow traditional business models.
Here are five companies making the pivot.
Forward Industries looks into SOL
Forward Industries’ (NASDAQ: FORD) pivot represents a dramatic transformation from a traditional design services company, primarily serving the medical and technology sectors, into a crypto-focused enterprise.
By shifting its strategy toward holding and managing SOL as a treasury asset, the company is signalling a commitment to integrating blockchain technology into its operations and capital strategy.
The company moved away from a human expertise-driven, client-focused, project-based model to managing digital assets in a speculative, high-liquidity market. Instead of generating revenue through service fees, Forward now derives its potential value from cryptocurrency holdings, such as Solana, representing a fundamental shift in both operations and strategic focus.
The USD$1.65 billion private investment not only provides the financial backbone for this shift but also reflects investor confidence in Forward Industries’ ability to leverage digital assets for growth.
The move offers a stark contrast to the slower, more capital-intensive paths of its original sectors, where revenue often depends on securing clients, completing projects, and navigating regulatory hurdles in medical and technology design.
Market reaction has been immediate, with the stock jumping 70 per cent, demonstrating investor enthusiasm for crypto adoption and the potential upside of digital asset treasuries. Forward Industries now joins a growing cohort of companies embracing cryptocurrencies as both a financial tool and strategic differentiator.
The company’s latest moves involve diving into the latest trend of building a cryptocurrency treasury. It’s unveiled plans to raise USD$1.65 billion to build a collection of Solana.
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ETHZilla has kaiju-sized ambitions
ETHZilla Corp (NASDAQ: ETHZ) represents one of the more dramatic corporate pivots in recent years.
Originally a biotech company called 180 Life Sciences Corp, it was focused on pharmaceutical research and development. Its operations revolved around costly clinical trials, long timelines for FDA approval, and the uncertainties inherent in developing new drugs. Furthermore, revenue depended on breakthrough therapies and investor confidence in its scientific pipeline—a slow and high-risk path to profitability.
In a bold strategic shift, the company rebranded as ETHZilla in August and turned its attention to cryptocurrency. It bought over 82,000 Ethereum (ETH) for USD$425 million in private investment and USD$156 million in convertible notes. This move signifies a complete departure from its pharmaceutical roots. Now ETHZilla now functions primarily as a cryptocurrency treasury, leveraging the growth and liquidity of digital assets rather than relying on drug development.
The company’s pivot reflects a growing trend among publicly traded firms to follow in the footsteps of Michael Saylor and Strategy (formerly Microstrategy) (NASDAQ: MSTR), who popularized the strategy of building corporate treasuries around Bitcoin and other cryptocurrencies.
By holding Ethereum as a core asset, ETHZilla aims to capitalize on the potential upside of digital currencies by holding Ethereum. Meanwhile, it’s signalling to investors a commitment to fast-moving, high-growth opportunities.
This approach offers a striking contrast to the slow, expensive, and uncertain process of bringing new drugs to market. This demonstrates how some companies are increasingly lured by the promise of faster, more reliable profits and the fear of missing out on surging industries.
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Hyperliquid Strategies continues with the treasury trend
Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN) is undergoing a major transformation through an USD$888 million business combination with Rorschach I LLC.
This merger will create Hyperliquid Strategies Inc. Furthermore, this will be a publicly traded company focused on building a cryptocurrency treasury centered around the HYPE token.
Rorschach I LLC is a newly formed entity backed by Atlas Merchant Capital LLC, an affiliate of Paradigm Operations LP. This transaction will also transform Sonnet’s business by establishing a treasury of HYPE tokens, the asset of the Hyperliquid Layer-1 blockchain.
The transaction also includes the acquisition of approximately 12.6 million HYPE tokens, valued at around USD$583 million, alongside USD$305 million in cash reserves, totaling an estimated USD$888 million in assets at closing.
The deal is expected to be done in late September, pending stockholder approval and customary closing conditions. Once completed, HSI will be listed on the Nasdaq under a new ticker and operate as a cryptocurrency treasury company. Sonnet’s legacy biotech operations, including the development of SON-1010, will continue under HSI, while other non-core assets may be divested.
“Hyperliquid has broken out as a crypto project with real fundamentals: strong core contributors, exacting product quality, and meteoric growth,” said Matt Haung, co-founder of Paradigm.
“We hear lots of institutional demand for exposure to Hyperliquid, yet the native token HYPE is difficult to access in the United States. We are excited about this treasury strategy, which we believe will contribute to the Hyperliquid ecosystem in many ways over time.”
This strategic pivot reflects a broader trend of companies embracing digital assets, again following the path set by firms like Strategy.
Centaurus Energy drops oil and gas for Ethereum gas and SOL
Calgary-based oil and gas company, Centaurus Energy Inc (OTCMKTS: CTARF). announced a strategic pivot from traditional energy operations to cryptocurrency investments, including assets like ETH and SOL.
Centaurus adopted Ether as its primary treasury reserve asset, marking a significant departure from its previous focus on oil and gas exploration. The company started buying Ether in March of 2024. It also entered into an agreement to extend up to USD$1.5 million to support this transition.
Following the sale of its oil and gas operations, Centaurus announced plans to focus on investing directly in physical and digital commodities, including Ether and Solana. The company has proposed a change of business to become a Tier 2 Investment Issuer under the new name “Layer One Inc.” and plans to list on the TSX Venture Exchange.
This transition aims to align Centaurus with its current business focus in strategic investment in physical and digital commodities
Centaurus’s move into the cryptocurrency space underscores the growing interest in digital assets within traditional industries. The company aims to capitalize on the growth and liquidity of digital assets.
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Vanadi Coffee: more than just coffee
Vanadi Coffee SA is a Spanish coffee chain based in Alicante, operating six locations. In June 2025, the company announced a strategic shift from its traditional café operations to a cryptocurrency-focused business model. Shareholders approved a plan to invest up to €1 billion (approximately USD$1.1 billion) in Bitcoin. This further positions Vanadi as one of the first European companies to adopt Bitcoin as its primary treasury asset, following the example set by U.S.-based firms like Strategy.
The decision was driven by financial issues, including a €3.3 million loss in 2024 and a negative net-worth of €600,000. Vanadi plans to issue convertible bonds and conduct capital increases with support from strategic investors.
Following the announcement, Vanadi’s stock price surged by 25 per cent, reflecting investor optimism about the company’s bold pivot. As of August 2025, the company had acquired 54 BTC at an average price of €93,444 per coin. These digital assets are securely held through a Spain-based cryptocurrency custody platform.
This strategic shift underscores Vanadi’s ambition to redefine its business model and capitalize on the growing interest in digital assets. However, the company faces significant risks, including exposure to Bitcoin’s volatility and the challenge of executing its ambitious investment strategy.
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