Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
As of mid-2025, corporations and nations are increasingly integrating cryptocurrencies like Bitcoin (BTC) and Ether (ETH) into their treasury strategies, seeking to hedge against inflation, diversify currency exposure, and access digital liquidity. While Bitcoin maintains its lead as a “digital gold” for long-term value preservation, Ether is rapidly gaining ground as an income-generating asset through staking and its versatile programmable features, leading some entities to adopt a dual-asset approach.
The Evolving Crypto Treasury Model
Traditionally, corporate treasuries relied on cash, gold, or government bonds for value, liquidity, and stability. Governments also held gold reserves to back their currencies. However, these traditional assets face challenges such as loss of purchasing power, interest rate risks, and foreign exchange shocks.
The appeal of cryptocurrencies lies in their potential to hold value, facilitate rapid cross-border movement, and integrate with digital financial systems. Consequently, BTC, ETH, and in some instances, stablecoins, are now being added alongside cash, gold, and T-bills in treasury portfolios.
For corporations, the motivations include hedging inflation, diversifying currency exposure, maintaining 24/7 liquidity, and testing digital settlement. Sovereign entities, meanwhile, look to cryptocurrencies for strategic reserves, sanctions resilience, and access to neutral, global liquidity.
Bitcoin: The Digital Gold Standard for Treasuries
Bitcoin has long been considered the digital equivalent of gold, making it an attractive option for treasuries aiming to safeguard against inflation and risks associated with traditional currencies. In the United States, Senator Cynthia Lummis has proposed the Bitcoin Act, which would mandate the US Treasury to acquire 1 million BTC over five years for a federal reserve.
In March 2025, President Donald Trump announced the Strategic Bitcoin Reserve, intended to be a reserve asset funded by the US Treasury’s forfeited BTC. Globally, El Salvador adopted BTC as legal tender in 2021, and countries like Bhutan have discreetly added Bitcoin to their national reserves.
MicroStrategy stands out in the corporate world for its continuous acquisition of BTC, making it the primary asset in its treasury. Bitcoin offers advantages such as high liquidity due to active global markets, scarcity from its limited supply, and widespread recognition. While its price volatility can impact balance sheets, its benefits for long-term value preservation are often seen as outweighing these drawbacks.
Ether: The Programmable, Income-Generating Alternative
While Bitcoin remains a cornerstone, Ether has gained significant traction, especially following its 2022 shift to proof-of-stake (PoS), known as the Merge. This upgrade substantially reduced energy consumption and introduced staking, which generates annual returns of 3%-5%, positioning ETH as a productive asset unlike BTC.
For treasuries, this makes ETH both a store of value and a source of income. Ethereum’s robust ecosystem further enhances its appeal, allowing treasuries to access liquidity through decentralized finance (DeFi) without divesting their holdings. The growing adoption of tokenized real-world assets, such as bonds or commodities, further solidifies Ethereum’s role as a versatile financial platform.
Institutional adoption of ETH is on the rise, with companies increasingly holding it and asset managers introducing Ether-based exchange-traded funds (ETFs). Even decentralized autonomous organizations (DAOs) are using ETH as a reserve for long-term stability. However, challenges persist, including regulatory uncertainty in major markets, risks related to staking performance, and the technical complexities of the Ethereum network. Despite these, ETH is emerging as a versatile treasury asset in 2025, combining value storage, income potential, and practical utility.
2025 Treasury Holdings: BTC Dominance vs. ETH Growth
As of September 10, 2025, Bitcoin remains the leading choice for institutional treasuries, with companies and institutions collectively holding over 1 million BTC. MicroStrategy alone controls approximately 638,460 BTC, valued at billions, emphasizing a long-term “hodl” strategy focused on holding rather than generating yield.
The number of listed firms holding BTC expanded significantly from 70 in December 2024 to 134 by mid-2025, accumulating nearly 245,000 BTC. While less widely held, Ether is rapidly gaining popularity, with corporations, DAOs, and asset managers increasingly adding ETH to their reserves.
Data from blockchain analytics indicates distinct strategies: Bitcoin treasury holdings are typically kept idle for long-term storage, whereas a larger portion of Ether holdings is actively staked to earn steady returns. As of September 10, 2025, 73 entities held 4.91 million ETH, valued at $21.28 billion. Bitmine Immersion Tech (BMNR) was the top Ether holder with 2.07 million ETH, worth $9 billion, followed by SharpLink Gaming (SBET) with 837,230,000 ETH, valued at $3.7 billion.
The Rise of Dual Treasury Strategies
As the cryptocurrency market matures, some governments and corporations are adopting a dual treasury strategy, holding both BTC and ETH. This approach aims to combine Bitcoin’s stability and global recognition as a reserve asset with Ether’s potential for generating yield and its programmable features.
United States Federal Government: Strategic Crypto Reserve
In March 2025, an executive order established the US Strategic Bitcoin Reserve, which holds an estimated 198,000-207,000 BTC (approximately $17 billion-$20 billion as of September 9, 2025), primarily obtained through seizures. Additionally, a US Digital Asset Stockpile has been created for non-Bitcoin assets, including Ether. As of August 29, 2025, this stockpile contained approximately 60,000 ETH, valued at around $261 million, according to an Arkham Exchange analysis of government-owned addresses.
BitMine Immersion Technologies (BMNR)
BitMine, a company focused on crypto mining and treasury management, maintains a moderate Bitcoin reserve of 192 BTC, worth over $21 million as of September 10, 2025. Concurrently, BitMine Immersion Tech (BMNR) holds a substantial 2.07 million ETH, with an estimated value of approximately $9 billion as of the same date. This diversified approach highlights BitMine’s shift from solely Bitcoin mining to a comprehensive crypto reserve strategy, blending Bitcoin’s value preservation with Ether’s income-generating potential.
Which Strategy is Winning in 2025?
The competition between BTC and ETH treasuries highlights their distinct strengths. As of mid-2025, the prevailing trend suggests a future where treasuries increasingly adopt both assets. Bitcoin continues to stand out for its stability, widespread trust, and global recognition, serving as the crypto world’s “reserve currency.” Its role as digital gold makes it the preferred choice for institutions and nations focused on long-term wealth preservation and straightforward liquidity.
Ether, conversely, has gained significant traction due to its ability to generate income, offer practical utility, and support a burgeoning ecosystem of tokenized assets. Treasuries holding ETH can earn 3%-5% annual returns through staking, access liquidity via DeFi, and engage in markets for tokenized real-world assets, positioning ETH as an active, income-producing reserve. While Bitcoin currently leads in total treasury holdings, Ether is rapidly catching up by attracting companies and DAOs that value its programmable financial features. The ultimate choice between these two strategies largely depends on an entity’s specific financial goals and risk appetite.
