In recent years, there has been a notable trend among corporations and nations integrating cryptocurrencies into their treasury strategies. Traditionally, corporate treasuries leaned on conventional assets such as cash, gold, and government bonds to maintain value, secure liquidity, and provide financial stability. Governments have historically relied on gold reserves to back their currencies. However, with the diminishing purchasing power of cash, the risks associated with bonds, and potential foreign exchange shocks, there is an increasing interest in asset classes that offer greater resilience. As a result, Bitcoin (BTC), Ether (ETH), and even stablecoins are now being considered alongside traditional assets in treasury portfolios.
For corporations, the motivation is straightforward: hedge against inflation, diversify currency exposure, maintain 24/7 liquidity, and experiment with digital settlements. Governments have a broader mandate that includes maintaining strategic reserves, ensuring resilience against sanctions, and facilitating access to neutral, global liquidity.
Bitcoin, the original cryptocurrency, is often referred to as digital gold due to its unique position in the market. It has attracted attention as an asset for treasuries looking to insulate themselves from inflation and the risks associated with conventional currencies. For instance, Senator Cynthia Lummis has introduced legislation known as the Bitcoin Act, which would mandate the U.S. Treasury to acquire 1 million BTC over a five-year period. In a more recent announcement, the establishment of a Strategic Bitcoin Reserve was proposed, funded by BTC seized by the U.S. Treasury.
Countries such as El Salvador made headlines in 2021 by adopting BTC as legal tender, and Bhutan has similarly incorporated Bitcoin into its reserves. On the corporate side, businesses like Strategy have made headlines by continually increasing their BTC holdings, viewing it as a cornerstone of their treasury strategy. Bitcoin is valued for its liquidity and its scarcity due to a capped supply, though its price volatility does pose challenges for balance sheets.
Conversely, Ether has emerged as a compelling alternative, especially following its transition to a proof-of-stake (PoS) model in 2022, known as the Merge. This development not only reduced energy consumption but also enabled staking, allowing ETH holders to earn annual returns of 3%-5%. This dual functionality of ETH as a store of value and an income-generating asset positions it uniquely against Bitcoin.
The decentralized nature of Ethereum’s ecosystem enhances its appeal. Treasuries utilizing ETH can access liquidity through decentralized finance (DeFi) platforms without needing to liquidate their holdings. As institutional interest grows, several companies and asset managers have begun incorporating Ether into their portfolios, and exchange-traded funds (ETFs) based on ETH have been introduced.
However, the ascent of Ether is not without its hurdles. Regulatory uncertainties, potential staking risks, and the intricate technical landscape pose challenges for mainstream adoption. Despite these obstacles, by 2025, Ether is shaping up to be a versatile treasury asset offering both value storage and income potential.
Comparative data from September 2025 indicates that while Bitcoin remains the leading choice, with over 1 million BTC held by corporations and institutions, Ether is on an upward trajectory in terms of adoption among treasuries. The analytic data reveals that while Bitcoin is often used for long-term storage, a greater proportion of Ether holdings are actively staked, generating consistent returns. Strategy alone manages approximately 638,460 BTC, focusing on a long-term holding approach.
As of mid-2025, the number of firms holding BTC has surged from 70 in late 2024 to 134, accumulating nearly 245,000 BTC. On the Ether side, 73 distinct entities are holding about 4.91 million ETH, valued at roughly $21.28 billion. Notably, Bitmine Immersion Technologies (BMNR) stands out as a top holder, with approximately 2.07 million ETH, demonstrating the growing significance of Ether among treasury assets.
Some companies and governments are opting for dual treasury strategies, pursuing both BTC and ETH. For example, the United States federal government has established a Strategic Crypto Reserve with an estimated 198,000-207,000 BTC while also maintaining an allocation for Ether. Companies like BitMine are diversifying their strategies, combining BTC’s value-preserving qualities with the income-generating potential of ETH.
The ongoing competition between BTC and ETH highlights their unique attributes and strategic advantages. Bitcoin’s status as a “reserve currency” remains entrenched, favored by those prioritizing capital security and reliability. Conversely, Ether is rapidly becoming attractive for its income potential and versatile capabilities. While Bitcoin leads in overall treasury holdings, Ether is gaining traction, particularly among organizations valuing its innovative financial features and programmable design. As the cryptocurrency landscape continues to evolve, it is clear that both assets provide distinct pathways for managing corporate and national treasuries.
