Cryptocurrencies are increasingly becoming integral to the treasury strategies of both corporations and governments. While traditional reserves relied on cash, gold, and government bonds, more entities now see digital assets like Bitcoin and Ethereum as vital tools for inflation hedging, diversification, and liquidity in a rapidly evolving financial landscape. This shift underscores the growing maturity of the crypto market, driven by institutional adoption and the desire for digital flexibility in global finance.
- Corporates and governments are diversifying reserves by including Bitcoin, Ethereum, and stablecoins alongside traditional assets.
- Bitcoin is viewed as “digital gold,” with proposals for strategic reserves and national adoption, marking a shift toward store-of-value assets.
- Ethereum’s ecosystem offers yield and utility, making it an attractive, programmable alternative for treasury holdings.
- Data indicates ongoing growth in treasury holdings with distinct strategies—passive holding of Bitcoin and active staking of Ether.
- Many institutions now pursue dual treasury strategies, combining Bitcoin’s stability with Ethereum’s income-generating potential.
The treasury model: Why corporations and nations hold crypto
In recent years, both companies and nations have begun incorporating cryptocurrencies into their treasury strategies. Traditionally, treasuries depended on cash, gold, or government bonds for financial stability and liquidity. Governments maintained gold reserves to back their currencies. But with cash losing value over time, bonds exposing holders to rate risks, and foreign exchange shocks creating unpredictability, digital assets have emerged as a preferred alternative.
Today, Bitcoin (BTC), Ether (ETH), and stablecoins are now part of strategic reserves, offering liquidity, security, and global transferability in a digital economy. Companies aim to hedge inflation, diversify their currency risks, ensure 24/7 liquidity, and test digital settlement platforms. Sovereigns seek strategic reserves, resilience against sanctions, and access to neutral, borderless liquidity.
Bitcoin treasuries: The digital gold standard
Bitcoin, often dubbed the “digital gold,” has historically been the go-to asset for sovereign and corporate treasuries seeking an inflation hedge. Its scarcity, high liquidity, and global recognition make it a prime reserve asset.
Senator Cynthia Lummis has proposed a bill called the Bitcoin Act, which would require the U.S. Treasury to acquire 1 million BTC over five years. Meanwhile, President Donald Trump reportedly announced in 2025 the Strategic Bitcoin Reserve, funded by forfeited BTC, emphasizing Bitcoin’s role as a store of value.
El Salvador set a precedent in 2021 by adopting BTC as legal tender, while several countries like Bhutan quietly include Bitcoin in their reserves. In the corporate realm, firms like Strategy continually acquire BTC, making it the core of their treasury holdings.
Bitcoin’s advantages include high liquidity, scarcity, and broad recognition among global financial players. While price volatility presents risks, its benefits as a reliable store of value outweigh the drawbacks.
Did you know? Semler Scientific, inspired by corporate strategies, added 210 BTC to its balance sheet between July 3 and July 16, 2025, spending roughly $25 million at an average price of $118,974 per Bitcoin.
Ether treasuries: The programmable alternative
Ethereum has gained traction as an alternative treasury asset, especially after its 2022 shift to proof-of-stake (PoS) with the Merge, which reduced energy consumption and enabled staking. Staking generates annual yields of 3%-5%, transforming ETH into both a store of value and a source of income.
Ethereum’s ecosystem—including decentralized finance (DeFi)—provides treasury access to liquidity without liquidation, and tokenized real-world assets like bonds enhance its role as a financial platform. Institutional adoption is accelerating, with organizations setting up ETH holdings and launching Ether-based ETFs for regulated markets.
Decentralized autonomous organizations (DAOs) are increasingly holding ETH to ensure long-term stability. Despite regulatory uncertainties and technical complexities, ETH’s dual utility as a value holder and income generator makes it an attractive choice for diverse treasury strategies.
Long before ETH ETFs launched, institutions gained exposure through Grayscale, reflecting early institutional confidence in Ether.
2025 data: Comparing Bitcoin and Ether treasury holdings
As of September 10, 2025, Bitcoin remains the dominant choice with over 1 million BTC held across corporate and institutional treasuries. Ethereum, though less held, is quickly gaining traction, with several firms and DAOs increasing their ETH reserves.
Blockchain analytics reveal that Bitcoin holdings are generally accumulated for long-term storage, exemplified by Strategy, which controls approximately 638,460 BTC. On the other hand, Ether holdings are often actively staked, earning reliable returns—highlighting different strategic aims: security versus income generation.
Currently, 73 entities hold 4.91 million ETH valued at $21.28 billion, with Bitmine Immersion Tech (BMNR) being the largest ETH holder at over 2 million ETH. This distribution underscores the evolving landscape of crypto reserves, blending stability with growth potential.
What are dual strategies?
An increasing number of governments and corporations are adopting dual treasury strategies, holding both BTC and ETH to balance stability with utility. This approach complements Bitcoin’s reputation as “digital gold” with Ethereum’s programmable features and income potential.
Examples include:
- United States Federal Government (Strategic Crypto Reserve): As of September 2025, it holds between 198,000 and 207,000 BTC, worth around $17-$20 billion, acquired through seizures and other means. Additionally, a stockpile of approximately 60,000 ETH—around $260 million—is maintained for non-Bitcoin assets.
- BitMine Immersion Technologies (BMNR): The firm holds 192 BTC and 2.07 million ETH, blending Bitcoin’s store of value with Ethereum’s income-generating capacity.
This dual-asset approach reflects a strategic shift from sole Bitcoin mining to diversified crypto reserves combining core assets for stability and yield.
Institutions are also issuing trillions of dollars in tokenized government bonds directly on the Ethereum blockchain, further integrating ETH into traditional finance.
Which strategy is winning in 2025?
As of mid-2025, the debate persists—Bitcoin’s stability and recognition vs. Ethereum’s utility and yield—yet the trend indicates a move toward diversified, dual-asset reserves. Institutions value Bitcoin as a trusted store of value, while Ether appeals for its programmable finance and income potential.
Ultimately, the decision hinges on an entity’s goals: safeguarding capital or pursuing growth. Although Bitcoin currently dominates in total treasury holdings, Ethereum is rapidly closing the gap by attracting companies and DAOs that leverage its financial utility. As digital assets continue to evolve, expect resilient portfolios that combine the best of both worlds, shaping the future of crypto treasury management.
