The Treasury model: why companies and nations hold crypto
In recent years, companies and countries have increased more and more cryptocurrencies in their cash strategies. Traditionally, business treasury bills have relied on cash, gold or governmental obligations to maintain value, ensure liquidity and ensure financial stability. Governments had gold reserves to support their currencies.
However, Cash loses purchasing power. The obligations include the rate and the risk of duration. Exchange shocks have reached balance sheets without warning. Ideally, you want a reserve that contains value, moves quickly through borders and connects to digital rails. This is why Bitcoin (BTC), Ether (ETH) and, in some cases, Stablecoins are now seated next to money, gold and T cords.
For companies, the thesis is simple: the inflation of cutlery, diversifying the exposure of currencies, keeping liquidity 24/7 and testing the digital regulations. For sovereigns, on the other hand, the thesis extends to strategic reserves, sanctions resilience and access to neutral global liquidity.
Bitcoin Treasury: the digital stallion
Since its creation, BTC has occupied a unique position as the first and most famous cryptocurrency, often called the digital equivalent of gold. This is an attractive option for treasury bills that seek to save against inflation and the risks associated with traditional currencies.
Senators Cynthia Lummis in the United States proposed a bill called Bitcoin Act. If it becomes a law, the bill would force the US Treasury to acquire 1 million BTC over five years for a federal reserve. Earlier, in March 2025, President Donald Trump announced the Bitcoin strategic reserve, a reserve asset funded by the Confiscated BTC of the US Treasury.
El Salvador drew attention in 2021 by adopting the BTC as a legal call, while countries like Bhoutan discreetly included Bitcoin in their reserves. In the business world, the strategy is known to permanently acquire BTC, which makes it the main asset in its treasure.
Bitcoin offers several advantages. It is very liquid due to the active global markets, rare due to its limited offer and widely recognized in the financial world. To make income with BTC in slow motion, you must associate it with external or derived loan strategies.
Although it has its disadvantages, such as price volatility affecting balance sheets, the positive prevail over the negatives.
Did you know? Semler Scientific emulated the strategy but on a smaller scale. The company added 210 BTC more to its assessment, acquiring additional parts from July 3 to 16 for around $ 25 million at the time, an average price of $ 118,974 each.
Treasure ether: the programmable alternative
While BTC remains the cornerstone of the cryptographic treasury bills, the ether has gained ground as an attractive alternative, in particular after its passage in 2022 to the proof of implementation (POS), known as the fusion. This change has reduced energy consumption and has introduced strhead, which generates annual yields from 3% to 5%, making ETH a productive asset unlike BTC. For treasury bills, this positions ETH as a value store and a source of income.
Ethereum’s ecosystem adds to its value. Thanks to decentralized finance (DEFI), treasury bills can access liquidity without selling their assets. The growing use of real tokenized assets, such as bonds or raw materials, strengthens the role of Ethereum as a financial platform.
The institutional adoption of the ETH increases. Companies are starting to hold ETH and asset managers have introduced funds (ETF) on Ether -based exchanges (ETF) for regulated investment.
Even decentralized autonomous organizations (DAO) use ETH as a reserve to ensure long -term stability.
However, challenges remain. The regulatory uncertainty on the main markets, the risks linked to the performance of intention and the technical complexity of Ethereum create obstacles. Despite this, in 2025, ETH stands out as a versatile cash active ingredient, combining value storage, income potential and practical utility.
Did you know? Long before the launch of the ETH ETH in 2024, the institutions were exposed to gray levels, showing early institutional faith in ether.
2025 data: comparison
As of September 10, 2025, the BTC remains the first choice, companies and institutions holding more than a million BTC. ETH, although less widely, is gaining popularity, companies, DAOS and asset managers adding more and more ETH to their reserves.
The data from Blockchain Analytics highlight different strategies: Bitcoin Treasury Holdings is generally maintained inactive for long -term storage, while a larger part of ether documents is actively marked, which earns regular yields.
Since September 10, 2025, the strategy alone controls around 638 460 BTC of an evaluation value, highlighting a long -term HODL strategy focused on maintenance rather than the generation of return.
The number of companies listed holding BTC increased from 70 in December 2024 to 134 in mid-2010, accumulating nearly 245,000 BTC.
This difference in return between bitcoin and ether is significant. The BTC serves as a stable but passive reserve, while stimulation yields from 3% to 5% Ether make it a more active active and revenue, illustrating the choice between Bitcoin reliability and Ether growth potential.
Considering ETH’s reserves, on September 10, 2025, 73 entities held 4.91 million ETH, worth $ 21.28 billion. Bitmin Immersion Tech (BMNR) was the highest Ether holder with 2.07 million ETH, worth $ 9 billion. Sharplink Gaming (SBET) arrives in second position with 837,230,000 ETH, worth $ 3.7 billion.
What are the two strategies?
As the cryptocurrency market matures, some governments and companies adopt a double cash strategy by holding both BTC and ETH. This approach combines the stability and overall recognition of Bitcoin as a reserve actor with the potential for generation of yield generation and its programmable characteristics.
Here are two examples of double cash strategies.
Federal government of the United States (Strategic Cryptography Reserve)
- BTC reserve: In March 2025, an executive decree created the American Bitcoin Strategic Reserve, which contains around 198,000 to 207,000 BTC (around $ 17 billion at $ 20 billion), on September 9, 2025, obtained by convulsions and other means.
- Assignment of ETH: Storage of American digital assets has been created for non -bitcoin assets, including ether. As of August 29, 2025, this stock contained approximately 60,000 ETH, worth around 261 million dollars, according to an analysis by Arkham Exchange of addresses belonging to the government.
Bitmin Immerson Technologies (BMNR)
- BTC Holdings: Bitmine, a company focused on the mining of cryptography and treasure management, maintains a moderate Bitcoin reserve of 192 BTC worth more than $ 21 million, on September 10, 2025.
- ETH Holdings: As mentioned earlier, Bitmin Immersion Tech (BMNR) holds 2.07 million ETH, with an estimated value at around 9 billion dollars, on September 10, 2025.
This double active approach highlights the Bitmin passage from the unique exploitation of Bitcoin to a diversified crypto reserve strategy. It is now more focused on the combination of the preservation of Bitcoin’s value with Ether’s generation of income generation.
Did you know? The institutions emit billions of dollars in government bonds tokenized directly on the Ethereum blockchain, intertwining ETH with Tradfi.
What strategy won in 2025?
Competition between the BTC and the Treasury of the ETH highlights their unique forces. In mid-2025, the trend indicates a future where treasury bills can increasingly adopt the two assets.
BTC, for example, is distinguished by its stability, its generalized confidence and its global recognition, acting as the “reserve currency” of the cryptographic world. Its digital gold role makes it the preferred choice for institutions and nations focused on preserving long -term heritage and direct liquidity.
The ether, on the other hand, has gained ground because of its ability to generate income, to offer practical utility and to support a growing ecosystem of tokenized assets. Treasury bills that hold ETH can gain annual yields from 3% to 5% through ignition, access liquidity via Defi and engage in markets for the active world tokenized, positioning ETH as an active and income -producing reserve.
The choice depends on the objectives. Bitcoin is suitable for those who favor capital security and established confidence, while Ether attracts those looking for growth and income potential. While BTC currently leads to Total Treasury Holdings, ETH catches up by drawing companies and DAOs which appreciate its programmable financial characteristics.