Financial Model: Why companies and countries hold crypto
In recent years, businesses and countries have increasingly included cryptocurrencies in their financial strategies. Traditionally, corporate finances have relied on cash, gold, or government bonds to maintain value, ensure liquidity and provide financial stability. The government had gold reserves to support the currency.
However, cash loses purchasing power. Bonds have rate and duration risk. The Forex shock hits the balance sheet without warning. Ideally, you’ll want a reserve that retains value, travels quickly across boundaries and connects to digital rails. That’s why Bitcoin (BTC), Ether (ETH), and in some cases, Stubcoin sits by cash, gold, and T-bill.
For businesses, briefings are easy. We maintain hedge inflation, diversification into currency, 24/7 liquidity and test digital payments. Meanwhile, for sovereigns, this overview extends to strategic preparation, resilience of sanctions and access to neutral and global liquidity.
Bitcoin’s Ministry of Finance: Digital Gold Standard
Since its founding, BTC has held a unique position as the first best known cryptocurrency, often referred to as the digital equivalent of gold. This is an attractive option for the Treasury, which is trying to protect against the inflation and risks associated with traditional currencies.
US Senator Cynthia Ramis proposed a bill called the Bitcoin Act. If that becomes law, the bill asks the US Treasury to acquire 1 million btc in five years for the Federal Reserve. Previously, in March 2025, President Donald Trump announced the Strategic Bitcoin Reserve, a reserve asset funded by the US Treasury Department’s forfeiture BTC.
El Salvador attracted attention by adopting BTC as its fiat currency in 2021, but countries such as Bhutan quietly include Bitcoin in their reserves. In the corporate world, the strategy is known for its continuous acquisition of BTC, making it a major asset in the Ministry of Finance.
Bitcoin has several advantages. It is very liquid due to its active global market, limited supply and rare because it is widely recognized throughout the financial world. For BTC to be idle and earn profits, it must be paired with an external lending or derivative strategy.
Its drawbacks include price volatility that affects the balance sheet, but the positive outweighs the negative.
Did you know? Semler Scientific Emulated Strategy, however, is small. The company added 210 BTC to its balance sheet, and acquired additional coins between July 3rd and July 16th, with an average price of around $25 million at the time, or $118,974 each.
Ether Ministry: Programmable Alternative
BTC continues to be the cornerstone of Crypto Creasuries, but ether has been attracting attention as an attractive alternative, especially after the 2022 transition to Shoop-of-Stake (POS), known as Merge. This change reduced energy consumption, introduced staking, generating 3%-5% annual revenue, making ETH a productive asset unlike BTC. For the Treasury, this positions ETH as both a valuable storage and a source of income.
The Ethereum ecosystem increases its value. Through Decentralized Finance (DEFI), the Ministry of Finance has access to liquidity without selling its holdings. The increased use of tokenized real-world assets such as bonds and commodities strengthens Ethereum’s role as a financial platform.
Institutional adoption of ETH is on the rise. Companies are beginning to own ETH, and asset managers are introducing ether-based exchange trade funds (ETFs) for regulated investments.
Even distributed autonomous organizations (DAOs) use ETH as a spare to ensure long-term stability.
However, there are still challenges. Regulatory uncertainty in key markets, risks associated with staking performance and Ethereum technical complexity creates hurdles. Despite these, in 2025, ETH stands out as a versatile financial asset, combining value storage, revenue potential and practical utilities.
Did you know? Long before the ETH ETF was launched in 2024, the institution had gained exposure through grayscale, indicating an early institutional belief in ether.
2025 Data: Comparison of Bitcoin and Etheric Ministry of Finance’s holdings
As of September 10, 2025, BTC remains a major option, with businesses and institutions holding over 1 million BTC. Although ETH is not held very widely, it has become popular as companies, DAOs and asset managers increasingly add ETH to their reserves.
Data from blockchain analysis highlights a variety of strategies. Bitcoin Treasury holdings are usually kept idle for long-term storage, but the majority of ether holdings are actively staked and stable returns are obtained.
As of September 10, 2025, the strategy alone controls valuations worth billions worth around 638,460 BTC, highlighting a long-term HODL strategy focusing on retention rather than generating yields.
The number of listed companies holding BTCs increased from 70 in December 2024 to 134 by mid-2025, accumulating nearly 245,000 BTC.
This difference between Bitcoin and Ether returns is important. While BTC acts as a stable but passive reserve, staking yields of 3%-5% on ether are more aggressive and revenue-generating assets, indicating the choice of Bitcoin’s reliability and ether growth potential.
As of September 10, 2025, 73 entities have 4.91 million ETH, worth $21.28 billion, taking into account ETH reservations. The Bitmine Immersion Tech (BMNR) was a top holder of ETH 2.07 million ether, worth $9 billion. Sharplink Gaming (SBET) ranks second at 837,230,000 ETH, worth $3.7 billion.
What is a dual strategy?
As the cryptocurrency market matures, some governments and businesses are adopting dual financial strategies by retaining both BTC and ETH. This approach combines the stability of Bitcoin with global recognition as a reserve asset with the potential to generate ether yields and its programmable features.
Below are two examples of dual financial strategies:
US Federal Government (Strategic Cryptocurrency Reserve)
- BTC Reserve: In March 2025, an executive order established the US strategic Bitcoin Reserve. This holds 198,000-207,000 BTC (approximately $17 billion to $2 billion) obtained through seizures and other means as of September 9, 2025.
- ETH assignment: The US digital asset stockpile is created for non-Bitcoin assets, including ether. As of August 29, 2025, the reserve contained approximately 60,000 ETH, worth around $261 million, according to an Arkham Exchange analysis of a government-owned address.
Bitmine Immersion Technologies (BMNR)
- BTC Holdings: Bitmine, a company focused on crypto mining and financial management, maintains a medium Bitcoin reserve of over $21 million as of September 10, 2025.
- ETH Holdings: As mentioned above, Bitmine Immersion Tech (BMNR) owns ETH 2.07 million, approximately $9 billion as of September 10, 2025.
This dual asset approach highlights the shift from Bitmine’s Bitcoin mining alone to a diverse crypto reserve strategy. It is currently focused on combining Bitcoin’s value preservation with the potential to generate etheric income.
Did you know? The agency is directly issuing billions of dollars of tokenized government bonds on the Ethereum blockchain, with ETH intertwined with Tradfi.
Which strategy is winning in 2025?
The competition between BTC and ETH TREASURIES shows its unique strengths. As of mid-2025, this trend shows a future where the Treasury could increasingly adopt both assets.
For example, BTC stands out for its stability, broad trust and global awareness, and serves as the “reserve currency” in the crypto world. Its role as digital gold has become a favorable choice for institutions and nations that focus on long-term wealth conservation and simple liquidity.
Ether, on the other hand, has gained traction due to its ability to generate revenue, provide practical utility, and support the growth of the ecosystem of tokenized assets. The Treasury, which holds ETH, can gain 3%-5% returns by accessing liquidity through staking, debt, participating in the market of tokenized real-world assets, and positioning ETH as an active revenue production reserve.
Your choice depends on your goal. Bitcoin is suitable for those who prioritize capital security and established trust, but ether attracts those seeking growth and income potential. BTC is currently leading the Treasury gross holdings, while ETH is keeping up with drawing companies and DAOs that value programmable financial functions.