Bitcoin treasuries stay king as crypto firms drift toward riskier tech bets

Bitcoin treasuries stay king as crypto firms drift toward riskier tech bets originally appeared on TheStreet.

As corporate treasuries pile into digital assets, a familiar theme is emerging: Bitcoin remains the default—everything else is an experiment.

In a recent Roundtable discussion, David Brickell of FRNT Financial, Imran Lakha from Options Unplugged and Dan Blackmore of Glassnode questioned the need for a growing roster of Ethereum and multi-asset crypto treasury firms, suggesting that many are venturing too far out on the risk curve.

“How many of these Bitcoin treasury, ETH treasury companies do we even need?” Blackmore asked. “When you’ve got the big three, big five maybe, beyond that, it’s just this long tail.”

That “long tail” is increasingly populated by companies betting not just on Bitcoin or Ethereum, but on newer protocols that haven’t stood the test of time. It’s a strategy some view as a tech punt disguised as a treasury strategy.

“I come out of every cycle thinking I should have just bought Bitcoin,” Brickell said. “We thought we were building a treasury in the next big thing. And it turns out that Bitcoin was the next big thing.”

Even Ethereum, despite offering yield through staking and DeFi integrations, doesn’t carry the same conviction for some. “ETH is productive… but the more you go out the risk curve, the more it starts to feel like a tech play,” Blackmore noted.

Still, with regulatory clarity improving and institutional rails opening, the appeal of treasury-backed crypto exposure isn’t fading. If anything, market participants are “praying for a dip” to reenter.

The divergence lies in how firms define prudence. For some, it's Bitcoin and Bitcoin only. For others, it's a diversified bet on an emerging internet stack. But as history shows, not all tokens—or treasuries—survive the next cycle.

Bitcoin treasuries stay king as crypto firms drift toward riskier tech bets first appeared on TheStreet on Jul 31, 2025

This story was originally reported by TheStreet on Jul 31, 2025, where it first appeared.

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