Ethereum vs Bitcoin treasury: Who will be the strongest reserve strategy for enterprises in 2025?

In the context of the rapid digitalization of global finance and corporate asset allocation, Bitcoin (BTC) and Ethereum (ETH) are gradually replacing some cash, gold, and treasury bonds, becoming the new favorites of national and corporate treasuries. By 2025, this battle for "digital gold" and "yield-bearing assets" in the treasury is no longer just an investment choice, but rather a core proposition of financial strategy.

Why are countries and enterprises starting to hold cryptocurrency assets?

Traditional reserve assets such as cash, gold, and government bonds can preserve value, but each has its shortcomings:

Cash: Long-term erosion of purchasing power due to inflation

Bonds: Facing Interest Rate and Duration Risk

Foreign exchange: affected by geopolitical factors and exchange rate fluctuations.

In comparison, crypto assets have:

Global liquidity (24/7 borderless transfer)

Anti-inflation properties (especially the fixed supply of BTC)

Digital settlement capability (on-chain instant settlement, programmable finance)

Bitcoin Treasury: The Stable Asset of Digital Gold

BTC, regarded as "digital gold," has been seen as a long-term reserve asset by many countries and enterprises.

United States: In March 2025, it announced the establishment of a "strategic Bitcoin reserve", currently holding approximately 198,000–207,000 BTC (valued at 17–20 billion USD).

El Salvador, Bhutan: Have incorporated BTC into national reserves.

Strategy: Hold 638,460 BTC, worth billions of dollars, adopting a pure holding strategy.

Advantages:

1. High global recognition

2. Excellent liquidity

3. Strong Scarcity (Limit of 21 Million Coins)

Disadvantages:

1. Price fluctuations have a significant impact on the balance sheet.

2. No internal revenue, need to generate income through lending or derivatives.

Ethereum Treasury: Programmable Yield Assets

After ETH transitioned to Proof of Stake (PoS) in 2022, it became an asset that can generate yield:

Staking yield: annualized 3%–5%

DeFi liquidity: access funds without selling assets

Tokenized Asset Platform: Supports bonds, commodities, and other RWAs (Real World Assets) on-chain

Institutional Use Cases:

Bitmine Immersion Tech (BMNR): Holding 2.07 million ETH (valued at approximately 9 billion USD), while also holding a small amount of BTC.

DAO Treasury: More and more DAOs are using ETH as a long-term reserve and governance asset.

Advantages:

1. Can generate stable returns.

2. Extensive ecosystem (DeFi, NFT, RWA)

3. Flexible capital utilization methods

Disadvantages:

1. Regulatory Uncertainty

2. Technical and Staking Risks

3. Price fluctuations still exist.

2025 Data Comparison: BTC vs ETH Treasury Holdings

BTC: Enterprises and institutions hold over 1 million coins, with the number of publicly listed companies holding them increasing from 70 at the end of 2024 to 134, accumulating nearly 245,000 BTC.

ETH: 73 entities hold 4.91 million ETH (worth 2.128 billion USD), with BMNR being the largest holder.

Strategy Difference:

BTC: Mostly long-term idle reserves

ETH: Most are actively staked to generate returns

Dual Strategy: Combining Stability and Profitability

Some governments and enterprises choose to hold both BTC and ETH:

United States: Strategic Bitcoin Reserve + Digital Asset Reserve (holding 60,000 ETH)

BMNR: Preserve value with BTC, generate income with ETH

This "dual asset strategy" can leverage the global trust and anti-inflation properties of BTC, while also enjoying the benefits and ecological value brought by ETH.

Who will win in 2025?

Conservative strategy: BTC remains the top choice, suitable for countries and businesses pursuing capital safety and international recognition.

Growth Strategy: ETH is more attractive and suitable for institutions seeking returns and ecological participation.

Hybrid strategy: Hold both BTC and ETH simultaneously to diversify risk while balancing stability and growth.

Conclusion

The asset allocation battle of the treasury in 2025 will see BTC and ETH each having their own strengths. BTC is "digital gold," while ETH is a "programmable yield asset." In the next decade, the real winners may not be those who solely bet on one side, but those countries and enterprises that can flexibly utilize the advantages of both to create a digital asset portfolio that combines security and yield.