Bitcoin leads, but Ethereum and altcoins gain ground in corporate treasuries

Bitcoin remains the dominant player in corporate treasuries, but Ethereum and other altcoins are gaining ground, diversifying corporate financial strategies and redefining cash management.

Cryptocurrencies have become a strategic component within corporate treasuries. Bitcoin, in particular, has established itself as the undisputed pioneer in this transformation, positioning itself as the primary digital asset in the reserves of numerous companies. deflationary character and resistance to traditional inflation have made many companies see it as an innovative and disruptive financial haven.

But the landscape isn't limited to Bitcoin alone. Ethereum and other altcoins are starting to play an increasingly important role, providing diversity and flexibility to corporate portfolios. These digital currencies not only offer new ways to allocate capital, but also reflect a profound shift in the way companies understand and manage their assets. 

Today, the integration of cryptocurrencies into treasuries does not appear to be a passing fad, but rather a natural evolution driven by technology and the need to adapt to a constantly changing global economy.

Bitcoin as a pillar of corporate treasury

Since 2020, Strategy has positioned itself as the pioneer in incorporating Bitcoin as a primary treasury reserve asset. 

According to data from Bitcoin Treasuries, the company maintains a leading position with approximately 601.550 bitcoins, valued at over $71.000 billion. Furthermore, the average acquisition cost per unit, according to the data reviewed, reaches around $71.268 per BTC.

Strategy's investment in Bitcoin has generated an approximate 68% return, given the cryptocurrency's current price of around $119.000. Furthermore, its shares have outperformed the cryptocurrency, rising 46% since January 2025 and growing over 3.000% since the launch of its Bitcoin strategy. Strategy's approach has served as a benchmark for other companies interested in incorporating digital assets into their balance sheets.

Companies that follow the model and diversify their crypto portfolio

Strategy's success has generated a copycat effect among corporations considering incorporating cryptocurrencies into their treasury portfolio. Metaplanet, a Japanese company, has accumulated nearly 16.000 bitcoins since April 2024, achieving a rise of more than 4.000% in the value of its shares, also driven by tax benefits from offering exposure to Bitcoin through its stock. 

These success stories from Strategy and Metaplanet have created a domino effect, with several companies seriously considering joining this trend. However, the timing of entry matters, at least for several experts who consider examples such as GameStop, which decided to enter the cryptocurrency market months later, in May of this year, following a $2.250 billion funding round earmarked for Bitcoin. Despite the strong investment, its shares have experienced considerable volatility, reflecting the challenges faced by those who enter this space later.

Generally speaking, companies that anticipated the potential of cryptocurrencies and maintained a consistent, well-defined strategy have achieved significantly better returns than those that entered later, where uncertainty and volatility still play a significant role.

The consolidation of Ethereum and other altcoins in financial management

Although Bitcoin remains the predominant cryptocurrency in crypto treasury strategies, Ethereum has consolidated a significant role among the assets chosen for corporate reserves. This is indicated by data from the Strategic ETH Reserve platform, where SharpLink Gaming (SBET), a technology company, maintains its lead with more than 280.000 ETH, valued at over $1.000 billion. 

SharpLink Gaming's shares experienced an extraordinary surge of nearly 900% after announcing its new ETH purchases. Furthermore, the company reported at the end of June that it was staking 100% of its Ethereum holdings, a strategy used to "generate long-term value for our shareholders," according to Joseph Lubin, Chairman of the Board of SharpLink, co-founder of Ethereum, and co-founder and CEO of Consensys.

On the other hand, BitMine Immersion Technologies has also decided to invest in Ethereum, reflecting this same trend of treasury diversification. The company currently holds between 40% and 50% of its treasury in Ether and has seen its shares grow more than 1.300% since unveiling this crypto investment strategy.

This diversification strategy also extends to other cryptocurrencies. Companies like SRM Entertainment invest in TRX, while others have incorporated BNB, Hyperliquid, Litecoin, and even Bittensor into their reserves, demonstrating growing confidence and experimentation with various digital alternatives.

A change in corporate cash management

The incorporation of cryptocurrencies into corporate treasuries represents a conceptual shift in how companies manage their liquid assets. Financial digitalization and the search for alternatives to traditional instruments are driving this transition. 

The implementation of these strategies opens up new opportunities for capital allocation, while allowing companies to offer their shareholders a indirect exposure to the behavior of digital assets, without the need to own them directly.

For experts, this diversification and growing adoption by the corporate world suggests that Bitcoin, while still the benchmark, is no longer the only option within the crypto universe for financial strategies. Ethereum and other altcoins are expanding the possibilities and bringing variety to digital reserve portfolios. 

The evolution of these practices will continue to mark an increasingly professionalized and systematic ground in the interaction between companies and digital assets, consolidating cryptocurrencies as a key component in modern financial management.

Ultimately, the inclusion of Ethereum and altcoins in corporate treasuries complements Bitcoin's dominance, reflecting greater sophistication and diversification in cryptocurrency adoption by major economic players. This phenomenon transforms the traditional financial landscape, driving more integrated and dynamic treasury strategies.