Bitcoin vs Ethereum – Why public companies are choosing both as treasury reserves

Key Takeaways

How are corporates positioning BTC vs ETH?

BTC acts as a hedge, while ETH is fueling yield-driven strategies, signaling a clear divergence in balance-sheet playbooks.

Which crypto is seeing faster corporate adoption?

BTC’s corporate accumulation is 290× slower than ETH driven by utility.

More corporates are stacking both Bitcoin [BTC] and Ethereum [ETH].

BitMine Immersion Technologies [BMNR], for instance, flexes 2.5 million ETH, making it the top institutional treasury globally. However, it blends its AUM with other assets. So, it’s ETH-heavy but not ETH-exclusive.

That makes MicroStrategy [MSTR] the largest “single-asset” corporate treasury, with 690k BTC locked in as its core stack. The real signal, however, is how quickly corporations are stacking BTC and ETH.

Source: The Block

Notably, a divergence may be fueling a new wave of balance-sheet strategies.

Since April, ETH held by public companies has surged by 8,700% to 2.64% of supply, or roughly 3.18 million ETH. On the contrary, BTC has seen a slower climb, with 802k BTC stacked – Up about 30% in the same stretch.

Simply put, Ethereum’s corporate accumulation is moving 290× faster than Bitcoin’s, highlighting a far more aggressive adoption curve. Does this mean investors are favoring ETH’s utility over BTC’s store-of-value role?

ETH/BTC playbook flips as corporates back code over gold

Bitcoin’s corporate boom kicked off post-ETF in Q1 2024. 

By year-end, public company BTC stacks were up 150%, hitting 2.64% of the total supply. So far in 2025, corporate accumulation is up another 60%, putting Bitcoin on a nearly 210% run in under 24 months.

With macro volatility picking up over the same period, these stats highlight BTC’s hedge role during choppy markets. That being said, Bitcoin’s Q2–Q3 cycle delivered just 35% in ROI, roughly matching ETH’s Q2 haul alone.

Source: TradingView (ETH/USDT)

On the contrary, since April, ETH’s ROI has rocketed by 105.25%.

That’s no coincidence. Ethereum’s corporate accumulation surged by 8,700% over the same stretch. Investors are clearly favoring code over gold, with ETH’s utility fueling staking and adoption for better yields.

Hence, in the BTC vs. ETH playbook, Ethereum’s leading the charge, pulling in more corporate treasuries. This marks a clear divergence, with corporates playing yield-driven strategies over simple macro hedges.