Over 250 companies have added Bitcoin to their treasuries, copying the Michael Saylor’s playbook.
However, that strategy has now moved beyond Bitcoin. Companies are now also increasingly topping up their treasuries with altcoins.
A slew of ventures have also added digital assets like XRP, Solana, and Binance’s $BNB token to their treasuries.
Just last week, Wall Street strategist — and longtime Bitcoin bull — Tom Lee made waves by landing a role atop a little-known Bitcoin miner turned Ethereum treasury company.
For Jeff Park, head of Alpha Strategies at Bitwise, the move signalled something different: Ethereum may be carving out a separate, fundamentally different investment thesis from Bitcoin in the public equity markets.
That difference, according to Park, starts with utility.
“Ethereum is a useful asset,” Park said in a July 8 interview on the Wolf of All Streets podcast.
“Bitcoin stores value. But Ethereum is productive — it earns yield.”
Companies like Strategy have surged in popularity by raising money through convertible debt to buy and hold Bitcoin — all to watch their stock prices soar. Their appeal lies in leverage, Bitcoin’s scarcity, and a bet on Bitcoin’s adoption in the wider economy.
Ethereum is different, said Park.
While Strategy-style, Bitcoin-buying firms talk about yield thanks to some clever financial engineering, Ethereum-focused firms can generate yield organically, via protocol-level participation.