Many companies copy Michael Saylor’s strategy, but with cryptocurrencies instead of Bitcoin.
Probably, some of these experiments end in failure.
Since last year, and with greater accentuation this 2025, companies that are quoted in the stock market, as well as private entities, are incorporating cryptocurrencies, beyond Bitcoin (BTC), in their balance sheets. We talked about Ether (eth), XRP, BNB and other digital assets, which have already been seen in corporate treasures.
The phenomenon raises doubts about which assets really meet the institutional requirements. For financial analyst Prathik Desai, the rise of cryptocurrency treasures is entering a natural selection phase. One where only assets capable of offering both real value, as verifiable economic utility will survive.
Since Microstrategy – now Strategy – opened the way with Bitcoin five years ago, 160 companies that are quoted in the stock market have followed their example. Together, these companies have 950,952 BTC valued at more than $ 112,000 million, representing 4.52% of the total asset supply, according to the data of bitcintreasuries.
However, both ETH and Solana (Sol) have also managed to earn a place in corporate treasury, in part, for their ability to generate performance through staking.
Sharplink and Bitmine companies, for example, accumulate more than 1 million eth, for a value that exceeds 4,000 million dollars, according to the data of the Strategic Eth Reserve portal, monitoring site that establishes in 2.5 million the holdings of this cryptocurrency in corporate hands.
In the case of Sol, companies such as Sol Strategies, Defi Development Corp and Upexi control around 3.3 million sun, which represents about 600 million dollars.
In general, institutional logic behind these decisions to treasure cryptocurrencies, revolves around constant performance, solid infrastructure and economic support of these digital assets.
Now, the analyst Desai holds That corporate treasurers seek cryptocurrencies that not only increase price, but allow to generate sustainable income. To do this, they must meet three criteria: Possibility of performance, tangible economic utility and operational depth that facilitates its large -scale adoption.
Do they deserve to be in corporate treasury?
The previous analysis raises a key question: do other cryptocurrencies deserve such as BNB, SUI or XRP be in corporate treasury? The quick answer would be: it depends on what they offer to companies.
In the case of BNB, the Binance cryptocurrency, its use metrics are notable. It has 2.5 million active addresses per day and generates more than 7.5 billion dollars in daily volume in Decentralized Exchanges (DEX), as reported by cryptootics. In addition, it supports a market capitalization of 111,000 million dollars, which usually encourages institutional investors.
Sui, on the other hand, is a more recent network focused on the development of tools for games and programming. Despite its youth, its evolution in metrics as a total locked value (TVL) and DEX volume has been remarkable. Its capitalization/TVL ratio is 6.21, lower than that of Solana and close to that of Ethereum, indicating greater proportionality between market value and defi use. This has caught the attention of institutional investors that evaluate their long -term potential.
XRP raises another type of case. Unlike BNB and SUI, it is not oriented to the staking or the defi ecosystem, but to the processing of payments. Its proposal is based on regulatory clarity and its use in international transfers. Remember that Ripple Labs, the company issuing that cryptocurrency, has obtained legal victories that open the possibility that ETFs are issued based on XRP, calling attention to the institutional fauna of the market.
Even so, the asset has limitations. Daily transactions exceed one million, but the network charges insignificant rates (0.00001 XRP per transaction) and does not allow staking. Its capitalization exceeds 185,000 million dollars, But this figure contrasts with low real economic activityHighlights the analyst Desai.
The specialist warns that these imbalances could deter the most conservative treasures. In the case of XRP, the price increase of 40% monthly experienced, occurred without proportional growth of active users or tariff income. For Desai, This generates uncertainty about its concrete usefulness for corporate finances.
However, from the institutional perspective, the adoption of cryptoactive does not respond only to the technological narrative, but to the search for risk -adjusted yields. Ethereum offers staking yields around 4%, and Solana between 6%and 7%.
Even companies such as UPEXI already obtain millions annually by placing their sun holdings in Staking, considers Desai, who states that BNB and SUI are trying to replicate this model. However, the analyst warns, These assets still lack the necessary auxiliary infrastructureas staking suppliers and liquid staking platforms, which allow fluid integration for corporations.
To this is added regulatory development. The cryptocurrency ETF such as BNB, XRP and Sui are currently review in the United States. The antecedent of the ETF of Ethereum, who had a warm initial reception, raises doubts about the real demand. However, if they manage to include staking rewards, the appeal could increase considerably for retail investors and institutional managers, says Desai.
This coincides with what Eric Jackson, EMJ Capital, who thinks that, the Stking for ETH ETFs of ETH, the cryptocurrency of the Ethereum network will rise to the USD 10,000 in the short term is enabled.
Trial and error
In current circumstances, the market seems to be in a test and error phase. Cryptocurrencies with solid foundations and tangible activity could be consolidated in corporate balances. While others could disappear with the next correction cycle. It is important to note that historically most Altcoins have depreciated in front of Bitcoin over time. That also leads to ask if it is really worth betting on alternatives to what the market is already considering “digital gold.”
As Desai points out: “The key conclusion is reading what institutional interest really means. It is not always a support for quality. Sometimes, it is just an experiment with liquidity.”
Time and financial results will determine whether the diversification of treasury beyond BTC and ETH was a successful strategic decision or an ephemeral fashion.
What is safe, concludes Desai, is that the scenario of corporate finances has already changed, and there are cryptocurrencies in it. “The next cohort is already here and busy betting, climbing and competing for a seat at the institutional table,” he said.
