Nasdaq Miner BTC Digital Shakes Up Treasury: Dumps Bitcoin for Ethereum in Bold Pivot

Wall Street meets crypto chaos as a listed miner flips the script.

From HODL to Flippening

BTC Digital—the Nasdaq-listed mining firm that once bet big on Bitcoin—just pulled a 180. Their treasury? Now an ETH-heavy portfolio. Because when your core business is digging for digital gold, why not gamble on the second-largest crypto too?

Institutions catching DeFi fever

Another corporate balance sheet gets a crypto makeover. This time, it’s not MicroStrategy buying the dip—it’s a miner swapping one volatile asset for another. TradFi executives discovering altcoins? 2025 just got interesting.

The cynical take

Nothing boosts a stagnant stock like a shiny new ‘blockchain strategy.’ Shareholders cheer while the CFO quietly sweats over gas fees.

Ethereum’s appeal as a treasury asset

BTC Digital is positioning ETH not just as a store of value but as a yield-generating asset to enhance shareholder returns. The company believes that this model, rooted in active on-chain participation, offers a better risk-reward profile than passive Bitcoin holdings.

And it’s not just BTC Digital, over the past months, several public companies have embraced Ethereum as a treasury asset. 

According to NoOnes CEO, RAY Youssef, Ethereum’s growing presence in the real-world asset tokenization market has significantly boosted its appeal as a corporate treasury asset. 

With over $5 billion in tokenized treasuries and RWAs now managed on Ethereum, Youssef told crypto.news that the network is “becoming the de facto LAYER for compliant, on-chain finance.”

The ability to generate yield through native staking, combined with a deflationary fee structure, makes ETH a compoundable asset with dual financial utility.

Gaming company SharpLink, for example, acquired over 280,000 ETH, temporarily becoming the world’s largest corporate holder of Ethereum. Nearly all of its holdings are staked, generating steady on-chain returns.

However, just days later, BitMine Immersion Technologies acquired approximately 300,657 ETH and, in doing so, established itself as the largest corporate Ethereum holder to date, with its reserve valued at over $1 billion.

Meanwhile, GameSquare, which owns FaZe Clan and operates one of North America’s largest gaming networks, has raised over $90 million to fund Ethereum accumulation and staking.