Digital Asset Treasuries Expand Beyond Bitcoin

Public companies are diversifying corporate crypto holdings, adding staking-based assets like Ethereum and Solana alongside Bitcoin’s store-of-value role

From Bitcoin-Only to Broader Allocations

Corporate digital asset treasuries began as a Bitcoin story. The playbook was pioneered by MicroStrategy (MSTR), which has accumulated over $70 billion worth of BTC and inspired other public companies to follow suit. For years, Bitcoin was the default—and nearly exclusive—choice for firms looking to gain exposure to digital assets.

That landscape is now shifting.

‍

‍

Diversification into Proof-of-Stake Assets

While Bitcoin still dominates corporate balance sheets, other digital assets are beginning to emerge in treasury strategies:

Ethereum ($14.8B): The leading Proof-of-Stake chain, Ethereum offers both price appreciation potential and staking rewards.
Solana ($748M): With fast settlement and an expanding ecosystem, Solana has become a treasury addition for companies seeking growth exposure.
Other Assets (Hype, Sui, Litecoin, etc.): Smaller but growing, these allocations reflect experimentation with differentiated networks and narratives.

This diversification marks an evolution: instead of holding purely speculative BTC, companies are now incorporating assets that generate bond-like yield streams through staking.

‍

The Treasury Management Equation

Adding PoS assets introduces new dimensions for treasury managers:

Liquidity: Bitcoin remains the most liquid digital asset, making it easy to scale positions in and out.
Volatility: Ethereum and Solana add diversification but also carry higher volatility than BTC.
Staking Yields: Unlike Bitcoin, PoS assets can be staked to generate recurring income, turning treasuries into more active, yield-bearing portfolios.

This creates a balancing act between price appreciation, staking rewards, and risk management.

‍

Strategic Implications

For companies, diversification into PoS assets signals a shift from treating digital assets solely as speculative hedges to viewing them as productive treasury instruments.

BTC = digital gold: A long-term store of value play.
ETH & SOL = digital bonds: Yield-generating, with potential upside from ecosystem growth.

As adoption grows, treasuries may increasingly resemble hybrid portfolios—anchored in Bitcoin but supplemented by yield-bearing PoS assets.

‍

Conclusion

The success of MicroStrategy made corporate Bitcoin treasuries mainstream. Now, the next wave is here: diversified treasuries that blend BTC’s scarcity with PoS assets’ yield.

For investors, this means watching not just how much Bitcoin corporations hold, but also how they balance exposure to yield, liquidity, and growth across the digital asset spectrum.

‍

Download Weekly Commentary

This site is for informational purposes only.
‍
This information within it is not intended as an offer to sell, or the solicitation of an offer to buy any securities. Such offerings may only be made by prospectus and offering documents. Carefully consider the risk factors, investment objectives, fees, expenses, and other information associated with before making an investment decision. All investments are speculative, may be illiquid and involve a high degree of risk, uncertainty, and there is risk of the complete loss of the investment. There is no guarantee that any specific outcome will be achieved. We do not offer tax, financial, accounting or legal advice. The summary set forth on this website does not purport to be complete, and is qualified in its entirety by reference to the definitive offering documents.

The materials on this website or any third-party websites accessed herein are not associated with and have not been reviewed or approved by: (i) Canary Capital Group LLC or the products sponsored by Canary Capital Group LLC; or (ii) the marketing agent of Canary Capital Group LLC’s products. Each of the above hereby disclaim any and all information, products, or services described on this website or any third-party website accessed herein.

‍This material is not intended to be relied upon as a forecast, research, or investment advice, and is not a recommendation, offer, or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date of positing, and are subject to change without notice. The information and opinions are derived from proprietary and non-proprietary sources deemed to be reliable, are not necessarily all-inclusive, and are not guaranteed as to accuracy. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader.

This material is published in good faith but no advice, representation or warranty, express or implied, is made by us or by any person as to its adequacy, accuracy, completeness, reasonableness or that it is fit for your particular purpose, and it should not be relied on as such. This material does not purport to be complete and is subject to change. You acknowledge that certain information contained in this website supplied by third parties may be incorrect or incomplete, and such information is provided on an "AS IS" basis. We reserve the right to change, modify, add, or delete, any content and the terms of use of this website without notice.

No information on this website constitutes business, financial, investment, trading, tax, legal, regulatory, accounting or any other advice. If you are unsure about the meaning of any information provided, please consult your financial or other professional adviser.

Investment involves risks. Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Any strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

This website has not been, and will not be submitted to become, approved/verified by, or registered with, any relevant government authorities under the local laws. This website is not intended for and should not be accessed by persons located or resident in any jurisdiction where (by reason of that person's nationality, domicile, residence or otherwise) the publication or availability of this website is prohibited or contrary to local law or regulation or would subject us to any registration or licensing requirements in such jurisdiction.