Old Men, New Money®: Bitcoin, Blockchain & Tokenization Bitcoin, Ethereum & Solana Treasury Companies Compared
Oct 17, 2025
Douglas Borthwick dives into the fascinating world of corporate cryptocurrency treasuries. He discusses how MicroStrategy led the charge in Bitcoin investment, while Bitmine rapidly pivoted to Ethereum, leveraging yields through staking. Sol Strategies capitalizes on Solana with impressive staking yields and unique advantages. The episode highlights the strategic differences between these companies, their risks, and the benefits of choosing corporate treasury over direct crypto investments. It's a must-listen for anyone curious about the future of corporate finance in the crypto space.
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MicroStrategy's Treasury Origin Story
- Douglas Borthwick recounts MicroStrategy's 2020 decision to convert its treasury to Bitcoin and the market reaction.
- He uses this origin story to frame how corporate crypto treasuries began and why they matter today.
Leverage Through Corporate Treasury Engineering
- Strategy (formerly MicroStrategy) raised capital through equity and debt to amass ~640,000 BTC at a $74k average cost.
- The company delivers leverage to investors: BTC price moves are amplified via securities and financial engineering.
Ethereum Treasuries Add Compounding Yield
- Bitmine pivoted from mining to accumulating Ethereum with a target of 5% of all ETH and now holds over 3 million ETH.
- Unlike Bitcoin, ETH staking provides a 2.5%–3% yield that compounds and reduces reliance on capital markets to grow holdings.