Institutional Investors Shift Treasuries to Ethereum and Solana in Q3 2025

• Ethereum and Solana attract corporate treasuries with staking yields and institutional adoption.
• Bitcoin faces reduced appeal due to mNAV discounts and slowed acquisition.

On September 17, 2025, K33 Research highlighted a notable decline in Bitcoin's attractiveness as a corporate treasury asset. U.S. corporations collectively increased their Bitcoin reserves to 1.5 million BTC, valued at approximately $175 billion. However, a quarter of publicly traded companies holding Bitcoin are now trading at a discount to their net asset value (mNAV), creating a challenging scenario where new share issuance risks dilution. As a result, corporate Bitcoin accumulation has decelerated under these unfavorable conditions.

Even Strategy, the largest corporate investor in Bitcoin, has not been immune to this pressure. The company’s reserves now stand at 638,985 BTC, worth over $73 billion. Despite this, its mNAV premium has dropped, reflected in a multiple of just 1.29x as of mid-September 2025. Other firms, such as Semler Scientific, DDC Enterprise, and Sequans, are grappling with even greater mNAV discounts on their Bitcoin holdings. This trend underscores the diminishing premium linked to Bitcoin treasuries.

In contrast, Ethereum-based treasuries are exhibiting stronger resilience. A September 16, 2025, report by Standard Chartered highlights that Ethereum’s annual staking yields of 3-5% offer a competitive edge over Bitcoin, which lacks a native yield-generation mechanism. The report also underscores Ethereum’s regulatory clarity and its expanding ecosystem, both of which bolster its appeal as a corporate treasury asset. These characteristics position Ethereum as a more viable option for companies adapting to current market dynamics.

At the same time, Solana has emerged as a substantial beneficiary this quarter, driven by robust institutional interest and attractive staking yields, according to Cointribune on September 17, 2025. Corporate treasuries now collectively hold over 17 million SOL, valued at more than $4 billion. Solana’s high throughput, low transaction fees, and staking yields of 7-8% have made it a compelling choice for institutional investors pursuing diversification strategies for their treasury assets.

One notable participant in this shift is Forward Industries, which has secured 6.8 million SOL for its treasury. On September 17, 2025, the company announced a $4 billion at-the-market equity offering to increase its Solana holdings, backed by firms like Galaxy Digital, Jump Crypto, and Multicoin Capital. Additionally, Helius Medical Technologies revealed a $500 million private investment initiative to adopt a Solana-centered treasury strategy. These moves demonstrate growing confidence in Solana’s blockchain infrastructure and its potential to play a significant role in the evolving financial landscape.

As of September 17, 2025, at 15:09 UTC, Bitcoin (BTC) is trading at $115,657.812, marking a 0.486% increase in 24-hour trading volume. Ethereum (ETH) is priced at $4,491.728, up 1.227% in 24-hour trading volume, while Solana (SOL) is trading at $234.625, showing a 0.422% increase in 24-hour trading volume, according to CoinMarketCap’s latest data.