- Jack Mallers argues BTC suits treasuries for preserving purchasing power, while ETH depends on trends and stablecoin adoption.
- Twenty One prepares public listing with Canter Equity; claims third-largest corporate bitcoin position held in escrow pending completion.
Jack Mallers, CEO of Twenty One, draws a sharp line between bitcoin and ether for corporate treasuries. He argues that ETH depends on shifting technology trends and stablecoin usage, while BTC serves a clearer goal: preserve purchasing power. He points to scale as proof. With roughly $2.5 trillion in market value, bitcoin attracts large pools of capital and, in his view, will keep doing so.
Mallers ties the argument to his firm’s plans
Twenty One is preparing to go public with partners at Canter Equity. He says the company holds the third-largest corporate bitcoin position, now in escrow until the listing process concludes. The business is not only a balance-sheet story. It builds software and financial services that use Bitcoin’s ruleset as the base. The message is plain: a BTC treasury is not a technology bet; it is a policy for saving in hard money.
‘I would say that the inventor and the world’s largest stablecoin has market experience that others do not have, and yet he does not even consider an Ethereum-based treasury to be a good idea,’ he stressed.
He also cites treasury choices across the market. He notes that stablecoin founders back a company that accumulates BTC, and that Tether’s public reports show bitcoin holdings, not ETH. He adds a first principle: bitcoin’s supply is capped at 21 million. That cap limits dilution, unlike fiat currencies that can expand with policy.
The counterpoint is active. Joseph Chalom, co-CEO of SharpLink Gaming, supports an ETH treasury and highlights a friendlier rulebook, long operating history, and Ethereum’s role in DeFi and asset tokenization.
Analyst Tom Lee also includes ETH in treasury plans. On the other side, investor Fred Krueger warns that ETH may trade ahead of its cash-flow potential. He argues that even if stablecoins settled all Visa and Mastercard transactions on the network, fee income would remain small compared with ETH’s valuation.
In the end, treasurers face two paths. BTC fits a reserve-of-value mandate. ETH ties to network activity and its fee engine. The choice turns on horizon, liquidity needs, internal governance, and risk tolerance.
