Bitcoin's $400 Trillion Opportunity vs. ETH Treasury Hype

Jack Mallers, CEO of Twenty One Capital, questions the hype around Ethereum's treasury, citing Bitcoin's $400 trillion market opportunity as the only true treasury asset for the future. He argues that traditional metrics like EPS are outdated in an era of currency debasement and introduces a new metric, "bitcoin per share." Mallers believes the 60/40 portfolio is dead and that Bitcoin is the best treasury asset due to its vast market potential.

In a recent interview, Jack Mallers, CEO of Twenty One Capital, questioned the hype surrounding Ethereum's treasury, highlighting Bitcoin's $400 trillion market opportunity as the only true treasury asset for the future. Mallers argued that traditional metrics like earnings per share (EPS) are outdated in an era of currency debasement and introduced a new metric, "bitcoin per share," to measure corporate performance [1].

Mallers believes that the 60/40 portfolio, a traditional investment strategy, is dead and that Bitcoin is the best treasury asset due to its vast market potential. He stated, "Bitcoin is the only true treasury asset for the future, fundamentally distinguishing it from ETH or other digital asset treasuries" [1].

According to a report from USA News Group, Bitcoin hit new all-time highs above $124,000 in August 2025, with institutional demand reaching unprecedented levels. Digital asset treasuries raised $15 billion in 2025 alone, eclipsing traditional venture funding for the first time in crypto history [2].

CEA Industries, Inc. (NASDAQ: BNC) is one company leading this corporate revolution. In August 2025, the company completed a $500 million private placement to build the world's largest corporate treasury of BNB tokens. The company's strategic focus on BNB Chain's ecosystem growth has positioned it to capture maximum value as institutional adoption accelerates [2].

The regulatory landscape has also shifted under the Trump administration, with Treasury Secretary Bessent declaring America's digital asset frontier "open again." This has encouraged more companies to adopt digital assets as part of their treasury strategies [2].

In conclusion, Jack Mallers' perspective on the future of corporate treasuries is gaining traction as more companies recognize the potential of Bitcoin and other digital assets. As traditional metrics become less relevant, new ways of measuring corporate performance, such as "bitcoin per share," are emerging. The shift towards digital asset treasuries is expected to continue, with Bitcoin at the forefront.

References:
[1] https://finance.yahoo.com/video/jack-mallers-questions-eth-treasury-172451414.html
[2] https://www.morningstar.com/news/pr-newswire/20250826ln59486/bitcoin-shatters-124000-record-as-15-billion-digital-treasury-wave-transforms-corporate-america