Why XRP Lags Behind Bitcoin and Ethereum in the Corporate Treasury Trend

The corporate treasury revolution in crypto has been dominated by Bitcoin and Ethereum, with both assets securing their places as foundational components of institutional portfolios. By 2025, over 134 publicly traded companies hold Bitcoin, amassing 244,991 BTC, while Ethereum's 4.1 million ETH in corporate treasuries reflects its dual role as a utility token and speculative asset. XRP, despite its recent regulatory breakthroughs and institutional adoption, remains a distant third. This divergence stems from fundamental differences in asset value, utility, and adoption dynamics.

The Intrinsic Value of Bitcoin and Ethereum

Bitcoin's appeal as a corporate treasury asset lies in its scarcity and perceived status as “digital gold.” With a capped supply of 21 million coins, Bitcoin offers a hedge against inflation and a store of value that mirrors gold's historical role. Its adoption by companies like MicroStrategy and Tesla has normalized the idea of holding crypto as a reserve asset, with Bitcoin's price volatility seen as a feature rather than a flaw in a diversified portfolio.

Ethereum, meanwhile, has evolved beyond its role as a speculative asset. Its transition to proof-of-stake in 2022 unlocked staking yields of 3–14%, making it a cash-generating asset for corporations. Ethereum's programmable nature also positions it as a backbone for decentralized finance (DeFi), tokenized assets, and smart contracts, creating a flywheel of utility that extends beyond mere price appreciation. The launch of U.S. Ethereum ETFs in 2025 further cemented its legitimacy, with institutions allocating 6.7 million ETH to regulated vehicles.

XRP's Bridge Currency Conundrum

XRP's value proposition is fundamentally different. While Ripple's On-Demand Liquidity (ODL) service has demonstrated XRP's utility in cross-border payments—processing $2.5 billion in transactions by Q3 2024—its role as a bridge currency limits its appeal as a corporate treasury asset. Unlike Bitcoin and Ethereum, which are held for their intrinsic value or yield-generating capabilities, XRP's demand is tied to specific use cases in financial infrastructure. This creates a dependency on Ripple's ecosystem rather than a standalone asset class.

Nature's Miracle Holding Inc.'s $20 million XRP treasury program in 2025 is a notable exception, but it highlights the niche nature of XRP's adoption. The company's rationale—leveraging XRP for cross-border transactions and staking—mirrors the broader trend of corporations using XRP as a liquidity tool rather than a long-term reserve asset. This contrasts sharply with Bitcoin and Ethereum, which are increasingly viewed as strategic holdings to hedge against macroeconomic uncertainty.

Adoption Dynamics and Institutional Sentiment

The adoption of Bitcoin and Ethereum has been driven by their alignment with broader financial trends. Bitcoin's integration into spot ETFs in 2024 and Ethereum's ETFs in 2025 created a regulatory framework that institutional investors could trust. These products democratized access to crypto treasuries, with BlackRock and Goldman Sachs leading the charge. In contrast, XRP's ETF approvals remain pending, with a 95% probability of approval by October 2025 but no guaranteed timeline. This uncertainty dampens its appeal for risk-averse investors.

Moreover, Bitcoin and Ethereum benefit from network effects. Over 300 institutions use Ethereum for DeFi and tokenized assets, while Bitcoin's total market cap of $2.3 trillion dwards XRP's $25 billion. These networks create a self-reinforcing cycle of adoption, where increased usage drives further institutional interest. XRP, despite its 14% SWIFT liquidity capture target, lacks this critical mass.

Why Investors Should Prioritize Crypto Treasury Leaders

For investors seeking exposure to the crypto treasury trend, Bitcoin and Ethereum remain the clear choices. Their scarcity, utility, and regulatory tailwinds position them as long-term store-of-value assets, while their integration into ETFs and tokenized infrastructure ensures liquidity and accessibility. XRP, while promising in cross-border finance, is constrained by its role as a bridge currency and its reliance on Ripple's ecosystem.

Conclusion

The corporate treasury trend in crypto is a testament to the maturation of digital assets as legitimate financial instruments. Bitcoin and Ethereum's intrinsic value, utility, and adoption dynamics have made them the gold standard for institutional holdings. XRP, despite its regulatory breakthroughs and real-world use cases, remains a specialized tool rather than a core reserve asset. For investors, prioritizing exposure to Bitcoin and Ethereum aligns with the broader trajectory of crypto's integration into global finance. XRP, while a compelling niche play, cannot yet match the scale and versatility of the market leaders.