BITMINE’S ETHEREUM STRATEGY AND MICROSTRATEGY’S BITCOIN APPROACH: A COMPARATIVE ANALYSIS
BITMINE’S ETHEREUM STRATEGY AND MICROSTRATEGY’S BITCOIN APPROACH: A COMPARATIVE ANALYSIS
Ibrahim M.I. KHARIS, Adrian NEGREA, Adriana GIURGIU
1 The Bucharest University of Economic Studies (ASE Bucharest), Doctoral School of Economics and International Business, Bucharest, Romania
2 University of Oradea, Faculty of Economic Sciences, Department of International Business, Oradea, Romania (ORCID ID: 0000-0001-9300-3099) (corresponding author)
3 The Bucharest University of Economic Studies (ASE Bucharest), Doctoral School of Economics and International Business, Bucharest, Romania; University of Oradea, Faculty of Economic Sciences, Department of International Business, Oradea, Romania (ORCID ID: 0000-0001-5364-5767)
ibrahimkhrais1@gmail.com
ngr_adrian@yahoo.com
adrianagiurgiu@gmail.com
Abstract: The integration of digital assets into corporate treasury strategies has accelerated in 2025, driven by heightened macroeconomic uncertainty and growing institutional acceptance of blockchain-based financial instruments. This study provides a comparative assessment of BitMine Immersion Technologies Inc. (BMNR) and MicroStrategy Incorporated (MSTR), two firms that have adopted markedly different approaches to cryptocurrency-based treasury management. Using daily data from July 21 to October 31, 2025 – covering 74 trading observations – we examine the extent to which BMNR’s shift from mining operations toward largescale Ethereum (ETH) accumulation has influenced its stock performance. An ordinary least squares (OLS) model is estimated with BMNR’s daily stock price as the dependent variable and the USD value of ETH holdings, along with 30-day ETH price volatility, as predictors. Results indicate that ETH holdings significantly explain movements in BMNR’s stock price (β = 0.0267, p < 0.001), accounting for 71% of its variance (R² = 0.710), while volatility exerts no statistically meaningful effect (p = 0.270). A Pearson correlation of 0.84 between ETH holdings and stock prices further confirms this strong association. Comparative risk-adjusted performance metrics highlight notable divergences between the two firms. BMNR achieved a 566.43% year-to-date return as of October 31, 2025 – partly attributable to appreciation in ETH holdings and the income generated through Ethereum’s proof-of-stake mechanism (Galaxy.com, 2025; Investing.com, 2025). Conversely, MSTR recorded a −10.17% YTD return despite substantial BTC holdings, reflecting Bitcoin’s lack of yield generation and heightened exposure to leverage-related risks (SEC, 2025; Saylor, 2025). Annualized volatility reached 109.61% for BMNR versus 76.40% for MSTR, yet BMNR’s superior Sharpe (5.13) and Sortino (10.37) ratios underscore more efficient risk-adjusted performance. By contrasting a yield-generating ETH strategy with a Bitcoin-based inflation-hedging approach, this research contributes to the growing literature on corporate digital asset management. The findings suggest that yield-oriented structures can strengthen treasury resilience, provided firms balance digital asset exposure with prudent risk controls. Limitations include the relatively short observational window and potential autocorrelation in the regression model. Future research could extend this analysis to multi-asset treasury portfolios or explore governance implications for corporations holding significant proportions of decentralized digital assets.
Keywords: Ethereum; corporate treasury; digital assets; institutional adoption; MicroStrategy; Bitcoin.
JEL Classification: G32; G38; O33; G11.
