BioNexus Gene Lab Corp, a Wyoming-based healthcare technology company, has become the first Nasdaq-listed company to adopt Ethereum (ETH) as its primary treasury asset.
The announcement was made on March 5. It was accompanied by the release of a strategic whitepaper detailing the company’s rationale for prioritizing Ethereum over Bitcoin (BTC).
BioNexus Chooses Ethereum Over Bitcoin
The board-approved Ethereum treasury strategy positions BioNexus at the forefront of a growing trend of corporations integrating digital assets into their financial frameworks. Unlike Bitcoin, often hailed as a digital “store of value,” BioNexus is betting on Ethereum’s versatility as a programmable blockchain platform.
“Ethereum offers high liquidity, utility, and stability compared to other digital assets, positioning BGLC as a leader in blockchain-integrated corporate finance,” CEO Sam Tan said.
The company’s whitepaper emphasizes the preference for Ethereum due to its broader utility, significant institutional adoption, and key features that make it ideal for corporate treasury management.
Ethereum is widely used in decentralized finance (DeFi) and stablecoin transactions. This enables cost-effective cross-border payments. Its Proof-of-Stake (PoS) mechanism also offers staking rewards of 3-5% annually, turning ETH into an income-generating asset.
BioNexus also pointed to Ethereum’s institutional credibility. Major financial players like BlackRock, Grayscale, and Fidelity have embraced Ethereum. This lends it legitimacy, which the company believes will ensure its long-term viability.
The whitepaper also touts Ethereum’s scalability. Upcoming upgrades like Pectra further bolster this. Additionally, Ethereum’s Layer-2 solutions further enhance its appeal for enterprise use by reducing costs.
With growing institutional adoption and real-world applications like tokenized assets and decentralized payments, the company believes Ethereum is set to lead the future of corporate finance.
“We believe Ethereum is more than a digital asset—it is a new financial paradigm. BGLC’s commitment to an Ethereum-first treasury strategy underscores our confidence in its stability, institutional growth, and transformative potential,” the whitepaper read.
Nonetheless, the move comes at a tumultuous time for Ethereum. ETH’s market performance has been shaky, with its value continuously declining since early December.
Over the past month alone, ETH has shed 15.8% of its gains. At press time, it traded at $2,293. As per BeInCrypto data, this represented a slight appreciation of 3.3% over the past day.
Meanwhile, Ethereum ETFs have also majorly recorded outflows since February 20, with the exception of March 4. According to data from SoSo Value, on March 5, the total outflows were recorded at $63.3 million. The outflow was from Grayscale Ethereum Trust (ETHE). Furthermore, other ETFs saw no flows at all.
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