Why bitcoin is the new Swiss bank for corporations

In the old days, when companies were worried about inflation or currency volatility, they would quietly park some cash in Swiss francs, maybe some gold, and call it a day. Those days are over.

Today, Bitcoin is the new Swiss bank. And a growing number of companies—from Silicon Valley software firms to Tel Aviv tech startups—are putting it on their balance sheets not just as an investment, but as a treasury strategy. What started with one man’s bet has become a trend reshaping how corporate America (and increasingly, corporate Israel) thinks about money, risk, and the future of finance.

Let’s start with the “why now?” Because cash is broken. Interest rates can’t make up their mind. Central banks print like Picasso. And inflation? It’s the party guest that won’t leave. Treasury teams that once relied on T-bills and deposits are staring at devaluation and asking: “What else is there?”

Enter Bitcoin. Immutable. Scarce. Borderless. With a halving every four years and a cap at 21 million, Bitcoin doesn’t play by the same rules as fiat. And in 2024, the rules changed: the U.S. approved spot Bitcoin ETFs, Europe gave us MiCA, and Israeli regulators greenlit Bitcoin mutual funds on the TASE. Suddenly, holding BTC on a corporate balance sheet went from “crazy” to “compliant.”

But this isn’t just about Bitcoin. It’s about rethinking treasury theory altogether. Traditionally, holding foreign currencies helped companies hedge operational exposure—yen for your Tokyo office, euros for your Berlin one. Crypto, in this light, is just another kind of FX. Instead of hedging geography, it hedges fiat itself. It’s the “anti-currency currency.” A bet not on what will happen, but on what won’t—namely, that nobody can print more Bitcoin tomorrow than today.

The spark that lit this fire was Michael Saylor. The CEO of MicroStrategy famously called cash a “melting ice cube” in 2020 and moved his company’s treasury into Bitcoin—big time. Today, MicroStrategy holds more than half a million BTC, worth tens of billions. He didn’t just buy it; he evangelized it, issued Bitcoin-backed bonds, and turned his business software company into what some now call a Bitcoin ETF in disguise.

And Saylor wasn’t alone for long. Tesla dipped in. Block followed. Semler Scientific just jumped in. Even tiny OneMedNet, a healthcare data firm from the Midwest, raised $3.7 million last month—and continues its strategy of holding Bitcoin on its balance sheet. A healthtech company betting on crypto? That’s no longer news—it’s strategy.

But here’s where it gets more interesting: companies are no longer stopping at Bitcoin. Ethereum is making its debut as a treasury asset. SharpLink Gaming (SBET), led by Ethereum co-founder Joe Lubin, bought 10,000 ETH—staking it, securing the network, and signaling that for some firms, Ether is not just programmable money but programmable collateral.

Solana, too, is having a moment. Upexi (UPXI), a Florida-based firm, is quietly becoming the world’s first Solana treasury vehicle. In June 2025 alone, it bought 77,879 SOL, bringing its total holdings to over $100 million. Call it the “Solana Standard,” a wager not just on price but on the blockchain’s role in future financial infrastructure.

Prof. Ilan Alon Photo: Courtesy

So who’s really doing this? Three types of firms: 1. Crypto Natives – Miners, exchanges, and Web3 services. For them, holding crypto is just Tuesday. 2. Cash-Rich Giants – Think Apple, Google, or Amazon. They haven’t moved yet, but they’re circling. In fact, activist shareholders recently asked Amazon to allocate 5% of its treasury to Bitcoin. 3. The Desperate – Also known as zombie firms. Cash-flow negative, relevance-chasing, and often debt-fueled. For them, Bitcoin isn’t a hedge—it’s Hail Mary.

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