Digital asset treasury companies have driven much of the hype and excitement in the crypto space in 2025. Led by Michael Saylor's Strategy and their aggressive accumulation of Bitcoin, dozens of companies have followed suit.
Shockingly, even Dogecoin has its own treasury company alongside Ethereum, Solana, and of course, Bitcoin.
In a recent discussion on TheStreet Roundtable between Scott Melker and Bitdeer's head of capital markets, Jeff LaBerge, LaBerge argued that Bitcoin miners such as Bitdeer make the most sense for a treasury company.
Miners are Bitcoin generating businesses
Miner's business model is based on solving blocks, or verifying transactions, to earn rewards via Bitcoin. The current reward for solving a block is 3.25 Bitcoin.
"We are effectively Bitcoin generating companies," LeBerge said. "Accumulating treasury makes sense there."
And indeed, several Bitcoin miners are among the top corporate holders of Bitcoin. Bitdeer, MARA, Hut 8, Riot Platforms, are all in the top 50. Miners can accumulate Bitcoin through cost effective means as well. While companies like Strategy or Metaplanet must buy on the open market, miners can produce Bitcoin for a fraction of the cost it is actually worth.
Join the conversation with Scott Melker on Roundtable
This dynamic allows them to hold reserves during strong markets and strategically deploy capital during downturns, a level of flexibility few traditional firms can match.
LaBerge added that as derivatives markets mature, miners must balance financial engineering with risk awareness. Over-leveraging treasury assets, he warned, could expose firms to the same pitfalls that have plagued speculative players in past cycles.
With operational alignment, direct asset generation, and built-in exposure to Bitcoin's performance, miners may represent the most sustainable model for digital treasuries. As the market steadies, their approach offers a blueprint for how crypto balance sheets can evolve beyond hype into enduring corporate strategy.