BioNexus Gene Lab Corporation has made history as the first Nasdaq-listed company to prioritize Ethereum (ETH) over Bitcoin (BTC) for its corporate treasury. The Malaysia-based tech firm, which operates in genomic diagnostics and industrial chemical distribution, formalized its Ethereum Strategy Whitepaper on March 6, outlining its decision to embrace ETH as its primary treasury asset.
JUST IN 🔥BIONEXUS, A COMPANY LISTED ON THE NASDAQ HAS JUST APPROVED ETHEREUM AS ITS PRIMARY TREASURY ASSET 🚀 pic.twitter.com/3CCBfMVnIQ
— CryptoSavingExpert ® (@CryptoSavingExp) March 5, 2025
Why Ethereum Over Bitcoin?
While Bitcoin has long been the dominant choice for corporate treasuries, BioNexus argues that Ethereum’s programmability and yield-generation potential through staking provide an additional financial advantage. The firm emphasized that Ethereum’s Proof-of-Stake (PoS) model allows companies to earn a 3-5% annual yield, turning ETH from a passive reserve asset into an income-generating instrument.
The company noted in its whitepaper
Unlike Bitcoin, Ethereum provides an additional revenue stream through staking.
Additionally, BioNexus sees Ethereum’s deep integration in the global financial ecosystem as a key factor. The Ethereum network facilitates trillions of dollars in stablecoin transactions annually, acting as the settlement layer for USDT, USDC, and other leading digital assets.
Institutional Adoption Validates Ethereum’s Role
The firm highlighted Ethereum’s growing institutional acceptance, referencing financial giants like BlackRock and Fidelity, which have integrated Ethereum into their investment offerings.
"Our goal is to strategically position Ethereum as a core component of our treasury over time," said BioNexus CEO Sam Tan. While Tan declined to specify the percentage of reserves allocated to ETH, he confirmed that the company has been preparing for the transition for months.
BioNexus is currently evaluating whether to operate its own validator nodes or partner with staking providers, with security and compliance being primary concerns.
BioNexus also pointed to Wyoming’s blockchain-friendly regulations as an encouraging factor, specifically the Wyoming Stable Token Act, which fosters an environment for digital asset businesses.
The company is optimistic about Ethereum’s upcoming Pectra upgrade, scheduled for April 2025, which is expected to enhance wallet functionality, validator efficiency, and network performance.
Despite its crypto ambitions, BioNexus is facing financial headwinds. The company recently received a Nasdaq notice for non-compliance with the $1 minimum bid price rule, putting it at risk of delisting. BioNexus plans a reverse stock split by April 7, 2025, to regain compliance before its May 1 deadline.
Currently, the company reports $9.26 million in revenue, a $5.88 million market cap, and a stock price of $0.32, marking a 61% decline over the past year.
BioNexus' move signals a potential corporate shift toward Ethereum as a viable treasury asset. With staking rewards, institutional backing, and an evolving regulatory framework, Ethereum’s role in corporate finance may continue to expand—challenging Bitcoin’s dominance in the treasury space.
HODL Team
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