Why Would a Company Invest Part of Its Treasury in Cryptocurrencies Today (3) ?

Cryptocurrencies, Gold, and Bonds : A Strategic Comparison for Corporate Treasury Management

In a constantly evolving economic environment, companies are seeking to diversify their investments to optimize their treasury.Cryptocurrencies, gold, and bonds represent distinct options — each with its own advantages and risks.

Returns and Risks Compared

Asset Class	Average Return (2025)	Risk	Liquidity	Taxation
French Government Bonds	3.17%	Low to medium	Moderate	Corporate Income Tax (IS)
Gold	Estimated 5–6%	Medium	Low	Capital gains tax
Regulated Stablecoins (MiCA)	5%	High	High	Specific
Diversified Cryptocurrencies	Highly variable	High	High	Specific

Bonds provide appreciated stability, although their returns remain modest.Gold is seen as a safe haven, but its liquidity is limited. Regulated stablecoins under MiCA offer competitive returns with high liquidity, though they come with regulatory and tax-related risks. Diversified cryptocurrencies offer high return potential, along with heightened volatility and operational risk.

Taxation of Crypto-assets

The taxation of crypto-assets depends on their usage:

• Recurring activity: Taxed as industrial and commercial profits (BIC).

• Occasional investments: May qualify for tax neutrality until realization.

• Staking or airdrop income: Taxed as financial income.

The European DAC8 regulation, set to take effect in 2026, will increase oversight and transparency of crypto transactions. It’s wise to start preparing for compliance now.

Adoption of Cryptocurrencies by Businesses

According to the ADAN 2025 study, 10% of French citizens already own crypto-assets, and 33% plan to acquire some.This trend highlights growing interest in integrating cryptocurrencies into corporate financial strategy.

Diversifying corporate treasury with cryptocurrencies can be beneficial — if the associated risks are well managed and regulations strictly followed.In-depth analysis and professional support are key to making the most of this strategic opportunity.

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