Bitcoin critics are raising questions about the growing trend of crypto treasury strategies involving assets like XRP and Ethereum, in addition to BTC.
The debate gained momentum after SharpLink Gaming, one of the first companies to adopt an Ethereum-based corporate reserve model, suffered a shocking 73% drop in after-hours trading. The collapse has reignited discussions about which digital assets are truly suitable for institutional treasuries.
In a tweet, Bitcoin proponent Steven Lubka pointed to SharpLink’s plunge as evidence that BTC remains the only reliable reserve asset. His statement suggests that altcoins like Ethereum are unsuitable for long-term corporate balance sheets, and financial expert Gary Cardone agrees with this opinion.
Cardone weighed in on the conversation by turning the spotlight on Ripple. He questioned why Ripple has not transitioned into a company with an XRP reserve strategy, especially if the token is expected to appreciate dramatically and replace SWIFT as the global payments backbone.
Specifically, Cardone argues that if XRP truly has the potential to reach heights like $8,000, as suggested by some, then Ripple should already be leveraging the token as its core reserve asset.
For him, the fact that Ripple has not done so raises doubts about how much confidence the company itself places in XRP’s long-term value.
XRP Army Reacts
Unsurprisingly, Cardone’s comments did not go unanswered by XRP enthusiasts. Jason Jude called the criticism both contradictory and uninformed. He pointed out the irony of demanding that Ripple move to an XRP reserve model while critics often complain that Ripple already owns too much XRP.
This commentary highlighted the inconsistency among critics who question Ripple’s 40% XRP holdings yet expect the company to rely even more heavily on it as a reserve strategy.
Others accused Cardone of letting his Bitcoin-only bias cloud his judgment. Several community members argued that dismissing XRP could become one of his biggest investment regrets.
Corporate Momentum Builds Behind XRP
Despite the criticism, XRP continues to gain traction as a treasury asset among Nasdaq-listed firms. Several companies actively integrate XRP into their financial strategies, aligning with the push to diversify beyond Bitcoin.
For instance, Trident Digital Tech Holdings is raising $500 million to build one of the first major XRP treasuries. Also, Webus International in China is seeking $300 million in credit and plans to integrate Ripple’s payment solutions.
VivoPower International has earmarked $100 million from its latest private round, while Wellgistics Health has secured a $50 million credit line for XRP accumulation.
This growing institutional interest suggests that some companies are betting on XRP as a payment utility and a long-term store of value.
Treasury Strategy Works for Altcoins
Meanwhile, the broader crypto community is also challenging Lubka’s claim that BTC is the only viable treasury asset in the wake of SharpLink Gaming’s fallout.
Specifically, Solana enthusiasts cited data showing that DeFi Development Corp has experienced a massive 3,657% year-to-date gain after adopting a SOL-based strategy months ago.
Even SharpLink Gaming’s monthly chart shows an impressive 882% gain, undermining the narrative that Bitcoin proponents are pushing.
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