Key Insights
- Public companies now hold over $12 billion in Ethereum treasuries, which is more than 2% of ETH’s supply.
- Firms like BitMine Immersion Technologies and SharpLink Gaming are leading the rally.
- Staking yield and DeFi growth are some of the drivers behind Ethereum’s increase in corporate balance sheets.
Ethereum treasuries are becoming a major part of corporate life this year, especially.
For years, MicroStrategy was one of the biggest headline drivers with its Bitcoin-focused reserves. However, it now appears that the tides are changing. More and more public companies are now stockpiling Ethereum as their main treasury asset.
The Ongoing Treasury Trend
According to The Block, publicly traded firms now hold more than $12 billion worth of ETH. This represents over 2% of the total supply.
When adding in ETFs and private funds, institutional control is now more than 10% of circulating ETH. The scale of this pivot shows just how much Ethereum’s status has grown over the years:
Not just as a digital currency but as a strategic corporate reserve.
Leading Companies Building Ethereum Treasuries
According to StrategicETHReserve, BitMine Immersion Technologies (BMNR) is currently the leader of the Ethereum treasury movement. The company launched its treasury program only a few months ago and now holds more than 1.7 million ETH.
This stash is worth about $7.9 billion, and BitMine has publicly stated that it plans to secure 5% of Ethereum’s supply.
SharpLink Gaming (SBET) started with ETH almost at the same time in June by making Ethereum its main treasury reserve. It has acquired more than 740,000 ETH worth around $3.2 billion and is second only to BitMine.
Other players include BTCS Inc. (BTCS), which holds over 70,000 ETH as part of its blockchain-first business strategy, and Bit Digital (BTBT), which transitioned fully from Bitcoin mining to Ethereum staking after securing over 120,000 ETH.
Finally, ETHZilla Corporation (ETHZ) accumulated more than 102,000 ETH while launching a stock buyback program, with GameSquare Holdings (GAME) allocating massive ETH reserves to support its Web3 and NFT projects.
Ethereum Price Outlook Amid Corporate Accumulation
Ethereum recently touched new highs near $4,884 before showing signs of fatigue.
While this was happening, analysts noted bearish divergences in the daily chart’s RSI, which indicated a short-term correction toward $4,100. As of writing, Ethereum currently has its most important support levels at $4,400–$4,450, while a push above $4,800 would confirm renewed momentum.
On-chain data shows futures trading is overheating, especially after FED Chair Jerome Powell’s Jackson Hole speech. However, despite this, the long-term demand from the treasuries is bolstering the asset’s strength over the long term.
Analyst Mags recently noted that Ethereum has a fair shot at rising towards the $15,000 zone in the medium to long term.
The analyst noted that over the last cycle, when Ethereum broke above its previous ATH, it went up by +211% and peaked at 3.618 fibonacci zone.
He says that the same trend is playing out again, this time with the same Fibonacci retracement level sitting at $15,650. In other words, Ethereum has a fair shot at hitting $15 if history repeats.
The analyst also noted that even if ETH rises only half towards this level, it could end up anywhere between $10,146–$11,600. Mags finished off by saying that conservative targets for ETH currently sit at the 1.618 Fib extension level at $7,500.
The Road Ahead for Ethereum Treasuries
The rise of Ethereum treasuries shows that corporate finance is changing massively, and companies are not just looking for a hedge against inflation. They are actively adopting ETH because of its ecosystem and yield.
There are still a few challenges to be aware of, including market volatility and regulatory changes. However, the direction is clear.
Just as more firms embrace Ethereum, the cryptocurrency is likely to expand in dominance for years to come.
