With an Ethereum treasury strategy, a company is allocating a portion of its balance sheet to ETH in the same way it might hold foreign currencies or other financial assets.
Some firms see Ethereum as a long-term growth asset with the potential to increase in value over time. Others may be invested in the Ethereum ecosystem itself, whether through staking, decentralized finance (DeFi) or Web3 applications.
Holding ETH can also be part of a wider tech-alignment strategy, positioning companies as forward-thinking and crypto-integrated.
Why invest in Ethereum treasury companies?
Investing in companies with Ethereum holdings offers a way to get indirect exposure to ETH without setting up a crypto wallet or trading on an exchange.
This approach can be appealing for investors who want a more familiar or regulated investment experience while still participating in Ethereum’s long-term growth.
It’s also popular among active traders who follow these companies closely and capitalize on price moves triggered by ETH volatility or news events.
Top public companies investing in Ethereum
1. SharpLink Gaming (OTC:SBET)
SharpLink Gaming is a US company focused on sports betting and fantasy sports technology. It provides data-driven solutions for gaming operators and media companies. SharpLink also works to modernize betting through smart contracts, decentralized finance (DeFi), and blockchain-based infrastructure.
As of August 2025, SharpLink has reported large acquisitions of Ether totaling 837,230 ETH, the largest corporate ETH treasury made public to date.
Why it’s holding ETH:
SharpLink has adopted Ethereum (ETH) as its primary treasury reserve asset, becoming the largest publicly traded company to do so. The move reflects the company’s long-term bet on the future of decentralized applications and smart contract infrastructure. By holding ETH, SharpLink aligns its financial strategy with its mission to lead Web3 innovation in gaming and gives investors direct exposure to Ethereum’s growth.
2. BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)
BitMine is a small-cap Bitcoin and digital asset mining company operating out of the US. It uses immersion cooling technology to improve mining efficiency and reduce energy costs. BitMine earns revenue through crypto mining and hosting operations.
In September 2025, BitMine announced holdings of 2,069,443 ETH, making it the largest public corporate ETH treasury company to date. BitMine’s ETH holdings stem from mining and staking operations and strategic asset management.
Why it’s holding ETH:
BitMine has a goal of acquiring and staking over 5% of the world’s total ETH supply. The company has stated that ETH acquisition is one of its core missions as it aims to increase its stake in the Ethereum network. It is focused on the broad accumulation of crypto assets including Bitcoin and Ether for long-term investment.
3. Bit Digital, Inc. (NASDAQ:BTBT)
Bit Digital is a US-based digital asset mining company primarily focused on Bitcoin and Ethereum. Originally headquartered in New York, the company operates mining facilities across North America using third-party hosting arrangements.
It earns revenue by mining crypto assets and periodically adjusting its strategy based on market trends. As of August 2025, Bit Digital holds over 121,252 ETH.
Why it’s holding ETH:
Bit Digital diversified into Ethereum mining as part of its effort to expand its crypto exposure. While ETH is no longer mineable post-Merge, Bit Digital has retained some of its ETH holdings and may continue to engage with Ethereum through staking and infrastructure investments.
4. Coinbase Global, Inc. (NASDAQ:COIN)
Coinbase is one of the largest cryptocurrency exchanges in the world, headquartered in San Francisco, California. It offers a platform for buying, selling and storing digital assets like Bitcoin and Ethereum.
Coinbase earns revenue through trading fees, staking services and institutional custody solutions. As a publicly listed company, it plays a central role in the crypto ecosystem and is widely considered a barometer for the broader industry.
As of March 2025, Coinbase stated it held 137,334 ETH on its balance sheet for investment purposes.
Why it’s holding ETH:
Coinbase holds Ethereum both for liquidity purposes and as part of its operational treasury. Given that Ethereum powers many of the exchange’s core services including staking, DeFi and NFTs, holding ETH helps ensure smooth functionality and aligns with its ecosystem-first approach.
BTCS Inc. is a US-based blockchain infrastructure and technology company headquartered in Maryland, US. It focuses on staking-as-a-service, blockchain analytics and building platforms that give investors access to digital assets.
BTCS generates revenue through staking operations on major proof-of-stake blockchains like Ethereum, Cardano and Solana. It’s also developing a digital asset analytics platform that helps users track their crypto portfolios and staking performance—sort of like a dashboard for blockchain investors.
As of July 2025, it had increased its ETH holdings to 29,122 ETH.
Why it’s holding ETH:
Ethereum is a core part of BTCS’s staking business. After Ethereum moved to proof of stake, BTCS began staking its ETH holdings to earn rewards while helping to secure the network. Holding Ethereum also reflects the company’s long-term belief in its importance as a foundational layer for DeFi, NFTs and Web3 applications.
6. Exodus Movement Inc. (OTCMKTS:EXOD)
Exodus is a US-based company best known for its non-custodial crypto wallet that supports a wide variety of digital assets including Ethereum. The wallet is available on desktop and mobile and includes built-in exchange features. Exodus earns revenue from in-app transactions and staking.
It holds 2,729 ETH as of June 2025.
Why it’s holding ETH:
As part of its product offering, Exodus holds ETH to provide liquidity for wallet functions and swaps. Its ETH holdings also reflect confidence in the Ethereum network as a foundational layer of Web3.
Neptune is a Canadian blockchain infrastructure and cryptocurrency investment firm. It operates staking nodes, runs validator services and holds a portfolio of crypto assets. Neptune earns income from staking rewards and asset appreciation.
In its Q2 2025 financial report, the company stated that it held 140 ETH.
Why it’s holding ETH:
Neptune holds Ethereum to participate in staking and support network operations. ETH is considered one of its foundational assets due to its utility in smart contracts and staking yields.
Public vs private companies: Who’s adding Ethereum to their balance sheet?
Publicly traded companies: Firms like Coinbase and Bit Digital are upfront about their ETH holdings. These disclosures are often included in quarterly earnings or treasury reports and signal strategic alignment with Ethereum-based innovation.
Private companies: Startups and large private firms may also hold ETH, particularly those building DeFi or Web3 products. However, without the same reporting obligations, their holdings are harder to track.
ETFs and funds: A few institutional products and funds offer Ethereum exposure, although many of these are outside Canada. Examples include Grayscale Ethereum Trust and other US-listed ETH ETFs.
Canadian Ethereum exposure
You can gain exposure to ETH through Canada-listed ETFs and crypto investment service providers.
CI Galaxy Ethereum ETF (TSX:ETHX.U): Offers Ethereum exposure through its digital asset fund products.
Purpose Ether ETF (TSX:ETHH): Uses investor funds to buy ETH, which it holds in secure, offline storage.
Purpose Ether Yield ETF (TSX:ETHY): Offers exposure to ETH ETFs (like the Purpose Ether ETF) through indirect, derivative investments.
Evolve Ether ETF (TSX:ETHR): Tracks the US dollar price of ETH by investing in it directly.
Fidelity Advantage Ether ETF (TSX:FETH): Invests in Ether directly, which it custodies in-house.
How to compare companies investing in Ethereum
Just like with Bitcoin, it’s not just about how much ETH a company owns, but why and how it fits into their broader financial strategy.
Ethereum as a % of total assets: This helps show how heavily the company is invested in ETH.
Timing and price: Did they buy ETH before it surged or after a dip?
Use case: Are they holding ETH passively or using it to earn yield via staking or DeFi?
Transparency: Does the company regularly report its ETH holdings and explain its strategy?
Impact on stock price: How do ETH price swings affect the company’s market performance?
Our expert says
"Ethereum treasury companies may offer more than just a crypto boost to your portfolio. Some are generating real yield through staking, which adds another layer of income potential beyond just price speculation."
What the 2025 crypto market means for Ethereum treasuries
As of mid-2025, Ethereum has rallied alongside Bitcoin, and big institutions are starting to take notice. There’s also growing excitement around its real-world uses, from powering tokenized assets to driving DeFi and all kinds of on-chain tech.
Spot crypto ETFs are now trading in multiple regions, including products here in Canada. Regulatory clarity is also improving, with tighter rules around custody and disclosure giving larger investors more confidence to enter the market.
In July 2025, several public companies made headlines for adding large amounts of ETH to their balance sheets, signaling that corporate interest in Ethereum is picking up speed. This momentum reflects a growing belief that Ethereum’s role in powering smart contracts, layer-2 solutions and digital identity tools gives it long-term staying power.
For companies already holding ETH, the current market environment has been a net positive. Rising prices are helping boost the value of their treasury assets, while the broader shift towards on-chain finance is validating their early moves. For retail investors, it’s worth watching how these companies perform over time, especially if ETH continues climbing.
How do you invest in Ethereum treasury companies?
Investing in companies that hold Ethereum can be a smart way to get exposure to crypto without buying ETH directly. But how you invest depends on the type of company:
Public companies: Many Ethereum treasury companies are listed on major stock exchanges like the Nasdaq or TSX, so you can invest by buying shares through any stock trading platform. Companies like Coinbase, Galaxy Digital and SharpLink Gaming are examples of firms you can access via platforms like Interactive Brokers, moomoo and Qtrade.
OTC companies: Some Ether-holding firms are listed on Over-The-Counter (OTC) markets. These public companies are not listed on major exchanges but are still tradeable via specialized brokers. OTC companies can be smaller, newer or more niche and carry a bit more risk.
Private companies: Private firms that hold Ether are not available to everyday investors on the stock market. Access might be possible via private equity platforms, but these are generally more suitable to experienced investors and often come with high minimums and low liquidity.
Should retail investors follow corporate ETH strategies?
Just because a company is buying up Ethereum, it doesn’t mean you should copy them blindly. But understanding their rationale can help you decide if ETH fits your strategy too. Here are the main pros and cons:
Pros
Diversification through traditional trading platform: Adding Ethereum exposure through public companies lets you tap into one of the most widely used blockchain networks without having to manage crypto wallets.
Smart contract growth potential: Ethereum underpins a huge chunk of Web3 innovation, from decentralized finance to gaming. If you believe in the future of this tech, investing in Ethereum treasury companies is one way to back it.
Cons
ETH is still volatile: While less wild now than in its early years, Ether’s price still sees major swings, which can affect a company’s share price too.
Not all ETH strategies are equal: Some companies hold ETH as a strategic asset, while others might be chasing headlines or speculation. It’s important to check their reasons.
Company risk still matters: Even if ETH goes up, a poorly run business holding it might not. Always look at the company’s fundamentals too.
Ultimately, it’s about matching your risk tolerance and goals. Some investors may prefer to dollar-cost average into ETFs or diversified portfolios rather than follow single-company crypto strategies.
FAQs about Ethereum treasuries
An Ethereum treasury is a strategy in which a company chooses to hold ETH, the native asset of the Ethereum network, as part of its balance sheet. It's similar to holding cash, stocks or other investments and reflects a belief in ETH's future value or utility.
Some companies invest in Ethereum to hedge against inflation, align with Web3 trends or gain early exposure to the digital infrastructure of the future. Others see it as a strategic asset supporting DeFi, NFTs and decentralized applications.
As of mid 2025, SharpLink is reported to be the largest public holder of ETH after major purchases in July led to 280,000 ETH on its balance sheet.
Yes, Ethereum's price can be highly volatile, and regulatory risks are still evolving. However, for some tech-forward companies, the potential long-term gains and alignment with innovation outweigh these risks.
Yes, most Ethereum treasury activity is happening in the US, Canada and parts of Asia. A number of investment firms, including CI Financial, Purpose Investments, Evolve and Fidelity Investments, offer Canada-based Ethereum ETFs that hold ETH directly or invest in it indirectly through derivatives or by holding shares in blockchain-focused companies.
It depends on your goals and risk tolerance. These companies give you indirect exposure to ETH without needing to buy it yourself. Just make sure to research the company's financials and their ETH strategy.
When ETH rises, companies holding large amounts of it can see boosts in their share price. But the reverse is also true. The more ETH a company holds relative to its other assets, the more its stock price can be influenced by crypto markets.
Sites like CoinGecko and public filings from the SEC, OSC or other investment regulators can help you find out which companies hold Ethereum. You can also check earnings reports or investor presentations for more details.
Sources
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Kylie Purcell is the senior investments editor at Finder. She has a background in business and finance news with previous roles at SBS, Your Money, TVNZ, Switzer Group and The Adviser magazine. Kylie has a Masters in International Journalism and a Graduate Diploma in Economics. When she's not writing about the markets you can find her bingeing on coffee.
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