Ethereum Treasury Companies

Stock	Icon	1-year performance (to Dec. '25)	5-year performance (to Dec. '25)	Link
Bit Digital (BTBT)		-43.56%	-62.05%	Invest Capital at risk
Coinbase Global (COIN)		-7.14%	527.49% (3 years – 2021 IPO)	Invest Capital at risk
BTCS (BTCS)		-35.86%	91.75%	Invest Capital at risk
Exodus Movement (EXOD)		-37.26%	542.60% (3 years)	Invest Capital at risk
Neptune Digital Assets Corp (NPPTF)		-31.61%	470.51%	Invest Capital at risk
GameSquare Holdings (GAME)		-44.61%	-98.22%	Invest Capital at risk
Intchains Group Limited (ICG)		-65.03%	-80.22% (2 years – 2023 IPO)	Invest Capital at risk
Centaurus Energy (CTARF)		-24.62%	-88.10%	Invest Capital at risk

All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.

What is an Ethereum treasury strategy?

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 that’s through staking, decentralised finance (DeFi) or Web3 applications.

Holding ETH can also be part of a wider tech-alignment strategy, positioning the company 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 capitalise on price moves triggered by ETH volatility or news events.

If you’re also interested in how companies are approaching Bitcoin, check out our guide to Bitcoin treasury strategies.

Some of the biggest crypto holders

If you're interested in investing in this industry, take a closer look at what companies in this industry do and how the stocks have historically performed. Keep in mind that positive past performance doesn't guarantee that a stock will continue to rise in the future.

Sharplink Gaming (SBET)

As of August 2025, SharpLink has reported large acquisitions of Ether totaling 837,230 ETH, the largest corporate ETH treasury made public to date. 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.

Sharplink Gaming is listed on the NASDAQ, has a trailing 12-month revenue of around 13.1 million and employs 5 staff.

• Market capitalization: $2,088,881,536

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Capital at risk

Bitmine Immersion Technologies (BMNR)

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. 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.

Bitmine Immersion Technologies is listed on the AMEX, has a trailing 12-month revenue of around $5.5 million and employs 3 staff.

• Market capitalization: $9,901,470,720

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Capital at risk

Bit Digital (BTBT)

Bit Digital 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. 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.

Bit Digital is listed on the NASDAQ, has a trailing 12-month revenue of around $105.7 million and employs 54 staff.

• Market capitalization: $770,346,112
• P/E ratio: 3.6061

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Capital at risk

Coinbase Global (COIN)

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. 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.

Coinbase Global is listed on the NASDAQ, has a trailing 12-month revenue of around $7.4 billion and employs 3,772 staff.

• Market capitalization: $73,564,225,536
• P/E ratio: 23.58
• PEG ratio: 8.7793

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Capital at risk

BTCS (BTCS)

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. 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.

BTCS is listed on the NASDAQ, has a trailing 12-month revenue of around $7.5 million and employs 7 staff.

• Market capitalization: $129,261,968

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Capital at risk

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. Examples include Grayscale Ethereum Trust and Canadian-listed ETH ETFs.

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 share price: How do ETH price swings affect the company’s market performance?

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 NYSE, NASDAQ or ASX, so you can invest by buying shares through any share trading platform. Companies like Coinbase, Galaxy Digital and SharpLink Gaming are examples of firms you can access via platforms like Superhero, Stake or CMC Invest.

OTC companies: Some Ethereum-holding firms are listed on Over-The-Counter (OTC) markets. These are public companies not listed on major exchanges but still tradeable via specialised brokers. OTC companies can be smaller, newer, or more niche, and carry a bit more risk.

Private companies: Private firms that hold Ethereum are not available to everyday investors on the stock market. Access might be possible via private equity platforms, but these are generally more suited to experienced investors and often come with higher minimums and lower liquidity.

Should retail investors follow corporate ETH strategies?

Just because a company is buying up Ethereum 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 decentralised 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 than its early years, Ethereum’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, 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

• What is an Ethereum treasury?

  An Ethereum treasury is when 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.

• Why are companies investing in Ethereum?

  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 decentralised applications.

• Which company owns the most Ethereum in 2025?

  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.

• Is it risky for companies to hold Ethereum?

  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.

• Should I invest in companies that hold Ethereum?

  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.

• How do Ethereum holdings affect stock prices?

  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.

• Where can I see which companies own Ethereum?

  Sites like CoinGecko and public filings from the SEC or ASX can help you find out which companies hold Ethereum. You can also check earnings reports or investor presentations for more details.