gm friends —

As of today, 13 public companies have over $5 billion ETH on their balance sheets.

Today’s post will explain what’s going on and why everyone’s betting on Ethereum.

To learn more about what’s currently going on in the crypto markets stay tuned for this week’s podcast episode which goes live on the Internet Capital YouTube later today.

ETH Treasury Companies Explained

While crypto projects and companies have been buying ETH for years, the trend has only recently made its way to Wall Street.

Multiple publicly traded “Ethereum Treasury Companies” have emerged over the past few weeks, all competing to acquire as much ETH as possible. Their combined holdings already exceed $5 billion.

So what’s going on?

The Microstrategy Blueprint

Michael Saylor proved the model.

1. Raise money via stock or debt issuance

2. Buy Bitcoin

3. Repeat ad nauseam

The strategy proved wildly effective. Microstrategy’s stock exploded, even outperforming BTC by nearly 4x since 2020.

Saylor’s success taught Wall street that “buy crypto, hodl, and leverage the balance sheet” could be a legit corporate strategy for a public company.

Now the same blue print is being repurposed for Ethereum.

A new wave of public companies wants to be the “Microstrategy of ETH”.

But there’s a key difference. Instead of just buying and holding, many of these firms are also staking their ETH or using it in DeFi to earn yield.

Essentially, ETH’s utility as a yield-bearing asset may allow these companies to supercharge Saylor’s strategy for even better returns.

Key Players in the Ethereum Treasury Race

Big names like Peter Thiel, Tom Lee, and Joe Lubin are involved in the ETH arms race, with a few companies leading the pack:

• BitMine Immersion (NYSE: BMNR) – a former Bitcoin mining firm that pivoted to Ethereum. BitMine raised massive capital and attracted big-name investors like Peter Thiel and Cathie Wood. The stock is up ~480% YTD and the company’s chairman Tom Lee even announced a goal of staking 5% of all ETH in existence.
  

• SharpLink Gaming (Nasdaq: SBET) – an online sports betting tech company that raised ~$83M and bought 79,000 ETH in a single week. Ethereum co-founder Joseph Lubin now chairs its board, and the company has staked about 95% of its ETH to earn staking income. SharpLink’s plan is to integrate Ethereum into its core business (e.g., stablecoin payouts for gaming, DeFi yields, etc.).
  

• The Ether Machine (Nasdaq: ETHM via SPAC) – a pure-play Ethereum investment vehicle launchin with 400,000 ETH (~$1.5 billion) on its balance sheet. Its founders insist they are “not a buy-and-hold treasury” but an active yield machine (hence the name) and will be staking and actively managing their ETH to generate returns.
  

• Bit Digital (Nasdaq: BTBT) – Another mining company gone full ETH. Bit Digital completely liquidated its Bitcoin stash in 2025 and used a $172M equity raise to buy roughly 120,000 ETH. Now one of the largest ETH holders, Bit Digital runs its own validator nodes to turn that treasury into a yield-generating asset.

Why This is So Bullish for Ethereum (and Investors)

Why is this such a big deal? A few reasons:

So why is everyone so excited about public companies stockpiling ETH? And what does it mean for investors? A few big reasons:

• ETH Supply Squeeze: these firms are collectively removing tons of ETH from the open market. Collectively, the 13 public companies hold over 1 million ETH in their treasuries which is a sizable chunk of the total supply effectively locked up. Less ETH floating around = more scarcity = bullish for the price (basic supply and demand 101).
  

• Wall Street Confidence & Legitimacy: public companies wouldn’t be betting billions on Ethereum if they weren’t confident in its future. Their actions signal growing conviction in Ethereum’s tech, particularly its role as the backbone of DeFi and stablecoins. Imo, these companies have cemented Ethereum as the “stablecoin chain” on Wall Street. That’s a HUGE deal.
  
  

• ETH as a Yield-Generating Asset: Unlike Bitcoin, Ethereum isn’t just a passive store of value. Holders can stake ETH and earn roughly 2-3% (or more) annual yield or seek higher returns in DeFi. Companies love this. By staking their ETH, these treasury holders are turning a speculative asset into a productive one that earns income. ETH staking ETFs still aren’t live, so these companies are the best proxy for getting exposure to ETH + yield.
  

The bottom line: this new wave of ETH treasury companies shows that Ethereum is no longer just a crypto nerd’s playground. It’s becoming a core focus on Wall Street as stablecoin and defi adoption accelerates.

And as more companies join the Ethereum treasury game, it creates a positive feedback loop (more buying, more staking, more integration of ETH into business models) that reinforces Ethereum’s value.

Public markets are waking up to ETH in a big way and that could be extremely bullish for the entire Ethereum ecosystem moving forward.

Thanks for reading!

Don’t want to fall behind in crypto? Subscribe, follow us on X and check out our YouTube Channel to never miss an update!

Nothing in this newsletter is meant to be taken as legal, tax, investing, or other advice. Internet Capital is for educational and entertainment purposes only. All views are our own, and not representative of any organizations with which we are affiliated. For any business partnerships please reach out via the email [email protected]