Small cap public companies are quietly stacking Ethereum in their treasuries a trend that’s become impossible to ignore. But according to Galaxy Digital’s Mike Novogratz, this wave may already be reaching its crest.
Corporate ETH Rally Still Unfolding:
Throughout 2025, small public companies have ramped up their Ethereum positions significantly that much is fact. As of late July, corporate treasuries held 966,304 ETH (≈$3.5B) up from around 116,000 ETH just six months ago.
This isn’t random speculation. These companies appear to prize ETH’s dual value proposition: long-term price appreciation and the opportunity for staking yields (3.4%), unlike Bitcoin.
But Growth May Be Slowing Down
Meanwhile, Galaxy Digital CEO Mike Novogratz expressed skepticism during Q2 earnings. He suggested the race for crypto treasury status is peaking, and the explosive growth may slow as the market becomes more saturated.
Spotlight on Heavy Hitters
BitMine Immersion Technologies now stands as the largest public ETH holder with over 833,000 ETH (~$2.9B), aiming to control 5% of the total supply.
SharpLink Gaming, Bit Digital, Coinbase, and others are among the growing roster of companies listing ETH on their balance sheets.
A New Era for Ethereum?
Yield-Generating Asset: With staking options, Ethereum is not just speculation—it offers real returns if regulations allow it.
Institutional Signal: Even if the rush is peaking, corporate adoption adds legitimacy to crypto as a treasury asset.
Ecosystem Edge: Ethereum powers DeFi, staking, and tokenization—so treasury investments are also tech bets.
Final Signal:
This movement isn't just a trend; it's a milestone in institutional crypto acceptance. That said, when top players like Novogratz say the boom may be cooling, it’s a warning to tread carefully.
Is Ethereum becoming a strategic balance sheet asset or just a speculative crypto fad?
Your insights matter?
DYOR | Not Financial Advice
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