ETH treasury funds are becoming a prominent investment choice, bringing flexibility and new benefits to Ethereum in 2025.
The trend of enterprises holding Ethereum in treasury continues to attract attention, while also creating contrasting assessments of strength and potential risks to the Ethereum ecosystem.
MAIN CONTENT
ETH treasury is increasing rapidly, currently accounting for 2.5% of total supply and valued at 11.8 billion USD.
Treasury funds provide investment benefits but also carry risks if financial leverage is abused.
The event of ETH price rising close to 4,000 USD intensifies short-term profit-taking pressure on exchanges.
Why does ETH treasury become the investment focus in 2025?
Ethereum treasury funds are emerging as the investment focus of 2025, bringing new life to the ecosystem after a difficult period in 2024 and the first quarter of 2025.
ETH, simply an asset that enterprises can hold in their treasury, is good and useful... the more options available, the better for investors.
Vitalik Buterin – Founder of Ethereum, interview with Bankless (2025)
The impressive growth of treasury funds has made Ethereum an asset chosen by enterprises for investment diversification and seeking passive income through staking. Interspersed in this environment are contrasting views between long-term benefits and the risk of financial instability when holding ETH in corporate treasuries.
According to a report from Blockworks (2025), in just the last few months, organizations have continuously poured capital, pushing the treasury's ETH proportion to the highest historical level. This serves as a new factor driving demand and liquidity in the market.
ETH Treasury: The current state of holdings and notable data for 2025?
As of early August 2025, more than 60 large enterprises have accumulated approximately 3 million ETH, worth 11.8 billion USD, equivalent to 2.5% of Ethereum's total supply.
According to a survey by Standard Chartered, the demand for corporate treasury and ETFs accounts for 1.6% of total ETH supply since June 2025.
ETH investment capability report, Standard Chartered (8/2025)
Leading in the number of ETH held is BitMine Immersion Technologies with 833,100 ETH (equivalent to 3.26 billion USD), followed by SharpLinK Gaming (521,900 ETH, 2 billion USD) and The Ether Machine (1.35 billion USD).
The statistics table below shows the asset allocation among the largest ETH treasury holders in 2025:
Unit Number of ETH Value (USD) Proportion of total ETH supply BitMine Immersion Technologies (BMNR) 833,100 3.26 billion USD ~0.7% SharpLinK Gaming (SBET) 521,900 2 billion USD ~0.43% The Ether Machine (DYNX) Not disclosed 1.35 billion USD ~0.25% Total (60+ units) 3 million 11.8 billion USD 2.5%
This growth margin records a significant shift of capital from traditional investment channels to digital assets, in the form of corporate-scale treasury investments.
Why are experts interested in mNAV when evaluating ETH treasury?
mNAV (market price to net asset value ratio) is an important indicator to assess the real value of treasury assets compared to market price. When mNAV ≥ 1 reflects optimistic growth expectations, lower than that may indicate a buying discount opportunity or a lack of confidence in the operating team.
BMNR achieves mNAV of 1.47 while SBET is at 1.15, indicating that these assets are quite attractive in terms of investment value in the context of ETH preparing for a strong recovery.
Blockworks Analytics, 8/2025
The recent slight decrease in mNAV creates an attractive buying window, as most enterprises trade at reasonable valuations compared to actual assets. However, caution is needed with cases of mNAV being too low for extended periods, accompanied by small liquidity volumes.
For investors, monitoring mNAV fluctuations allows for identifying the most reasonable accumulation strategy or portfolio rebalancing, anticipating a price increase wave if ETH recovers to the 4,000 USD range.
ETH Treasury and ETFs: Which investment channel should be chosen?
Both corporate treasury and ETFs currently hold significant investment proportions (each about 1.6% of total ETH supply), creating an attractive competition for profit and capital efficiency.
Standard Chartered assesses that the corporate treasury channel excels in opportunities for staking interest and long-term yields compared to ETFs. Investors can receive additional staking rewards and ensure long-term holding dynamics.
At the same time, ETFs are suitable for traditional investors who prioritize immediate liquidity and limit operational risk.
Criteria ETH Treasury ETH ETF Staking yield Yes Limited or None Long-term price increase potential Higher Stable Liquidity Lower Higher Suitable for Institutional investors seeking to optimize profit Traditional investors prioritizing liquidity
Investment decisions depend on the risk appetite, the need for passive income, and expectations of ETH price volatility in the future of each individual or organization.
What risks are lurking if ETH treasury abuses financial leverage?
Experts, including Vitalik Buterin, warn that the abuse of financial leverage (leverage) regarding ETH treasury can become a significant danger, creating investment bubbles and systemic risks for the Ethereum network.
If you wake me up after 3 years and inform me that corporate treasury is the reason for ETH's collapse, I would guess it is due to excessive leverage abuse.
Vitalik Buterin, founder of Ethereum, Bankless 8/2025
When enterprises continuously mortgage or use ETH to borrow at high leverage ratios, an adverse price movement also triggers a wave of liquidation, significantly affecting liquidity and the overall market value.
Lessons from the market in 2022–2023 show that any investment model carries risks if it exceeds control. Tight risk governance, applying transparent policies, and limiting leverage are key factors that help the Ethereum ecosystem maintain long-term stability.
What is the impact of the ETH accumulation wave on market value and profit-taking pressure?
The wave of direct ETH treasury purchases boosts Ethereum's price, while also attracting institutional investors who are newly participating. However, the rapid price increase over a short time is putting profit-taking pressure, especially as ETH approaches the 4,000 USD range.
Reports from CryptoQuant (8/2025) indicate that selling pressure on exchanges increased significantly in the past week, highlighted by capital flow shifts of investors moving towards short-term profit-taking as prices approach peak levels.
From a psychological perspective, the strong recovery of ETH in August causes individual investor cash flow to flow to exchanges faster, contributing to pushing short-term price adjustment pressure.
CryptoQuant Market Report, 8/2025
Contrary to last week, the flow of ETH deposited on exchanges has increased, reflecting that many investors are choosing to sell for short-term profit rather than continue HODLing. If this situation persists, ETH may fluctuate around the 4,000 USD range in the near term or experience slight adjustments before entering the next growth phase.
How does ETH treasury affect the sustainable development of Ethereum?
The increase in ETH treasury brings many opportunities and challenges. Positively, enterprises accumulating ETH generate increased demand dynamics, boost long-term capital, and help reduce retail selling pressure in the market.
However, if relying solely on treasury capital without diversifying practical applications, Ethereum may face the risk of a bubble cycle and unsustainable systemic factors.
What is notable about the ETH treasury trend in 2025 compared to previous years?
The year 2025 records many breakthroughs thanks to treasury fund cash flow, the model of organizations holding ETH shifting from experimental to operational, increasing the proportion of long-term assets, and expanding participation from many large global enterprises.
Compared to the period 2020–2024, the proportion of enterprises holding ETH has doubled, with the number of units exceeding 60 and total real assets increasing by billions of USD. This reflects the shift in investment trends from Bitcoin to Ethereum in the institutional sector.
What factors will determine the investment outlook for ETH treasury in the near future?
In addition to traditional valuation factors (growth, staking yields, mNAV), the investment outlook for ETH treasury depends on the confidence of the business community, macro policies, and the pace of DeFi application adoption on the Ethereum platform.
The market will await new policies on legal regulations, technical improvements to Ethereum Blockchain such as sharding, layer 2, as well as the commitment of the development team to stabilize the platform and expand globally.
What is the difference between holding ETH in corporate treasury and personal investment strategies?
The corporate treasury holding policy focuses on long-term capital governance goals, diversifying asset portfolios, and optimizing yields through staking or DeFi.
Meanwhile, individual investors have an advantage in flexibility, increasing buying and selling frequency, prioritizing short-term trading or seeking immediate profits, rather than capital protection and long-term financial stability.
Criteria Enterprise Individual Holding objective Long-term Short-term, flexible Staking potential Yes, large scale Yes, small scale Ability to control risks High (in-depth governance) Medium/low Main investment channel Treasury, staking, DeFi Exchange trading, small staking
How do experts evaluate the future of ETH treasury?
The future landscape for ETH treasury contains many potentials but is not without risks. Statements from Vitalik Buterin and financial experts indicate that if effectively governed, the treasury helps Ethereum maintain a leading position, attract large institutional capital, and enhance real-world application value.
Nevertheless, the dangers of leverage abuse or lack of liquidity can become short-term negative factors affecting confidence and ETH value in the international market.
Frequently asked questions about corporate ETH treasury in 2025
What is ETH treasury?
ETH treasury is a form of enterprise or organization accumulating Ethereum in their asset portfolio to diversify capital sources and optimize investment yields.
What is the difference between holding ETH treasury and buying ETFs?
ETH treasury allows enterprises to directly benefit from staking and DeFi activities, while ETFs are suitable for traditional investors prioritizing liquidity.
Is the staking yield of ETH treasury more attractive than ETFs?
Yes, ETH treasury often provides more attractive staking yields compared to ETFs, helping to optimize long-term passive income for enterprises.
How to assess risks when investing in ETH treasury?
Investors need to closely monitor indicators such as mNAV, financial leverage levels, liquidity volumes, and the quality of the treasury operation team.
What impact does the ETH treasury wave have on ETH prices in the market?
The wave of treasury accumulation helps maintain long-term price increase momentum, but also creates short-term profit-taking pressure as ETH approaches its peak.
Do the data on enterprises holding ETH treasury provide evidence of sustainable growth trends?
The number of enterprises and total ETH treasury assets increased significantly in the period 2024–2025, is evidence of the investment migration wave, although it still requires time to validate long-term sustainability.
What is the biggest concern regarding ETH treasury?
Financial leverage abuse and lack of risk governance are the greatest risks that can negatively impact the value and stability of Ethereum.
Source: https://tintucbitcoin.com/vitalik-buterin-ethereum-van-doi-mat-rui-ro/
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