Written by: KarenZ, Foresight News
Ethereum is attracting an increasing number of institutions and companies to incorporate it into treasury assets or strategic reserves. Since the second half of 2025, a wave of "Ethereum treasury" has emerged, with many listed companies incorporating ETH into their balance sheets or capital reserves, not only as a store of value but also generating returns through staking.
According to Strategic ETH Reserve, there are currently 70 companies that view Ethereum as a strategic reserve or hold Ethereum (holding more than 100 ETH). The latest data shows that all these entities have cumulatively held over 4.1 million ETH, worth approximately $17.6 billion, accounting for 3.39% of the ETH supply. Among them, companies that have launched Ethereum treasury strategies have cumulatively held about 3 million ETH, valued at approximately $12.86 billion.
There are 14 companies that have launched Ethereum treasury strategies: BitMine, SharpLink Gaming, The Ether Machine, Bit Digital, ETHZilla Corporation, BTCS Inc., FG Nexus, GameSquare Holdings, ETH Strategy, Intchains Group, IVD Medical Holdings IVD, BTC Digital Ltd, Centaurus Energy Inc., Cosmos Health.
This article will explore the Ethereum staking strategies and yield acquisition methods of the top 10 Ethereum treasury companies.
In summary, these 10 companies, as core representatives of "Ethereum treasury companies," not only build considerable asset reserves through large-scale accumulation of ETH but also present diversified characteristics in staking and yield strategies:
Some companies choose to cooperate with professional staking service providers to leverage their technology and resources for stable returns; others deeply engage in the Ethereum network through self-operated validator nodes and participation in liquid staking; still others improve the overall returns on ETH assets through staking and re-staking combined with the DeFi ecosystem, using various means such as lending, liquidity provision, and MEV optimization; some companies are also exploring advanced strategies like cyclical lending.
These practices not only reflect the recognition of ETH as a value storage tool but also demonstrate its potential for generating incremental returns, providing a reference paradigm for more institutions to incorporate ETH into treasury assets, while also promoting further maturation of the Ethereum ecosystem.
BitMine
Less than two months after announcing the launch of the Ethereum treasury strategy, BitMine has risen to become the world's largest ETH corporate holder, with ETH holdings soaring from 0 to 1,523,373 coins, targeting to accumulate 5% of the ETH supply. Wall Street strategist and Fundstrat Global Advisors co-founder Thomas Lee has joined the BitMine board as chairman. On July 16, according to a filing with the U.S. Securities and Exchange Commission, PayPal co-founder Peter Thiel acquired a 9.1% stake in BitMine Immersion Technologies.
BitMine has not yet opened ETH staking. However, BitMine has stated that a major feature of Ethereum is its support for smart contracts, with most stablecoin payments, tokenized assets, and decentralized finance applications traded on Ethereum. By directly holding ETH capital, the company can participate in native protocol layer activities on the Ethereum network, such as staking and decentralized finance mechanisms.
Bill Miller III, the investor behind BitMine (Senior Advisor at Miller Value Partners), stated in August that "once BitMine opens ETH staking, BitMine's profitability will be quite substantial."
SharpLink Gaming
NASDAQ-listed company SharpLink Gaming, originally an online performance marketing company focused on U.S. sports betting and the global iGaming industry, designated ETH as its primary reserve asset in early June this year. Ethereum co-founder and Consensys founder and CEO Joseph Lubin has joined SharpLink Gaming as board chairman.
As of August 19, SharpLink Gaming holds approximately 740,760 ETH and has staked nearly 100% of the company’s ETH, accumulating 1,388 ETH in rewards through staking. SharpLink Gaming primarily stakes through Liquid Collective and Figment.
The Ether Machine
On July 21, the blank-check company Dynamix announced a merger with another entity to form a new company called "The Ether Machine." The merged company plans to hold over $1.5 billion in ETH.
Currently, The Ether Machine holds a total of 345,362 ETH (purchased and committed). Andrew Keys, Chairman and Co-founder of The Ether Machine, stated that the company's mission is to buy ETH, stake it, re-stake it, and put it into on-chain operations.
The author found in The Ether Machine Deck that The Ether Machine's Ethereum strategy includes:
1. Accumulate ETH: Build ETH reserves through purchases and strategic partnerships.
2. Compound ETH:
Native staking and re-staking of ETH or through staking service providers: Obtain staking rewards and additional re-staking yields by delegating or running validator nodes.
Seize opportunities in the DeFi sector: Explore on-chain opportunities to obtain risk-adjusted attractive returns.
Provide institutional-grade staking services: Create one-stop staking and re-staking solutions for enterprises and funds, continuously generating ETH-denominated returns.
3. Strengthening the Ethereum network, reaching institutional and retail users, etc.
Notably, The Ether Machine has also discussed implementing cyclical lending strategies using LST/LRT tokens on Aave in an Empire interview.
Currently, The Ether Machine has not publicly disclosed specific ETH staking or management strategies.
Bit Digital
NASDAQ-listed mining company Bit Digital (BTBT) announced on July 7 the completion of a comprehensive transformation towards an Ethereum treasury strategy. Bit Digital's official introduction states that "Bit Digital is a publicly listed digital asset platform focused on Ethereum-native asset management and staking strategies," clearly indicating Bit Digital's positioning.
As of August 11, 2025, the Ethereum holdings totaled 121,076 ETH. Bit Digital disclosed in its Q2 earnings report that it received 166.8 ETH in staking rewards during the second quarter. Additionally, as of August 11, 2025, Bit Digital's staking volume was 105,015 ETH.
According to GuruFocus, during Bit Digital's Q2 earnings meeting, in response to the question "How does Bit Digital handle Ethereum staking, and are there plans to internally manage validator nodes?" Bit Digital CFO Erke Huang stated that Bit Digital collaborates with Fireblocks and Figment for staking, achieving approximately 3% yield (cost below 10%). Although Bit Digital has considered internal node management, it currently relies on the expertise and support of institutional partners.
In addition, according to Arkham data, Bit Digital entities hold 4,719 LSETH (Liquid Collective) and 9,657 ETH (data incomplete).
ETHZilla
ETHZilla was initially an innovative biotech company (formerly known as 180 Life Sciences) and is now expanding its business into software-driven gaming and entertainment. ETHZilla is developing ETH accumulation tools. In August, PayPal co-founder and Silicon Valley venture capital patriarch Peter Thiel and his investment team acquired 7.5% of the Ethereum treasury reserve company ETHZilla.
According to the latest report submitted by ETHZilla, it currently holds 94,675 ETH at an average purchase price of $3,902.20.
Electric Capital serves as the external asset manager for ETHZilla and plans to implement a differentiated on-chain yield generation program, leveraging a combination of staking, lending, liquidity provision, and customized private agreements to go beyond traditional ETH staking. Electric Capital was also one of the investors in the company's $565 million private placement and convertible bond financing before it was renamed ETHZilla.
BTCS Inc.
BTCS Inc. (NASDAQ: BTCS) is a blockchain infrastructure technology company based in the United States, committed to driving scalable revenue and ETH accumulation through DeFi/TradFi value-adding flywheel.
As of July 28, 2025, BTCS Inc.'s total ETH holdings reached 70,028 coins. BTCS was also included in the Russell Microcap Index on July 16.
BTCS Inc. also runs cloud-based validator nodes on the Ethereum blockchain through its NodeOps service to secure network safety, earn staking rewards, and enhance shareholder value.
As of August 12, among BTCS Inc.’s holdings, 38% of Ethereum is staked in validator nodes operated by BTCS Inc. (Solo Staking), 55% of Ethereum earns interest in Aave, while BTCS Inc. borrows stablecoins to purchase additional ETH. Additionally, BTCS Inc. is a professional node operator for Rocket Pool (this portion accounts for 6%), aiming to expand operational scale, earn yields from staked assets, and gain additional pool yield shares.
In addition, BTCS Inc. also employs complex algorithms through its core infrastructure Builder+ to maximize yields, optimizing block creation and transaction ordering by maximizing extractable value (MEV), thereby generating scalable revenue for the company.
According to the Q2 financial report released by BTCS Inc., in the second quarter, the Builder+ segment generated revenue of $2.51 million, compared to only $76,000 in the second quarter of 2024. Additionally, BTCS Inc. has also obtained $4 million in net revenue through DeFi lending on the Aave platform using ETH as collateral. BTCS Inc. stated that it provides flexible on-demand liquidity services while retaining full ownership and control of the underlying ETH collateral.
BTCS Inc. has also expanded the scale of ETH-supported DeFi lending after the end of Q2, raising over $192 million through increased ATM sales, additional convertible note issuance, and expanding ETH-supported DeFi borrowing on Aave, bringing its ETH holdings to 70,140 coins as of August 12, 2025, a 478% increase from the end of Q2.
FG Nexus
NASDAQ-listed company Fundamental Global Inc. changed its name to FG Nexus Inc. at the end of July and launched an Ethereum treasury strategy, completing a $200 million private placement financing with investors including Galaxy Digital, Kraken, Hivemind Capital, Syncracy Capital, Digital Currency Group (DCG), and Kenetic.
In August, FG Nexus submitted a $5 billion preliminary registration application to the U.S. Securities and Exchange Commission (SEC) to support its Ethereum accumulation strategy. On August 11, FG Nexus announced that it had used all net proceeds from a $200 million private placement to purchase ETH, currently holding 47,331 ETH.
FG Nexus states that to enhance its ETH yield, the company will engage in staking and re-staking and will also explore tokenized RWA and stablecoin yields.
GameSquare
GameSquare Holdings, Inc. is a NASDAQ-listed media, entertainment, and technology company that launched its Ethereum fund management strategy in July 2025. As of August 4, GameSquare's ETH holdings reached 15,630 coins.
GameSquare has launched its ETH fund management strategy through Dialectic's on-chain yield platform. The target annual yield for this strategy is between 8% and 14%. GameSquare stated that all net income from its Ethereum yield strategy will be used to repurchase its stock.
ETH Strategy
ETH Strategy is an Ethereum ecosystem autonomous financial protocol. By utilizing long-term convertible bonds, ETH Strategy enables participants to pledge assets to the protocol to obtain convertible notes in exchange for leveraged ETH exposure with downside protection.
ETH Strategy recently completed fundraising through three channels, raising 6,900 ETH in a private round, 1,242 ETH in a public round, and an additional 4,200 ETH from redeemable warrants, totaling 12,342 ETH.
In August, ETH Strategy successively allocated part of its funds to liquid staking through partnerships with Ether.Fi and Lido.
Intchains Group
Intchains Group is a NASDAQ-listed company focusing on altcoin mining products and ETH holdings.
Intchains Group's ETH fund management strategy is centered on a rigorous dollar-cost averaging (DCA) approach, regularly allocating funds to gradually accumulate ETH.
According to the official website of Intchains Group, as of the end of Q2, Intchains Group held 8,816 ETH at an average cost of $2,615. Intchains Group plans to put some of its ETH holdings into yield-generating activities, including staking and liquidity provision, to generate incremental returns from idle assets.
At the end of July, Intchains Group announced a partnership with FalconX, a digital asset prime brokerage for institutional investors, to expand the company's reserves in ETH digital assets and explore potential yield enhancement through structured ETH yield strategies. This cooperation mainly focuses on the following two aspects:
Optimize ETH purchases: FalconX will implement customized derivative-based trading strategies, such as funded put selling for Intchains Group.
ETH yield enhancement strategy: FalconX will support Intchains Group in enhancing the yield on its ETH holdings by combining lending and derivative strategies. According to preliminary models, the annualized yield on Intchains' ETH holdings could reach up to 10%.
