By Karen Z, Foresight News
Ethereum is attracting a growing number of institutions and companies to include it in their treasury assets or strategic reserves. Since the second half of 2025, a wave of "Ethereum treasuries" has emerged, with many listed companies adding ETH to their balance sheets or reserves, not only as a store of value but also to generate income through staking and other methods.
According to Strategic ETH Reserve, there are currently 70 publicly listed companies, projects, or entities that hold Ethereum as a strategic reserve or hold more than 100 ETH. Recent data shows that these entities collectively hold over 4.1 million ETH, valued at approximately $17.6 billion, representing 3.39% of the ETH supply. Of this total, companies that have initiated Ethereum treasury strategies hold approximately 3 million ETH, valued at approximately $12.86 billion.
Fourteen companies have launched Ethereum treasury strategies, namely: 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., and Cosmos Health.
This article will delve into the Ethereum staking strategies and yield-generating methods of the top 10 Ethereum treasury companies.
Overall, these 10 companies, as core representatives of the “Ethereum Treasury Company,” have not only built up considerable asset reserves through large-scale increases in ETH holdings, but have also demonstrated diverse characteristics in their staking and yield strategies:
Some companies choose to cooperate with professional staking service providers to achieve stable returns with the help of their technology and resources; some deeply participate in the Ethereum network by independently operating verification nodes and participating in liquidity staking; others improve the comprehensive return of ETH assets through staking and re-staking and combining with the DeFi ecosystem through multiple means such as lending, liquidity supply, and MEV optimization; some companies are also exploring advanced strategies such as revolving loans.
These practices not only reflect the recognition of ETH as a value storage tool, but also demonstrate its potential in generating incremental returns. They provide a reference paradigm for more institutions to include ETH in treasury assets, while also promoting the further maturity of the Ethereum ecosystem.
BitMine
Less than two months after announcing the launch of its Ethereum treasury strategy, BitMine has become the world's largest corporate holder of ETH, with its holdings surging from 0 to 1,523,373, with a goal of hoarding 5% of the total ETH supply. Thomas Lee, Wall Street strategist and co-founder of Fundstrat Global Advisors, has joined BitMine's board of directors as chairman. On July 16, according to a filing with the U.S. Securities and Exchange Commission, PayPal co-founder and Silicon Valley venture capital godfather Peter Thiel has acquired a 9.1% stake in BitMine Immersion Technologies.
BitMine has not yet enabled ETH staking. However, BitMine has stated that a major feature of Ethereum is its support for smart contracts, and most stablecoin payments, tokenized assets, and decentralized financial applications are traded on Ethereum. By directly holding ETH funds, the company can participate in native protocol layer activities on the Ethereum network, such as staking and decentralized financial mechanisms.
Bill Miller III, a BitMine investor and senior advisor at Miller Value Partners, also said in August that “Once BitMine enables ETH staking, BitMine’s profitability will be very significant.”
SharpLink Gaming
SharpLink Gaming, a Nasdaq-listed online performance marketing company specializing in US sports betting and the global iGaming industry, identified Ethereum (ETH) as its primary reserve asset in early June. Joseph Lubin, co-founder of Ethereum and founder and CEO of ConsenSys, has joined SharpLink Gaming as Chairman of the Board.
As of August 19th, SharpLink Gaming held approximately 740,760 ETH and had staked nearly 100% of the company's ETH, earning a cumulative 1,388 ETH in rewards through staking. SharpLink Gaming primarily stakes through Liquid Collective and Figment.
The Ether Machine
On July 21, blank check company Dynamix announced a merger with another entity to form a new company called "The Ether Machine." The combined company plans to hold more than $1.5 billion in ETH.
The Ether Machine currently holds (purchased and committed) a total of 345,362 ETH. Andrew Keys, chairman and co-founder of The Ether Machine, stated that the company's mission is to purchase 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 Interest ETH:
Native staking and re-staking of ETH can be done through staking service providers: staking rewards and additional re-staking income can be obtained by delegating or running a validator node.
Seize opportunities in DeFi: Explore on-chain opportunities and earn attractive risk-adjusted returns.
Provide institutional-grade staking services: Create a one-stop staking and re-staking solution for enterprises and funds, and continuously generate ETH-denominated returns.
3. Strengthen the Ethereum network and reach institutional and retail users
It is worth mentioning that The Ether Machine also discussed using LST/LRT tokens to implement a revolving loan strategy on Aave in an interview with Empire.
At present, The Ether Machine has not publicly disclosed its specific ETH staking or processing strategy.
Bit Digital
On July 7, Nasdaq-listed mining company Bit Digital (BTBT) announced the completion of its full transition to an Ethereum treasury strategy. Bit Digital's official profile, "Bit Digital is a publicly listed digital asset platform focused on Ethereum-native asset management and staking strategies," clearly illustrates Bit Digital's positioning.
As of August 11, 2025, the total Ethereum holdings were 121,076 ETH. Bit Digital disclosed in its Q2 financial report that it received 166.8 ETH in staking rewards. Furthermore, as of August 11, 2025, Bit Digital's staked holdings were 105,015 ETH.
According to GuruFocus, during Bit Digital's Q2 earnings call, in response to questions about how Bit Digital handles Ethereum staking and whether it has plans to manage validator nodes in-house, Bit Digital CFO Erke Huang stated that Bit Digital is collaborating with Fireblocks and Figment for staking, achieving a yield of approximately 3% (with costs below 10%). While Bit Digital has considered internal node management, it currently relies on the expertise and support of institutional partners.
In addition, according to Arkham data, the Bit Digital entity holds 4,719 LSETH (Liquid Collective) and 9,657 ETH (data incomplete).
ETHZilla
ETHZilla, originally founded as an innovative biotech company (formerly known as 180 Life Sciences), is expanding into software-driven gaming and entertainment. ETHZilla is developing tools for accumulating ETH. In August, PayPal co-founder and Silicon Valley venture capitalist Peter Thiel and his investment team acquired a 7.5% stake in ETHZilla, the Ethereum treasury reserve company.
According to the latest report submitted by ETHZilla, it currently holds 94,675 ETH with an average purchase price of US$3,902.20.
Electric Capital serves as ETHZilla's external asset manager and plans to implement a differentiated on-chain yield generation program that goes beyond traditional ETH staking, leveraging a combination of staking, lending, liquidity provision, and custom private protocols. Electric Capital was also an investor in the company's $565 million private placement and convertible note offering prior to its rebranding as ETHZilla.
BTCS Inc.
BTCS Inc. (NASDAQ: BTCS) is a U.S.-based blockchain infrastructure technology company dedicated to driving scalable income and ETH accumulation through the DeFi/TradFi value-added flywheel.
As of July 28, 2025, BTCS Inc.'s total ETH holdings reached 70,028. BTCS was also included in the Russell Microcap Index on July 16.
BTCS Inc. also operates cloud-based validator nodes on the Ethereum blockchain through its NodeOps service to secure the network, earn staking rewards, and increase shareholder value.
As of August 12th, BTCS Inc. held 38% of its ETH in validator nodes operated by BTCS Inc. (Solo Staking), 55% of its ETH earning interest on Aave, and BTCS Inc. borrowed stablecoins to purchase additional ETH. BTCS Inc. also operates as a professional node operator for Rocket Pool (accounting for 6%), aiming to scale its operations, generate returns from staked assets, and earn additional share of the pool's revenue.
In addition, BTCS Inc. also uses complex algorithms to maximize returns through its core infrastructure Builder+, optimizing block creation and transaction sorting by maximizing extractable value (MEV), thereby generating scalable revenue for the company.
According to BTCS Inc.'s second-quarter financial report, its Builder+ segment generated $2.51 million in revenue in the second quarter, compared to just $76,000 in the second quarter of 2024. BTCS Inc. also generated $4 million in net income from ETH-collateralized DeFi lending on the Aave platform. BTCS Inc. stated that while retaining full ownership and control of the underlying ETH collateral, it provides flexible, on-demand liquidity services.
BTCS Inc. also expanded its ETH-backed DeFi lending after the end of the second quarter, raising more than $192 million by increasing ATM sales, increasing convertible note issuance, and expanding ETH-backed DeFi lending on Aave, bringing its ETH holdings to 70,140 as of August 12, 2025, a 478% increase from the end of the second quarter.
FG Nexus
Fundamental Global Inc., a Nasdaq-listed company, changed its name to FG Nexus Inc. at the end of July and launched its Ethereum treasury strategy, while also completing a $200 million private financing round from investors including Galaxy Digital, Kraken, Hivemind Capital, Syncracy Capital, Digital Currency Group (DCG), and Kenetic.
In August, FG Nexus filed a tentative registration application with the U.S. Securities and Exchange Commission (SEC) for $5 billion to support its Ethereum accumulation strategy. On August 11, FG Nexus announced that it had used all net proceeds from its $200 million private placement to purchase ETH, and currently holds 47,331 ETH.
FG Nexus said that in order to increase 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., a Nasdaq-listed media, entertainment, and technology company, launched an Ethereum treasury management strategy in July 2025. As of August 4, GameSquare's ETH holdings reached 15,630.
GameSquare has launched its Ethereum (ETH) fund management strategy through Dialectic's on-chain yield platform. The strategy targets an annualized return of 8% to 14%. GameSquare stated that all net proceeds from its Ethereum yield strategy will be used to repurchase its shares.
ETH Strategy
ETH Strategy is an autonomous financial protocol for the Ethereum ecosystem. By leveraging long-term convertible bonds, ETH Strategy enables participants to pledge their assets to the protocol in exchange for convertible notes, which provide leveraged ETH exposure with downside protection.
ETH Strategy recently raised funds through three channels, including 6,900 ETH in a private round, 1,242 ETH in a public round, and another 4,200 ETH from redeemable warrants, for a total of 12,342 ETH.
In August, ETH Strategy partnered with Ether.Fi and Lido to allocate part of its funds for liquidity staking.
Intchains Group
Intchains Group is a Nasdaq-listed company specializing in altcoin mining products and ETH holdings.
Intchains Group's ETH fund management strategy is centered around rigorous dollar-cost averaging (DCA), allocating funds regularly to gradually accumulate ETH.
According to the Intchains Group website, as of the end of the second quarter, the group held 8,816 ETH at an average cost of $2,615. Intchains Group intends to invest a portion of its ETH holdings in yield-generating activities, including staking and liquidity provision, thereby generating incremental returns on idle assets.
At the end of July, Intchains Group announced a partnership with FalconX, a leading digital asset broker for institutional investors, to expand the company's ETH digital asset reserves and explore potential profit growth opportunities through structured ETH yield strategies. The partnership focuses on two key areas:
Optimizing ETH Purchases: FalconX will implement customized derivatives-based trading strategies, such as funded put selling for Intchains Group.
ETH Yield Enhancement Strategy: FalconX will support Intchains Group in increasing the returns on its ETH holdings through a combination of lending and derivatives strategies. Preliminary modeling suggests that Intchains' ETH holdings could achieve an annualized yield of up to 10%.
