By now, you’ve seen ETH treasuries exploding across crypto feeds — companies stacking billions in Ethereum, prices pumping to $4,300+, and even targets of $20,000+.
You’ve seen publicly traded treasuries surge 100%+ in just one trading week but what actually is an Ethereum treasury? Buckle up — this article breaks down just that and shows you exactly how to profit. Has the ship sailed or are we just getting started?
If you strip away the crypto gloss, an Ethereum treasury is just a financial engine. It’s a corporate balance sheet that follows the following process.
Raise money —> Buy ETH —> Stake ETH —> repeat.
Here’s how the engine runs. Publicly traded companies will sell shares directly into the market via “ATM” offerings to raise cash. Alternatively, a company can issue bonds or convertible notes to raise cash. “PIPEs” — or private investment in public equities — aren’t uncommon either. Why issue in fiat? Simple. Most investors deal in fiat not Ethereum.
Once the treasury has the cash, they buy ETH. Instead of buying the ETH on Coinbase or Robinhood — as a retail trader would — treasuries buy OTC (over the counter). Essentially, they call up a trading desk and buy privately in bulk. This avoids any mega green candles or price manipulation.
Unlike Bitcoin, ETH earns rewards when staked. The treasury will stake their newly acquired ETH for a 3-5% yield that compounds the amount of ETH they own. Nearly all of the corporate ETH holdings are staked. Idle ETH is wasted potential.
Next, the treasuries repeat. ETH rewards can be re-staked to grow the principal. Treasuries can issue more shares — diluting current ownership — to raise more cash to buy more ETH.
Now, here’s the reason many of you have read: can I make money? Here are the major players in the space.
BitMine (BMNR) has been on an absolute tear. In just 5 weeks it’s acquired over 1.15 million ETH (~$4.96B), making it the largest corporate Ethereum holder in the world. Its model is simple: raise money, buy ETH, stake it, and let the yield snowball. As of Aug 12, 2025 BMNR made a $20 Billion offering to buy more ETH. Yes, with a B. It’s clear that Tom Lee is wasting no time in his goal of acquiring 5% of all ETH.
SharpLink (SBET) plays a similar game on a slightly smaller scale holding around 285,000 ETH (~$1.65B) with 99% staked. It recently raised $400M to acquire more ETH, demonstrating that established players are still in growth mode.
Investors choose BMNR or SBET stock over simply buying ETH because the shares offer convenience: the company handles storage, staking, security, and liquidity, while you benefit from ETH price appreciation plus yield upside. BMNR and SBET are trading at a premium to their market Net Asset Value (mNAV), meaning the market values these shares higher than the raw value of their underlying ETH holdings. In bull markets, that premium can expand as investor enthusiasm increases. Investors aren’t just pricing in current ETH, but also future accumulation, staking compounding, and efficient management. Essentially, this creates a leverage effect: ETH price increases push the mNAV up while bullish sentiment widens the premium, giving the stock an amplified move up. The flip side, of course, is that premiums contract just as fast in bear markets.
My thoughts? Ethereum is the foundation and technology for tokenization enabling assets of all kinds to be represented, transferred, and established on a decentralized network. My price target for Ethereum is $10,000. I believe that in a bull market, BMNR can rise 450%+ and SBET can rise 400%+ just this year. As always, do your own research.
Disclaimer: This is not financial advice, and you should always do your own research and consult with a qualified professional before making any investment decisions.