Catenaa, Tuesday, July 29, 2025- Ethereum’s rally is being fueled by a rising number of companies adding ether to their corporate balance sheets, according to a report by Bernstein.
These so-called “ETH treasuries” have acquired 876,000 ETH in July alone, roughly 0.9% of the total supply, as firms like Bit Digital, BTCS, SharpLink Gaming, and BitMine Immersion pile in.
The strategy, modeled loosely after bitcoin treasury holdings by firms like Strategy, seeks to earn yield through staking.
Bernstein notes the staking layer adds a yield component of up to 5% annually but introduces new risks related to liquidity, smart contracts, and restaking platforms like Eigenlayer.
While bitcoin treasuries remain liquid and conservatively leveraged, Ethereum treasuries must manage risks tied to staking withdrawals, asset-liability mismatches, and potential exposure to decentralized finance.
Still, Bernstein argues that ETH’s utility in fee burning, staking, and powering stablecoins and real-world asset tokenization may make it an increasingly attractive treasury asset.
The trend comes as inflows into spot ETH exchange-traded funds have surged to $6.7 billion year-to-date. BlackRock’s ETHA ETF nears $10.7 billion in assets after attracting $3.8 billion in July alone.
Over half of U.S. dollar-pegged stablecoins already operate on Ethereum, and institutional adoption could grow further as more GENIUS-compliant assets launch. Bernstein concludes ETH’s value could rise if corporate treasury activity grows alongside increased network usage.
