Corporate treasuries have embarked on an unprecedented Ethereum accumulation campaign, purchasing 1% of the entire circulating supply since early June 2025, according to a groundbreaking report from Standard Chartered. The bank’s global head of digital assets research, Geoff Kendrick, forecasts this institutional adoption could eventually reach 10% of all Ethereum, marking a fundamental shift in how corporations view digital assets.
The rapid corporate accumulation—totaling 2.33 million ETH valued at over $9 billion across 64 entities—represents a 195% increase from mid-May levels and signals growing institutional preference for Ethereum over Bitcoin in treasury strategies.
The Corporate Treasury Revolution
The surge in corporate Ethereum holdings reflects a strategic pivot by companies seeking yield-generating digital assets that offer more utility than simple price appreciation. Unlike Bitcoin, which primarily serves as a store of value, Ethereum provides staking rewards and access to decentralized finance (DeFi) protocols that can generate additional returns for corporate treasuries.
“This buying was almost as strong as ETH ETF buying, which has also been the strongest on record. We expect ETH treasury companies to eventually own 10% of all ETH, a 10x increase from here,” Kendrick told BeInCrypto in the July 29 report.
The pace of acquisition has been particularly striking, with corporate treasuries accumulating Ethereum at double the rate of Bitcoin purchases by similar entities. This accelerated adoption has coincided with Ethereum’s significant outperformance against Bitcoin, with the ETH/BTC ratio climbing from an April low of 0.018 to 0.032 by late July.
Key Players Leading the Charge
Several companies have emerged as pioneers in corporate Ethereum treasury strategies, establishing substantial positions that could serve as blueprints for broader institutional adoption:
BitMine Immersion Technologies has made the most aggressive move, initially committing $250 million to an Ethereum reserve and rapidly scaling to over $2 billion in ETH holdings within a single month. The company has announced plans to increase this stake to $4.5 billion, with a long-term vision of owning 5% of Ethereum’s total supply.
SharpLink Gaming has also established itself as a major Ethereum holder, accumulating $1.7 billion worth of ETH as of late July. The gaming company’s strategy involves actively deploying its Ethereum holdings through staking and yield-generating DeFi protocols to enhance shareholder value.
FG Nexus (formerly Fundamental Global) represents another significant development, launching a $200 million private placement to establish an ether-based treasury strategy with backing from prominent investors including Galaxy Digital and Kraken.
Why Ethereum Over Bitcoin?
Corporate treasuries are increasingly favoring Ethereum over traditional Bitcoin holdings for several compelling reasons:
Staking Rewards: Ethereum’s transition to Proof-of-Stake allows companies to earn passive income on their holdings, with current staking yields ranging from 3-5% annually. This provides treasury managers with a predictable yield component unavailable through Bitcoin holdings.
DeFi Integration: Corporate treasuries can leverage their Ethereum holdings within decentralized finance protocols to generate additional returns through lending, liquidity provision, and yield farming strategies. This creates multiple revenue streams from a single asset allocation.
Regulatory Advantages: Kendrick noted that Ethereum treasury companies benefit from regulatory arbitrage opportunities, as they can operate in jurisdictions with more favorable digital asset regulations compared to the restrictions facing U.S.-based Bitcoin ETFs.
Utility and Programmability: Ethereum’s smart contract capabilities enable companies to create custom financial instruments and automate treasury operations, possibilities that don’t exist with Bitcoin’s more limited functionality.
Market Impact and Price Performance
The corporate treasury accumulation has significantly impacted Ethereum’s market dynamics, contributing to a 56.9% price appreciation over the past month. ETH has reached highs not seen in months, with the surge in institutional demand coinciding with record inflows into Ethereum ETFs.
“ETH has significantly outperformed BTC since ETH treasury companies took hold in early June, with the ETH-BTC cross up from an April low of 0.018 to 0.032 now. Buying by these companies, along with the best period for ETH ETFs on record, has certainly contributed to those gains,” Kendrick explained.
Standard Chartered maintains a year-end price target of $4,000 for Ethereum, suggesting further upside potential if current institutional accumulation trends continue. The bank’s analysis indicates that corporate treasury flows are becoming more important than Bitcoin equivalents in driving market dynamics.
The Strategic ETH Reserve Framework
The companies leading this movement have established sophisticated treasury management frameworks that differ significantly from traditional corporate crypto holdings:
Active Staking Operations: Rather than simply holding ETH in cold storage, these companies actively stake their holdings to maximize rewards. Some treasury teams have developed custom staking infrastructure to optimize returns while maintaining security standards appropriate for corporate balance sheets.
DeFi Yield Generation: Corporate treasuries are exploring various DeFi protocols to generate additional yield on their Ethereum holdings, including lending platforms, liquidity pools, and automated market makers. This requires sophisticated risk management frameworks to protect corporate assets.
Regulatory Compliance: Companies operating Ethereum treasury strategies must navigate complex regulatory landscapes, ensuring compliance with securities laws, tax regulations, and corporate governance requirements across multiple jurisdictions.
Institutional-Grade Custody: Corporate treasuries require custody solutions that meet institutional security standards, often utilizing multiple custodians and implementing sophisticated multi-signature security protocols to protect digital assets.
Future Implications for Corporate Finance
The growing adoption of Ethereum in corporate treasuries could herald a broader transformation in how companies manage their balance sheets and investment strategies:
Balance Sheet Diversification: Ethereum provides corporations with a new asset class that offers both growth potential and yield generation, creating opportunities for more sophisticated treasury management strategies.
Capital Efficiency: The ability to generate staking rewards and DeFi yields on treasury holdings could improve capital efficiency for corporations, potentially enhancing returns on idle cash reserves.
Financial Innovation: Corporate Ethereum holdings enable new financial products and services, potentially leading to innovative corporate financing solutions that leverage blockchain technology and smart contracts.
Competitive Dynamics: As more companies adopt Ethereum treasury strategies, early adopters may gain competitive advantages through enhanced financial flexibility and innovative treasury management approaches.
Looking Ahead: The Path to 10% Adoption
Standard Chartered’s forecast of 10% Ethereum ownership by corporate treasuries represents a significant but potentially achievable target based on current trends. The realization of this projection would depend on several factors:
Regulatory Clarity: Continued regulatory progress and clearer guidelines for corporate digital asset holdings would be essential for broader adoption beyond early adopters.
Infrastructure Development: The maturation of institutional-grade custodial services, staking platforms, and DeFi protocols will make Ethereum treasury strategies more accessible to corporate treasurers.
Performance Validation: Sustained outperformance of Ethereum relative to traditional assets and Bitcoin would reinforce the case for corporate allocation.
Risk Management Frameworks: Development of sophisticated risk management tools and insurance products for digital asset holdings would reduce barriers to corporate adoption.
The current momentum suggests that corporate Ethereum adoption is still in its early stages, with significant room for growth as more treasury managers recognize the unique advantages of Ethereum’s staking yields and DeFi integration capabilities.
This article reflects information available as of July 29, 2025. Market conditions and corporate developments may have evolved since publication.
