A new class of public companies is emerging.
These firms are building Ethereum treasuries to earn yield, support the protocol, and reshape how corporate capital interacts with decentralized networks.
📊 ETH concentration across leading firms:
@glxyresearch's new report, Beyond Bitcoin: Ethereum as a Corporate Treasury Asset, explores this in depth.
@mustbetherosas profiles four public companies - @SharpLinkGaming @BitMNR @BitDigital_BTBT @GSQHoldings – that have collectively raised hundreds of millions to acquire and stake $ETH.
Unlike bitcoin treasuries, which tend to be passive, ETH treasuries are capital productive.
These firms are staking ETH or deploying it into DeFi to earn yield while contributing to Ethereum’s validator set and protocol stability.
Each company featured in the report built its ETH treasury through equity issuance.
This means they carry no debt maturity overhang, no coupon obligations, and no default risk if crypto markets turn against them.
The absence of leverage materially reduces systemic fragility and avoids the refinancing and dilution risk tied to deeply in-the-money convertibles.
Inside the report:
✔️ETH per share (ETH concentration)
✔️Market premium to ETH book value
✔️Staking and DeFi deployment strategies
✔️Dilution risk and capital structure
Read the report:
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