Written by: KarenZ, Foresight News

Ethereum is attracting an increasing number of institutions and companies to incorporate it into their treasury assets or strategic reserves. Since the second half of 2025, a wave of "Ethereum treasury" initiatives has emerged, with numerous publicly listed companies adding ETH to their balance sheets or capital reserves, not only as a store of value but also generating returns through staking and other methods.

According to Strategic ETH Reserve, there are currently 70 publicly listed companies, project teams, or entities (holding more than 100 ETH) that regard Ethereum as a strategic reserve or hold Ethereum. The latest data shows that all these entities have collectively held over 4.1 million ETH, valued at approximately $17.6 billion, accounting for 3.39% of the ETH supply. Among them, companies that have initiated Ethereum treasury strategies have collectively held about 3 million ETH, valued at approximately $12.86 billion.

The 14 companies that have launched Ethereum treasury strategies include: 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 revenue generation methods of the top 10 Ethereum treasury companies.

Overall, these top 10 companies, as core representatives of "Ethereum treasury companies," not only build substantial asset reserves through large-scale accumulation of ETH but also exhibit diverse characteristics in their staking and revenue strategies:

Some companies choose to collaborate with professional staking service providers to achieve stable returns using their technology and resources; others deeply engage with the Ethereum network by operating validation nodes and participating in liquid staking; some enhance the comprehensive returns of their ETH assets through staking and re-staking, combined with the DeFi ecosystem, utilizing various means such as lending, liquidity provision, and MEV optimization; while others explore advanced strategies like circular lending.

These practices reflect the recognition of ETH as a store of value and demonstrate its potential for generating incremental returns, providing a reference paradigm for more institutions to incorporate ETH into treasury assets, while also promoting the further maturation 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 ETH holdings skyrocketing from 0 to 1,523,373 ETH, aiming to accumulate 5% of the ETH supply. Wall Street strategist and co-founder of Fundstrat Global Advisors, Thomas Lee, has joined the BitMine board 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 pioneer Peter Thiel acquired a 9.1% stake in BitMine Immersion Technologies.

BitMine has not yet initiated ETH staking. However, BitMine has stated that one of Ethereum's key features is its support for smart contracts, with most stablecoin payments, tokenized assets, and decentralized finance applications being 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 finance mechanisms.

Bill Miller III, an investor behind BitMine (senior advisor at Miller Value Partners), also mentioned in August that "once BitMine initiates ETH staking, its profitability will be substantial."

SharpLink Gaming

NASDAQ-listed SharpLink Gaming was originally an online performance marketing company focused on the U.S. sports betting and global iGaming industry, which identified ETH as its primary reserve asset in early June this year. Ethereum co-founder and Consensys founder and CEO Joseph Lubin has joined SharpLink Gaming as chairman of the board.

As of August 19, SharpLink Gaming holds approximately 740,760 ETH and has staked nearly 100% of its ETH, accumulating 1,388 ETH in rewards through staking. SharpLink Gaming primarily stakes through Liquid Collective and Figment.

The Ether Machine

On July 21, the blank check company Dynamix announced a merger with another entity to form a new company called "The Ether Machine." The merged company plans to hold over $1.5 billion in ETH.

Currently, The Ether Machine holds a total of 345,362 ETH (purchased and committed). Andrew Keys, chairman and co-founder of The Ether Machine, stated that the company's mission is to purchase ETH, stake, re-stake, and deploy it for on-chain operations.

In The Ether Machine Deck, I found that The Ether Machine's Ethereum strategy includes:

1. Accumulating ETH: Building ETH reserves through purchases and strategic partnerships.

2. Compounding ETH:

• Native staking and re-staking of ETH or operating through staking service providers: Obtaining staking rewards and additional re-staking returns through delegation or running validation nodes.
• Seizing opportunities in the DeFi space: Exploring on-chain opportunities to achieve risk-adjusted attractive returns.
• Providing institutional-grade staking services: Creating one-stop staking and re-staking solutions for enterprises and funds, continuously generating ETH-denominated returns.

1. Strengthening the Ethereum network, reaching institutional and retail users, etc.

Notably, The Ether Machine has also discussed implementing circular lending strategies using LST/LRT tokens on Aave in an Empire interview.

Currently, The Ether Machine has not publicly disclosed specific ETH staking or handling strategies.

Bit Digital

NASDAQ-listed mining company Bit Digital (BTBT) announced on July 7 the completion of its full transition to an Ethereum treasury strategy. Bit Digital's official introduction states, "Bit Digital is a publicly listed digital asset platform focused on Ethereum-native asset management and staking strategies," clearly indicating Bit Digital's positioning.

As of August 11, 2025, Bit Digital holds 121,076 ETH. In its Q2 earnings report, Bit Digital disclosed that it earned 166.8 ETH in staking rewards during the second quarter. Additionally, as of August 11, 2025, Bit Digital's staking volume is 105,015 ETH.

According to GuruFocus, during Bit Digital's Q2 earnings call, when asked about "how Bit Digital handles Ethereum staking and whether there are plans to internally manage validator nodes," Bit Digital CFO Erke Huang stated that Bit Digital collaborates with Fireblocks and Figment for staking, achieving approximately 3% returns (with costs below 10%). Although Bit Digital has considered internal node management, it currently relies on the expertise and support of institutional partners.

Furthermore, according to Arkham data, Bit Digital holds 4,719 LSETH (Liquid Collective) and 9,657 ETH (data incomplete).

ETHZilla

ETHZilla was originally an innovative biotechnology company (formerly known as 180 Life Sciences) and is now expanding its business into software-driven gaming and entertainment. ETHZilla is developing ETH accumulation tools. In August, PayPal co-founder and Silicon Valley venture capital pioneer Peter Thiel and his investment team acquired a 7.5% stake in the Ethereum treasury reserve company ETHZilla.

According to ETHZilla's latest submitted report, it currently holds 94,675 ETH, with an average purchase price of $3,902.20.

Electric Capital serves as ETHZilla's external asset manager and plans to implement a differentiated on-chain revenue generation program, utilizing a combination of staking, lending, liquidity provision, and customized private agreements to surpass traditional ETH staking. Electric Capital is also one of the investors in the company's $565 million private placement and convertible bond issuance financing before it was renamed ETHZilla.

BTCS Inc.

BTCS Inc. (NASDAQ: BTCS) is a blockchain infrastructure technology company based in the United States, dedicated to driving scalable revenue and ETH accumulation through DeFi/TradFi value-adding flywheels.

As of July 28, 2025, BTCS Inc. has a total ETH holding of 70,028 ETH. BTCS was also included in the Russell Microcap Index on July 16.

BTCS Inc. operates cloud-based validator nodes on the Ethereum blockchain through its NodeOps (node operation) service to secure the network, earn staking rewards, and enhance shareholder value.

As of August 12, 2025, 38% of BTCS Inc.'s Ethereum holdings are staked in validator nodes operated by BTCS Inc. (Solo Staking), while 55% of Ethereum earns interest in Aave, and BTCS Inc. borrows stablecoins to purchase additional ETH. Additionally, BTCS Inc. is a professional node operator for Rocket Pool (this portion accounts for 6%), aiming to scale operations, generate returns from staked assets, and obtain additional pool yield shares.

Moreover, BTCS Inc. employs complex algorithms through its core infrastructure Builder+ to maximize returns by optimizing block creation and transaction ordering through maximizing extractable value (MEV), thereby generating scalable revenue for the company.

According to BTCS Inc.'s Q2 financial report, the Builder+ segment generated revenue of $2.51 million in the second quarter, compared to just $76,000 in the second quarter of 2024. Additionally, BTCS Inc. achieved a net gain of $4 million through DeFi lending on the Aave platform using ETH as collateral. BTCS Inc. stated that it provides flexible on-demand liquidity services while retaining full ownership and control of the underlying ETH collateral.

BTCS Inc. also expanded the scale of ETH-supported DeFi lending after the end of Q2, raising over $192 million through increased ATM sales, additional convertible note issuances, and expanding ETH-supported DeFi borrowing on Aave, bringing its ETH holdings to 70,140 ETH as of August 12, 2025, a 478% increase from the end of Q2.

FG Nexus

NASDAQ-listed Fundamental Global Inc. changed its name to FG Nexus Inc. at the end of July and launched an Ethereum treasury strategy while completing a $200 million private placement financing, with investors including Galaxy Digital, Kraken, Hivemind Capital, Syncracy Capital, Digital Currency Group (DCG), and Kenetic.

In August, FG Nexus submitted a $5 billion shelf registration application to the U.S. Securities and Exchange Commission (SEC) to support its Ethereum accumulation strategy. On August 11, FG Nexus announced that it had used all net proceeds from the $200 million private placement to purchase ETH, currently holding 47,331 ETH.

FG Nexus stated that to enhance 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. is a NASDAQ-listed media, entertainment, and technology company that launched its Ethereum fund management strategy in July 2025. As of August 4, GameSquare's ETH holdings reached 15,630 ETH.

GameSquare has initiated its ETH fund management strategy through Dialectic's on-chain yield platform. The strategy aims for an annualized yield of 8% to 14%. GameSquare stated that the net income from its Ethereum yield strategy will be used to repurchase its stock.

ETH Strategy

ETH Strategy is a self-financing protocol within the Ethereum ecosystem. By utilizing long-term convertible bonds, ETH Strategy enables participants to collateralize assets to the protocol in exchange for convertible notes, providing leveraged ETH exposure with downside protection.

Recently, ETH Strategy completed fundraising through three channels, raising 6,900 ETH in a private round, 1,242 ETH in a public round, and an additional 4,200 ETH from redeemable warrants, totaling 12,342 ETH.

In August, ETH Strategy began to allocate part of its funds for liquid staking through partnerships with Ether.Fi and Lido.

Intchains Group

Intchains Group is a NASDAQ-listed company focused on altcoin mining products and ETH holdings.

Intchains Group's ETH fund management strategy is centered around a rigorous dollar-cost averaging (DCA) approach, regularly allocating funds to gradually accumulate ETH.

According to Intchains Group's official website, as of the end of Q2, Intchains Group held 8,816 ETH at an average cost of $2,615. Intchains Group plans to deploy part of its ETH holdings into yield-generating activities, including staking and liquidity provision, to generate incremental returns from idle assets.

At the end of July, Intchains Group announced a partnership with FalconX, a digital asset prime broker aimed at institutional investors, to expand the company's reserves in ETH digital assets and explore potential yield enhancement opportunities through structured ETH yield strategies. This collaboration focuses primarily on the following two aspects:

• Optimizing ETH purchases: FalconX will implement customized derivative-based trading strategies, such as providing funded put selling for Intchains Group.
• ETH yield enhancement strategies: FalconX will support Intchains Group in enhancing the yield on its ETH holdings by combining lending and derivative strategies. According to preliminary models, the annualized yield on Intchains' ETH holdings could reach as high as 10%.

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