Ethereum Treasury Companies Still In The Game? Here’s What They’ve Been Up To

Ethereum treasury companies Bitmine and Sharplink continue to advance their ETH strategy amid the current crypto market downtrend. Bitmine, in particular, continues to accumulate ETH at a steady pace, with the company close to its goal of holding 5% of the token’s supply.  

Ethereum Treasury Company Bitmine Adds More ETH

In a press release, Bitmine revealed that they bought 60,976 ETH last week and now holds a total of 4.535 million ETH worth around $8.91 billion. The Ethereum treasury company has also staked just over 3 million of these tokens to generate yields on its holdings. With its latest purchase, the firm now owns 3.76% of the total token supply and is now over 75% of the way to holding 5% of the supply in just eight months. 

Bitmine’s Chairman, Tom Lee, noted that they have staked more ETH than other entities in the world. He further revealed that their staking rewards could reach $259 million annually when their total holdings are fully staked. Lee added that they continue to make progress on their staking solution known as ‘The Made In America Validator Network (NAVAN),’ which they plan to deploy in the first part of this year. 

The Ethereum treasury company has continued to make weekly ETH purchases despite holding an unrealized loss of almost $8 billion, with an average price of $3,768. Commenting on the current market downtrend, Tom Lee noted that Ethereum prices have shown resilience amid rising war concerns and surging oil prices. “We continue to believe that crypto prices are in the late/final stages of the ‘mini-crypto winter,’ he said. 

Sharplink Outlines ETH Strategy For This Year

Sharplink, the second-largest Ethereum treasury company, outlined its ETH strategy for this year in its full-year 2025 report. The company plans to further compound ETH per share, generate yield above native staking rates, and expand partnership opportunities within the Ethereum ecosystem. Sharplink added that it will continue building a “pure-play, shareholder-aligned ETH treasury company.”

Sharplink currently holds just over 863,020 ETH at an average price of $3,543 and is sitting on an unrealized loss of $1.3 billion on its investment. Unlike Bitmine, Sharplink has paused its ETH purchases, with its last public purchase in October last year. The Ethereum treasury company has, however, staked its ETH and generated a total staking reward of 14,516 ETH through both native and liquid staking programs. 

Notably, the Ethereum Foundation, the fourth-largest Ethereum treasury company, has also initiated plans to stake 70,000 ETH. The Foundation has already begun these plans, staking ETH with crypto ETF issuer Bitwise. 

At the time of writing, the ETH price is trading at around $2,000, down in the last 24 hours, according to data from CoinMarketCap.