Overview

• Public treasury companies like BitMine Immersion Technologies, SharpLink Gaming and The Ether Machine hold $11.77 billion of ETH, amounting to about 1.6 % of circulating supply.
• U.S. spot Ethereum ETFs have also acquired roughly 1.6 % of supply since June, putting corporate treasuries on par with passive ETF products.
• Standard Chartered reports that net asset value multiples for ETH treasury firms have normalized near 1.0, enhancing their appeal over spot ETFs.
• The SEC’s Division of Corporation Finance clarified that certain liquid staking activities and staking receipt tokens are not securities under the 1933 Act, fueling institutional staking growth.
• Record network transactions and a surge in staked ETH have followed this regulatory clarity even as Ethereum co-founder Vitalik Buterin warns that excessive leverage in treasury strategies could destabilize markets.