Buterin on Ethereum Treasuries: 'Good,' but Leverage a Key Risk
Key Takeaways
- Vitalik Buterin views Ethereum treasuries as a positive development, offering more investment avenues.
- Recent ETH price increases have led to increased profit-taking, potentially stalling further gains.
Ethereum [ETH] treasuries have gained significant traction in 2025, providing a boost after a challenging period. However, industry opinions remain divided.
In a recent interview, Ethereum founder Vitalik Buterin addressed the trend's impact on ETH, stating:
“ETH just being an asset that companies can have as part of their treasury is good and valuable… giving people more options is good.”
Buterin cautioned that excessive debt leverage poses a substantial risk:
“If you woke me up 3 years from now and told me that treasuries led to the downfall of ETH… my guess would be that they turned into an overleveraged game.”
ETH Treasury Holdings Reach $11B
Currently, over 60 entities hold 3 million ETH in their treasuries, valued at $11.8 billion, representing 2.5% of the total supply.
Leading the pack is BitMine Immersion Technologies (BMNR) with 833.1K ETH, worth approximately $3.26 billion. SharpLinK Gaming (SBET) follows with 521.9K ETH ($2 billion), and The Ether Machine (DYNX) holds $1.35 billion in ETH.
Treasury demand since June has rivaled that of ETFs. Standard Chartered has noted that both channels have absorbed 1.6% of the total ETH supply.
The bank suggests that treasury holdings offer advantages over ETH ETFs, including exposure to staking rewards and yields.
The market price to net asset value (mNAV) has decreased for most firms, indicating fair valuation. This may represent a buying opportunity for investors, though a low mNAV could also signify a lack of trust.
BMNR’s mNAV stands at 1.47, and SBET’s valuation is at 1.15, suggesting they are fairly valued at current ETH prices.
However, increased selling pressure on exchanges has been observed as ETH approaches $4,000. This contrasts with the previous week's rally, which saw muted exchange inflows. Increased profit-taking could create resistance around the $4,000 mark.
For developers building treasury management tools, Codeum offers comprehensive smart contract auditing and KYC services to ensure security and compliance.