Beyond Bitcoin: ETH as a Corporate Treasury Asset
Galaxy highlights how four U.S.-listed companies were the first to adopt Ethereum (ETH) reserves on their balance sheets. Following MicroStrategy’s success with Bitcoin, these firms used equity raises to amass ETH holdings, signaling a new wave of corporate treasury diversification.
In particular, SharpLink Gaming (NASDAQ: SBET) stands out. Funded by a $425 million PIPE and additional at-the-market offerings, the company acquired over 215,634 ETH and staked the full amount—earning 322 ETH within its first month. This not only generates yield but also bolsters Ethereum’s network security.
The report delves into metrics such as “ETH per share” and the market’s valuation premium for companies backing treasuries with ETH. It also explores how these strategies inject capital directly into Ethereum’s staking and DeFi ecosystems, supporting long-term protocol health.
Galaxy positions ETH treasury adoption as a strategic move beyond mere speculation: it represents an intentional alignment of corporate finance with Ethereum’s economic model. These companies aren’t just accumulating tokens—they’re deploying capital in ways that reinforce and tap into the utility of Ethereum’s decentralized infrastructure.
