How Ethereum Treasury Companies are Following the BTC Playbook

  • August 18, 2025
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“A journey of a thousand miles begins with a single step.” ~ Lao Tzu

Strategy Paves the Way for Crypto Treasury Companies

Did you know that, since its inception, Bitcoin has been the best-performing asset class worldwide?

In fact, at its current $2.27 trillion valuation, Bitcoin has even surpassed silver to become the world’s fifth largest asset class – only behind Nvidia ( NVDA ), Microsoft ( MSFT ), Apple ( AAPL ), Alphabet ( GOOGL ), Amazon ( AMZN ) , and gold!

However, until the past few years, bold and daring retail investors enjoyed most of Bitcoin’s meteoric rise while most public companies, outside of crypto exchange giant Coinbase Global ( COIN ), have cashed in on the move. That is, until Strategy ( MSTR ) (formerly MicroStrategy) founder Michael Saylor made the bold decision to begin using his software company’s balance sheet to buy Bitcoin. The results speak for themselves: Strategy shares up 2,461% over the past five years, outperforming all individual stocks and trouncing the S&P 500 Index’s 93.1% gains over the same period.

How Ethereum Treasury Companies are Following the BTC Playbook


Image Source: Zacks Investment Research

While it took effort to convince his board, and there were numerous doubters on Wall Street, Saylor’s strategy appears genius in hindsight, and he is now seen as a visionary.

BitMine Immersion Technologies: The Leading Ethereum Treasury Company

While many public firms have followed Strategy’s Bitcoin treasury playbook (albeit with lesser performance), BitMine Immersion Technologies ( BMNR ) is trying to find success in a new frontier in the crypto treasury realm – Ethereum (ETH). BMNR, which has popular CNBC contributor and Fundstrat Capital managing partner Thomas “Tom” Lee as its chairman, is the leading Ethereum treasury company in the world. BMNR’s website says that the company is “committed to ETH as our primary treasury reserve asset, leveraging native protocol-level activities including staking and decentralized finance mechanisms. As a category-defining digital asset platform, our treasury strategy designed to materially enhance returns for shareholders through strategic accumulation, capital market activities, and participation in Ethereum’s expanding ecosystem. By securing a growing share of ETH supply, we strive to institutionalize capital and real-world assets on-chain, creating long-term value in the digital asset revolution.

The company has been actively increasing its Ethereum holdings, and as of the most recent press release, it holds more than 1.5 million ETH valued at ~6.59 billion, making it the largest corporate ETH holder globally. According to Tom Lee, the company’s goal is to purchase 5% of the ETH supply.

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