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A Beginner’s Guide to ETH Treasury Companies

A Beginner’s Guide to ETH Treasury Companies

Everything You Need to Know About the Most Popular Stocks to Long ETH

DeFi Dad & Nomatic
July 27, 2025

ETH treasury companies, aka digital asset treasuries (DATs), have quickly becoming some of the most talked-about stocks on Wall Street. They are in a heated race to source and buy as much ETH as they can in order to win investor favor and stand out in a growing field of competitors holding ETH on their balance sheets.

Top ETH DATs according to strategicethreserve.xyz

With Ethereum CoFounder Joe Lubin becoming Chairman of Sharplink Gaming ($SBET) and Wall Street media darling, Fundstrat’s CIO Tom Lee becoming Chairman of Bitmine ($BMNR), plus a handful of other publicly traded companies with media-friendly leadership such as BTCS ($BTCS), Bit Digital ($BTBT), and former ConsenSys employee Andrew Keys leading The Ether Machine ($DYNX), there is now an outsized bid for ETH’s rapidly shrinking supply.

Total net ETH issuance since The Merge: ~388,000 ETH
The ETH ETFs bought ~406,000 ETH over the last 2 days.
All of the net issued ETH and more since The Merge was bought in the last 2 days by the ETH ETFs.
Now throw in the ETH treasuries and...
The supply shock is real.
— sassal.eth/acc 🦇🔊 (@sassal0x)
2:32 AM • Jul 18, 2025

In this episode of The Edge Podcast, we provide a comprehensive guide on how these ETH treasury companies are acquiring and staking ETH for their treasuries while tapping into Ethereum DeFi to earn yield. We explore how these firms raise capital to buy more ETH, how staking/DeFi differentiates them from BTC treasury companies like Microstrategy, why metrics like mNAV, share count, and ETH purchase-to-issuance ratio matter, and how this new phenomenon has changed Wall Street’s attitude towards ETH as a SoV.

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