ETFs and treasury cos have bought $19bil ETH this yr, with $7bil from ETFs and $12bil from cos.

ETFs and treasury cos have bought $19bil ETH this yr, with $7bil from ETFs and $12bil from cos.

In 2025, Ethereum (ETH) has witnessed substantial buying activity from both exchange-traded funds (ETFs) and treasury companies, totaling approximately $19 billion in purchases. According to Standard Chartered's Geoffrey Kendrick, these entities have bought 1.6% of all ETH in circulation since June, matching the pace of ETF purchases over the same period [1].

The buying spree has been driven by the growing acceptance of ETH as a corporate reserve asset and its ability to generate yield through staking rewards and decentralized finance (DeFi) opportunities. Ethereum treasury companies, such as SharpLink Gaming (SBET) and BitMine (BMNR), have been at the forefront of this trend, with SBET's NAV multiple normalizing to just above 1 [2].

SharpLink Gaming, a Nasdaq-listed company, has recently announced a $200 million capital raise to significantly expand its ETH treasury. This move underscores the company's confidence in Ethereum's long-term potential and positions it at the forefront of digital asset integration within traditional corporate structures [3]. The capital raise is expected to exceed an impressive $2 billion in value for the ETH treasury, signaling a bold strategy for the company's future.

Kendrick highlights that Ethereum treasury companies offer better access to ETH price appreciation, staking rewards, and ETH-per-share growth compared to U.S. spot ETH ETFs, which currently cannot stake or participate in DeFi. The analyst expects the NAV multiples to stay above 1, making these treasury companies a more attractive investment option [1].

The year-end price target for Ethereum remains at $4,000, with the current trading price at around $3,650, up 2% in the past 24 hours [1]. The combination of these factors suggests that Ethereum treasury plays are a better buying opportunity than ETFs, as they provide similar exposure to ETH while offering additional benefits such as staking and DeFi participation.

References:
[1] https://www.theblock.co/post/365832/standard-chartered-ethereum-treasury-firms-very-investable-spot-eth-etfs
[2] https://www.coindesk.com/markets/2025/08/06/ethereum-treasury-stocks-better-buy-than-eth-etfs-standard-chartered-says
[3] https://bitcoinworld.co.in/sharplink-ethereum-expansion/