Republic Technologies Holds mETH on Balance Sheet in Ethereum Push

Mantle, a prominent sustainable hub for on-chain finance with over $3 billion in Total Value Locked (TVL), has announced a strategic partnership with Republic Technologies, the Ethereum treasury of publicly listed Canadian company Beyond Medical Technologies Inc. This collaboration marks a significant milestone in institutional cryptocurrency adoption, as Mantle’s mETH becomes the first liquid staking token to be held on the balance sheet of a publicly listed company.

Through this partnership, Republic Technologies plans to delegate a significant portion of its ETH holdings to Mantle’s mETH Protocol. The company will hold mETH as a yield-bearing, liquid staking token on its balance sheet. This move underscores a structural shift in institutional digital asset strategy and growing investor conviction in Ethereum-native yield infrastructure, reflecting Republic Technologies’ deepening alignment with the Mantle ecosystem.

Republic Technologies is pioneering a new institutional paradigm by building a treasury strategy around Ethereum, which is seen as the foundational layer for smart contracts, tokenization, and decentralized financial settlement. Unlike Bitcoin-focused strategies employed by some firms, Republic Technologies’ approach is anchored in Ethereum’s role as the infrastructure layer powering both blockchain innovation and real-world enterprise integration. By accumulating ETH as a core balance sheet asset, Republic Technologies advances the growth of its underlying healthcare technology businesses while offering institutional-grade exposure to digital assets for all shareholders. This strategy attracts growing interest from traditional markets and accelerates institutional participation in the emerging technology sector.

Daniel Liu, CEO of Republic Technologies, emphasized the company’s strong conviction in Ethereum as the institutional chain, with ETH serving as the digital fuel powering global financial systems. He noted that the initial entry through Mantle’s Scout Program helped the company gain early exposure to the broader Mantle ecosystem, where alignment with mETH Protocol came as a natural next step. Liu highlighted that over 50 established incumbents, including major financial institutions, have already built services on Ethereum, indicating a macro tailwind that Republic Technologies aims to extend to a broader base of institutional and retail participants worldwide.

Republic Technologies’ leadership team brings decades of experience from top-tier financial institutions, including Apollo Global Management, Goldman Sachs, BlackRock, and Canaccord Genuity. The company operates under Beyond Medical Technologies Inc., a technology firm integrating blockchain infrastructure to drive operational efficiency and improve patient outcomes across the medical ecosystem. In March 2025, Republic Technologies entered into a licensing agreement and launched its medical attestation platform, leveraging Ethereum-based distributed systems to power healthcare data integrity and regulatory compliance. The Ethereum treasury was established to support and scale this vision, marking a first-of-its-kind integration.

Mantle’s mETH Protocol has quickly emerged as one of the leading platforms in Ethereum liquid staking and restaking. Within just 66 days of launch, it surpassed $1 billion in TVL—the fastest growth in its category—and has since peaked at over $2.19 billion. Designed with institutional-grade capital efficiency and composability in mind, mETH enables institutions to access Ethereum-native yield through a fully composable and capital-efficient framework. To date, over 170,000 mETH (approximately $455 million) has been restaked into EigenDA, securing Mantle’s modular data availability layer. Validator operations are distributed across leading infrastructure providers, including Stakefish, P2P.org, Blockdaemon, A41, and Veda, ensuring high availability and robust institutional reliability.

Jonathan Low, Growth Lead at mETH Protocol, highlighted that Republic Technologies’ participation underscores mETH Protocol’s ability to support institutional strategies built natively on Ethereum. As demand accelerates for ETH-native yield and utility, Mantle remains focused on building resilient infrastructure that long-term allocators can trust. This partnership not only validates the growing institutional interest in Ethereum but also sets a precedent for other publicly listed companies to follow suit, potentially leading to broader adoption of Ethereum-native yield infrastructure in the institutional sector.