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Ethereum treasuries scale up, mirroring Bitcoin’s corporate playbook
Corporate accumulation of digital assets is evolving beyond Bitcoin. Institutional narratives that once centered on figures like Michael Saylor and large BTC treasuries are now developing on Ethereum. Firms such as Bitmine and The Ether Machine are assembling substantial ETH balance sheets and positioning Ethereum as a core reserve asset for long-term corporate treasuries.
Price context: ETH under short-term pressure
Despite growing institutional demand, Ether has faced recent selling pressure. At the time of writing, ETH is trading at $4,465 — down about 2.8% over the past 24 hours and roughly 4.2% for the week. Market volatility underscores the tension between accumulation strategies and near-term price action.
SPAC deals and buybacks drive treasury competition
Competition among Ethereum-focused treasury firms is intensifying as companies pursue different routes to scale holdings. On September 17, The Ether Machine filed a draft registration statement with the U.S. SEC as it prepares to go public via a merger with Nasdaq-listed SPAC Dynamix Corporation. That transaction, announced in July, is expected to close in the fourth quarter pending shareholder approval. The Ether Machine has built a sizable position of 495,362 ETH after adding 150,000 ETH in August.
Corporate buybacks and balance sheet moves
Other market participants are leveraging buybacks to signal confidence. SharpLink Gaming disclosed a repurchase of 1 million shares at an average price of $16.67 as part of an ongoing buyback program. Since late August, the firm has repurchased nearly 1.94 million shares, citing undervaluation. SharpLink reported a net asset value of $3.86 billion — roughly $18.55 per share — and stated it carries no outstanding debt.
Why ETH treasuries may have an edge
Analysts highlight structural advantages for Ethereum treasuries versus Bitcoin and other chains. Standard Chartered’s Geoffrey Kendrick recently noted that ETH-focused treasuries benefit from staking yields, which Bitcoin does not provide. Staking income can support higher valuations and enhance long-term sustainability for organizations holding ETH as a digital asset treasury (DAT).
Market share and outlook
Since June, ETH treasuries have accumulated roughly 3.1% of Ethereum’s circulating supply. With market valuations under pressure across many DATs, industry consolidation is likely. Still, Ethereum-oriented treasury firms appear to be gaining ground as they combine strategic accumulation, public listings, and buyback programs to deepen institutional exposure to ETH.
Source: cryptonews
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