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Ethereum treasury companies are making waves as they raise capital, purchase large amounts of Ether (ETH), and bet their share prices will follow. Despite mounting excitement, major institutions remain cautious about these plays. The focus keyword—Ethereum treasury companies—captures both the trend and the uncertainty surrounding it.

SharpLink and BitMine Spark Attention

The most aggressive example so far is SharpLink Gaming (NASDAQ:SBET), a small online casino platform that has shifted gears and gone all-in on Ethereum. According to Ethereum co-founder and ConsenSys CEO Joe Lubin—who is now also SharpLink’s chairman—the company has acquired over $1.3 billion in Ether, buying “tens of millions of dollars” worth daily.

BitMine Immersion Technologies (OTC:BMNR), a Bitcoin miner turned Ethereum accumulator, is another firm seeing speculative interest. Both companies are now trading at nearly double the value of their Ether holdings.

The Ether Accumulation Trend

SharpLink and BitMine are just two of more than 60 companies currently holding Ethereum as a treasury asset, collectively controlling more than 1.8 million ETH, valued at roughly $6.2 billion. While that’s still below the holdings of Bitcoin treasury companies—157 firms holding Bitcoin as reserves—it’s growing rapidly.

Matt Hougan, Chief Investment Officer at Bitwise Asset Management, believes this accumulation is creating a market imbalance. He recently noted that since mid-May, exchange-traded products and public companies have bought 2.83 million ETH—32 times more than new supply.

“No wonder the price of [Ethereum] has soared,” he wrote in a July 22 investor note.

Why Ethereum?

So what’s drawing these companies toward Ethereum and not just Bitcoin?

Two reasons stand out: less competition and built-in utility.

“It’s less crowded,” says Matthew Sigel, Head of Digital Assets at VanEck. That means there’s still space for early movers to gain attention and potential upside before the sector matures.

More importantly, Ethereum isn’t just digital gold. It’s programmable and productive. Jeff Park, Head of Alpha Strategies at Bitwise, says Ethereum is appealing to investors because it “earns yield.” On the Wolf of All Streets podcast, Park explained:
“Bitcoin stores value. But Ethereum is productive—it earns.”

In a market increasingly focused on cash flow, that productivity matters.

Institutional Skepticism Remains

Still, large institutions aren’t jumping in just yet. According to Sigel, they’re holding back due to concerns that echo early Bitcoin treasury strategies—namely:

Insider-friendly structures that prioritize promoters over shareholders
Speculative valuations disconnected from revenue or utility
Volatility, which makes treasury strategies risky at best

In other words, institutional players are waiting to see whether this is true innovation or another bubble.

Market May Decide the Fate

Ethereum has climbed more than 60% in the last 30 days, trading around $3,600. As prices soar and smaller public companies continue to convert their balance sheets into ETH, retail investors may be tempted to follow.

But without a proven track record or consistent regulatory support, the verdict is still out.

Are Ethereum treasury companies truly a breakthrough in financial innovation—or just speculative wrappers for crypto exposure? That’s a decision the market—not the hype—will eventually make.

Until then, investors would be wise to approach this trend with equal parts curiosity and caution. Whether it becomes the next Bitcoin-like surge or a flash-in-the-pan moment will depend on performance, transparency, and real-world results—not just token price action.

For now, Ethereum treasury companies remain a high-risk, high-reward proposition. Their success—or failure—will likely shape how other small and mid-cap firms treat crypto as a balance sheet asset. If these experiments work, they could open the door to broader corporate adoption. If not, they’ll serve as cautionary tales in crypto history.

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Bybit and Cactus Custody Announce Strategic Partnership with Cactus Oasis Integration

Written by CryptoCurrencyNews on July 23, 2025. Posted in Cryptocurrency.

DUBAI, UAE, July 23, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, today announces a strategic partnership with Cactus Custody, Asia’s leading compliant and licensed digital asset custodian under Matrixport Group. Together, they are launching an off-exchange settlement solution via Cactus Oasis, designed to enhance asset security, capital efficiency, and operational control for institutional clients. The integration will go live on July 28, 2025.

This partnership enables institutional and professional clients to trade directly on Bybit without pre-funding exchange accounts. Clients deposit collateral into Cactus Custody, where assets are held in fully segregated, regulated custody and transferred to Bybit only at the point of trade settlement, reducing counterparty risk while maintaining access to market liquidity.

Shunyet Jan, Head of Institutional and Derivatives at Bybit, commented: “Bybit is committed to providing institutions with a secure and efficient trading environment. The integration of Cactus Oasis gives our clients more flexibility in managing liquidity without compromising asset protection.”

Enhanced Asset Security and Efficiency

With Cactus Oasis, institutional clients can trade on Bybit while keeping their collateral securely held in independent custody. Assets remain protected with Cactus Custody until trade settlement, improving capital efficiency and aligning with strict internal governance requirements.

Cactus Custody delivers bank-grade security through a tiered hot and cold wallet system, combining hardware security module (HSM) encryption with institutional-grade cold storage. It holds SOC 1 Type 1 and SOC 2 Type 2 certifications from Deloitte and is licensed as a Hong Kong Trust Company and Trust or Company Service Provider (TCSP) under the Hong Kong Monetary Authority, meeting the compliance standards of leading financial institutions.

Cactus Oasis: Tailored for Institutional Needs

Cactus Oasis offers cross-platform custody through Buffer accounts, a Cactus Oasis feature, streamlining asset management across multiple exchanges. It provides flexible risk controls, including dual- and pre-authorization modes, customizable approval and settlement workflows, and compliance with KYC, KYB, and KYT requirements. Role-based access and multi-level permissions ensure robust governance and operational efficiency.

Wendy Jiang, General Manager of Cactus Custody, said: “This integration with Bybit addresses institutional demands for secure custody, risk reduction, and efficient post-trade settlement. It represents a meaningful step in advancing digital asset trading infrastructure and driving institutional adoption.”

Driving Institutional Adoption Globally

Bybit and Cactus Custody share a joint vision of supporting institutional adoption with compliant, transparent, and scalable infrastructure. This partnership is particularly impactful for institutions in the Asia-Pacific region, where regulatory clarity, risk controls, and capital flexibility are essential to long-term engagement.

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About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

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