According to Buterin, these firms typically acquire ETH using funds from investors rather than their own balance sheets. He noted that the model provides alternative channels for people to gain exposure to Ethereum, which adds value to the ecosystem.
While acknowledging the benefits, Buterin cautioned that treasury companies could pose a risk to Ethereum if they rely too heavily on leverage.
He emphasized, however, that most players in the Ethereum ecosystem are responsible and that properly managed treasury companies should be able to sustain themselves in the long run.
Asked about his “favorite” treasury company, Buterin jokingly pointed to the U.S. government, noting that authorities frequently seize ETH from hackers. “It’s kind of cool,” he remarked, suggesting that even unconventional holders play a role in ETH’s distribution.
One notable example of this trend is Bitmine, a former Bitcoin mining firm that pivoted into Ethereum treasury management. The company has since become one of the largest institutional holders of ETH, underscoring the growing presence of treasury firms within the Ethereum landscape.
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