A Treasury Bigger Than ETH ETFs
The Ethereum treasury play that quietly owns more ETH than some countries
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Each month, we highlight a public stock riding the same narratives we track in altcoins — Ethereum adoption, real-world assets, DeFi infrastructure, and next-gen treasury strategies.
These are tradable, crypto-adjacent equities with asymmetric upside — the kind that outperform when altcoins stall and institutions rotate in.
Setting the Scene
ETH isn’t just money — it’s becoming the backbone of the new internet.
Staking, restaking, rollups, tokenization… all roads lead to Ethereum infrastructure.
While most public companies are still hoarding BTC, our next pick has gone all-in on Ethereum:
4,143,502 ETH in treasury as of December 2025
Exposure to 3.4% of total ETH supply
$14.2B in total crypto + cash holdings
Launching its own U.S.-built Ethereum validator network
First public company to issue dividends from ETH gains
They’re not just holding ETH — they’re weaponizing it.
Now let’s tell you which project we are talking about and share the full investment case with you: