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Finance company Bernstein, which also publishes analyses on cryptocurrencies, stated that the main factors behind Ethereum’s value increase of over 55% in the last 30 days are spot ETF inflows and new “Ethereum treasury” companies that add ETH to their company balance sheets.
In a note published today, the firm assessed how these new institutional buyers could impact Ethereum's supply, return rates, and risk dynamics across the network.
By Bernstein's estimate, leading companies like SharpLink Gaming, BitMine Immersion, Bit Digital, and BTCS purchased approximately 876,000 ETH in July. These companies hold 0.9% of the total supply of Ethereum in their reserves thanks to capital raised through public markets and private investors.
Bernstein describes this trend as the application of Strategy's Bitcoin treasury model to Ethereum, while noting an additional element on the Ethereum side: staking. Recalling that Strategy has established a long-term, low-leverage portfolio of 607,770 BTC, Bernstein notes that Ethereum treasury companies aim to achieve operational returns by combining this capital structure with staking agreements.
Today, staking yields hover just below 3% and have historically ranged between 3% and 5%. According to Bernstein, these rates suggest that a $1 billion Ethereum treasury could generate annual returns of between $30 million and $50 million. This revenue model fundamentally differs from Bitcoin treasury strategies because, while Bitcoin's revenue flows to network miners, Ethereum's revenue flows directly to coin holders. However, this introduces new liquidity decisions and risks.
Strategy, for example, maintains a 15–20% debt-to-portfolio ratio and holds 5–6 times its debt in liquid assets while keeping its assets fully liquid. In contrast, Ethereum treasuries must consider complex factors such as staking exit sequences, retaking, DeFi smart contract risks, and asset-liability balances.
Bernstein cautions that staking transactions typically have high liquidity, but exit queues can take several days. The search for additional returns, particularly on restaking platforms like Eigenlayer, carries significant risks. Companies that adopt prudent balance sheet management combined with institutional-grade custody solutions are more likely to achieve greater scale.
The firm also acknowledges that Bitcoin treasury models offer a good foundation for institutionalization, but argues that success or failure on the Ethereum side will depend entirely on risk management capabilities.
Bernstein also cites the reasons why some companies are considering Ethereum as a strategic treasury asset, citing stablecoin expansion and the tokenization of real-world assets (RWA). Many players, including major platforms like Coinbase and Robinhood, are migrating these transactions to Ethereum and its layer-2 networks.
*This is not investment advice.