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Ethereum treasuries surpass $10 billion in their stockpiles

The milestone comes just after ethereum celebrated its 10th birthday.

Yaël Bizouati-Kennedy

Ethereum, which celebrated its 10th birthday yesterday, continues to be on a roll. This week, the total value of ethereum held by treasury companies — a fairly recent phenomenon — surpassed $10 billion for the first time, according to StrategicETHReserve. Ethereum is up 5% this week.

Geoff Kendrick, global head of digital assets research at Standard Chartered Bank, wrote in a note that these treasury companies “make more sense than their bitcoin equivalents due to staking yield, DeFi leverage.”

He said, “We expect ETH treasury companies to eventually own 10% of all ETH, a 10x increase from here.”

Some of the bigger additions that pushed the treasuries to the new milestone:

  • BitMine Immersion Technologies announced it now holds 625,000 ethereum. Peter Thiel recently bought a 9.1% stake in the company.

  • SharpLink Gaming acquired 77,209.58 ethereum, increasing its holdings to 438,190.

  • Newly formed public company The Ether Machine announced its subsidiary, The Ether Reserve, acquired nearly 15,000 ethereum, “timed to coincide with Ethereum’s 10-year anniversary,” according to a press release. The company now holds 334,757 ethereum and says it has up to $407 million remaining to purchase more.

  • BTCS acquired 14,240, bringing its total holdings to 70,028 ethereum.

Finally, Nasdaq-listed 180 Life Sciences Corp. announced it will adopt an ethereum treasury policy and has entered into a $425 million PIPE agreement to fund. Upon closing, the company will rebrand to ETHZilla Corporation.

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Yaël Bizouati-Kennedy

XRP ETFs have now crossed $1 billion in assets since the funds launched, according to SoSoValue, which shows total assets of $1.18 billion.

In September, the SEC approved generic listing standards, which paved the way for speedier listings and opened the floodgates for these products, and shortly after, Rex-Osprey launched the first spot XRP ETF available in the US.

Canary followed suit in November, launching an ETF trading on the Nasdaq under the ticker XRPC, which saw a record $58.5 million in trading volume on its first day. It’s the largest XRP ETF in the US, with $342 million in assets.

Grayscale, Bitwise, and Franklin Templeton also launched their own XRP ETFs in November. On December 11, 21Shares joined the XRP fund party.

It’s a noteworthy green shoot in the crypto space, as bitcoin and its ETFs have struggled, and XRP itself is down nearly 15% over the past month.

Jake Hanley, managing director and senior portfolio specialist at Teucrium Investment Advisors — which launched the first-ever XRP-based ETF in April, the 2x Long Daily XRP ETF — told Sherwood News that he is not surprised to see this level of interest in the XRP ETFs.

“We have long held that XRP and the Ripple ecosystem present a unique investment case among crypto assets. Crossing the $1 billion mark is yet another signal of the significant vote of confidence investors have in this increasingly important asset and ecosystem,” Hanley said.

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New bitcoin AfterDark ETF will be bitcoin at night, Treasurys by day

Tidal Trust II submitted form N-1A with the SEC to register a bitcoin ETF designed to systemically capture the cryptocurrency’s overnight return profile, a time window that delivered a significant portion of bitcoin’s upside last year.

The Nicholas Bitcoin and Treasuries AfterDark ETF provides long bitcoin exposure during US overnight hours, from the closing bell until the following morning’s market open, when the fund intends to unwind its positions, according to a document filed with the SEC on Tuesday. 

To gain that exposure, the ETF may use a number of methods, including bitcoin futures contracts, US-listed ETFs, or exchange-traded options on such bitcoin underlying funds. When the market is open and daytime trading is active, the fund’s portfolio will consist of US Treasury securities and other cash equivalents. 

In 2024, most of bitcoin’s gains occurred after-hours, senior Bloomberg ETF analyst Eric Balchunas reported:

The AfterDark ETF filing comes as bitcoin crossed $94,000 on Tuesday, rising 4.5% in the last 24 hours. Even though spot bitcoin ETFs saw nearly $60.5 million in outflows on Monday, the investment vehicles have a cumulative net inflow of $57.6 billion, per SoSoValue.

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