(Getty Images)

Ethereum treasury companies swell as spot ETFs notch fifth straight month of positive inflows

The network’s monthly on-chain volume has climbed to a four-year high, jumping past $346 billion in August.

9/2/25 12:25PM

ethereum has dropped from the $4,650 level last week to trade around $4,300 Tuesday morning. The price action comes as US spot ethereum ETFs notched over $1 billion in inflows last week, according to SoSoValue.

Ethereum ETFs have now had five consecutive months of positive inflows, totaling close to $11.1 billion or 82% of their cumulative inflows since inception.

The network’s monthly on-chain volume, which measures economic throughput stemming from transaction transfers and decentralized finance activity, has also climbed to a four-year high, jumping past $346 billion in August. The last time ethereum’s on-chain monthly volume had seen this level was May 2021, per The Block.

Meanwhile, ethereum treasury companies have had a busy Tuesday, making several announcements about their crypto holdings, activity in the decentralized finance ecosystem, and capital raises:

BitMine Immersion Technologies announced its holdings have grown to about 1.9 million ethereum tokens, 192 bitcoin, and $635 million in cash, bringing its total holdings to almost $9 billion, according to a Tuesday press release. Since launching its treasury strategy at the end of June, BitMine has become the largest ethereum treasury firm and the second-biggest crypto treasury overall, just behind bitcoin behemoth Strategy.
SharpLink Gaming announced it had purchased 39,008 ethereum tokens for an average purchase price of $4,531 and raised $46.6 million through its at-the-market facility in the week ended August 31. The company’s total has increased to 837,230 ethereum worth more than $3.6 billion.
ETHZilla, backed by Peter Thiel’s Founders Fund, said it plans to deploy about $100 million of ethereum into decentralized finance protocol EtherFi to generate higher yields on its crypto assets, per a press release. The move, which is ETHZilla’s first engagement with DeFi protocols, comes as the firm said it holds 102,246 ethereum tokens and $221 million in cash equivalents.
The Ether Machine has raised 150,000 ethereum tokens worth roughly $654 million of committed financing from Jeffery Berns, founder of crypto firm Blockchains. A press release states the company’s total committed crypto holdings have swelled to 495,362 ethereum tokens worth nearly $2.2 billion with $367 million in cash for further acquisition. The Ether Machine, the third-largest ethereum treasury company, behind BitMine and SharpLink, has plans to go public after a pending business combination with Dynamix Corporation and The Ether Reserve LLC.
Finally, Yunfeng Financial Group Limited, based in Hong Kong, announced plans for a strategic expansion by increasing its investments in digital currencies. With the firm’s board approval, Yunfeng purchased a total of 10,000 ethererum tokens funded by internal cash reserves. The company is affiliated with Jack Ma, founder of the world’s largest e-commerce platform, Alibaba, said Vivek Raman, the founder of Etherealize.

Sage D. Young11h

The decentralized finance ecosystem had a brutal April, logging the highest monthly number of exploits ever at 28 hacks, with exploiters siphoning off a total of $635.2 million, data from DefiLlama shows.

The two largest exploits in April occurred on ethereum-based protocol KelpDAO and solana-native trading venue Drift. The incidents rattled on-chain users, as the total value locked in DeFi across all networks dropped from a monthly high of $99.5 billion to $84.3 billion on Friday.

“It’s a real problem, and if AI proponents (thinking specifically of Anthropic’s claims about Mythos) are to be believed, it’s only going to get worse,” according to Fredrick Collins, CEO of crypto analytics platform Velo.xyz. Collins argued that these exploits act as a significant limiter of institutional appeal, pointing to TheBlock’s report last week that JPMorgan held a similar view.

“It’s simple — for many people, having any chance that you lose your entire investment or balance in something supposed to be ‘safe’ is too much to bear,” Collins told Sherwood News.

However, not everyone thinks the recent hacks will curb interest from institutions. Nicolai Søndergaard, a research analyst at blockchain data firm Nansen, said to Sherwood, “I do not think these hacks will be a limit to institutional capital given the impact of AI and the speed at which threats appear stretch far beyond this industry.”

Søndergaard continued, “Crypto to me seems to have been hit harder as many projects perhaps wanted to get a product out there quickly and didn’t invest enough in security, even with companies around to audit.”

DeFi aims to enable internet users to have access to financial services, such as borrowing, lending, and trading, without any centralized intermediaries.

Yaël Bizouati-Kennedy

13h

After bitcoin’s best month in a year, analysts weigh in on factors for it to break $80,000 in May

May has an over 7% average historical return, but whether bitcoin can replicate this result and finally break the $80,000 level hinges on several factors.

Sage D. Young4/30/26

Riot Platforms rises following Q1 revenue beat

The bitcoin miner turned data center operator released first-quarter earnings that surpassed expectations for revenue. Shares built on strong gains from Thursday’s session in after-hours trading following the results.

Riot Platforms reported:

Q1 revenue of $167.2 million, growing 3.6% from the same quarter a year ago and surpassing analysts’ expectations of $131 million.
A diluted loss per share of $1.44, much worse than analysts’ consensus estimate of a $0.72 loss, which includes unrealized loss on its bitcoin holdings.

The bulk of company’s revenue stems from its bitcoin mining activity, which made up $111.9 million in the quarter, while its data center housing revenue stood at $33.2 million, per its press release.

The first quarter of 2026 marks an inflection point for Riot. CFO Jason Chung said on Thursday in the firm’s Q1 earnings conference call, “With the delivery of our first 5 megawatts to AMD this quarter, Riot is now an active data center operator, and for the first time, our top line now includes contracted lease revenue from an investment-grade tenant.”

The earnings report comes the same week the company announced amending its $200 million credit agreement with Coinbase by replacing a floating interest rate with a fixed rate, according to an SEC filing dated on Monday.

Sage D. Young

4/30/26

Trump-backed World Liberty token sinks to new all-time low amid governance proposal to unlock 62 billion tokens

The top 22 addresses voting in favor control 4.8 billion tokens, making up the majority of “yes” votes.