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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. Young20h

Crypto market snaps back as sentiment lifts, with altcoins from ethereum to XRP soaring

The market capitalization of the crypto industry has jumped around $83.2 billion in the last 24 hours, with privacy-focused token Zcash and worldcoin, the native cryptocurrency of the network backed by OpenAI CEO Sam Altman, leading market gains, jumping over 22%.

But the last 24 hours have been good across the board:

Ethereum has increased more than 9% to trade above $1,800, amid BitMine Immersion Technologies acquiring $139.2 million worth of ethereum.
XRP and solana have rebounded from multiyear lows, each rising roughly 10%.
HYPE has bounced up 12%.
Dog-based memecoins dogecoin and shiba inu have chased gains of more than 4%.

“Investors have been eager to see some positive signs around the Iranian conflict ending, coupled with hopeful outlooks around the CLARITY act, both breathing some life into assets,” Kairos Research cofounder Ian Unsworth told Sherwood News.

Simon Shockey, a crypto strategist at crypto wallet infrastructure firm Privy, said the upswing stems from several things converging. He pointed to how alt markets broadly were “very oversold” following the bug found in Zcash that shook confidence.

Friday, Zcash founder Zooko Wilcox said Anthropic didn’t find any more serious bugs with the Zcash protocol after Shielded Labs requested the AI firm run a security audit of the network with Mythos.

Shockey added that the pool of willing sellers has dwindled. “Even if structurally, AI is a much more compelling and asymmetric bet in the eyes of allocators, many of these crypto assets have simply run out of marginal sellers despite some shorter-term narrative-driven pumps. The only people left to sell at this point are the teams themselves and VCs.”

“Net-net: oversold conditions plus exhausted seller bases plus a macro backdrop that’s stabilized equals a snapback, especially in names that have real usage or community conviction behind them,” Shockey told Sherwood.

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US Attorney David Metcalf announced Thursday the arrests of Ruslan Igorevich Tkachuk and Alexander Vladimirovich Ledenev, alleged senior members of AudiA6, a cryptocurrency money-laundering service believed to be responsible for laundering over $389 million.

The arrests coincided with a coordinated international takedown of AudiA6 and its infrastructure, involving the search of three properties, the seizure of servers and domains connected to the organization, as well as freezing cryptocurrency assets, according to a Department of Justice press release.

Tkachuk and Ledenev were “charged by criminal complaint with one count of conspiracy to launder monetary instruments and one count of sting money laundering,” the DOJ said. If convicted, they face a maximum possible sentence of 20 years of incarceration.

Per the criminal complaint, AudiA6 offered services to conceal the origin of cryptocurrency linked to criminal activity, charging fees of up to 5% of the amount laundered.

The two defendants are in custody of Republic of Georgia authorities, and the US Attorney’s Office aims to seek their extradition to the Eastern District of Pennsylvania.

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

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Crypto market snaps back as sentiment lifts, with altcoins from ethereum to XRP soaring

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