Marketdash
Back to News

The Companies Quietly Building Corporate Crypto Treasuries

MarketDash Editorial Team
16 days ago
A small group of public companies are transforming themselves into crypto treasury operations, accumulating massive Ethereum reserves and staking them for yields that could reshape corporate finance.

Something strange is happening in public markets, and it doesn't quite fit into the boxes we're used to. Companies like SharpLink (SBET), MicroStrategy (MSTR), Strider, and a growing handful of others are transforming into something that didn't really exist a few years ago: de facto crypto treasuries masquerading as operating businesses.

At first glance, you might think these companies are competitors. Look closer and you'll realize they have almost no competition at all. They're not trying to beat each other in the traditional sense. Instead, they're racing to accumulate large reserves of Ethereum, lock those reserves into staking and restaking protocols, and generate passive income while building what amounts to an entirely new corporate finance infrastructure.

How Staking Changed Everything

Bitcoin still runs on Proof-of-Work, which means miners burn electricity to secure the network. But Ethereum, Solana, TON, and most other major layer-1 blockchains have migrated to Proof-of-Stake. Instead of mining equipment, token holders now lock up their coins to validate transactions and secure the network. In return, they earn newly minted tokens as rewards. This shift effectively turned staking into the primary "mining" mechanism for the majority of crypto market cap outside Bitcoin.

Traditional staking is straightforward: you lock up ETH, validate blocks, and earn somewhere in the neighborhood of 3 to 5 percent annual yield. Restaking, which operates through protocols like EigenLayer, takes this concept further. The same locked ETH gets reused to secure additional networks and services, which can push effective yields higher—sometimes into the high single digits or low double digits, depending on reward programs. These enhanced returns come with liquid staking derivatives that remain tradable, meaning you don't completely sacrifice liquidity.

Corporate Treasuries Go On-Chain

What SharpLink and similar companies are quietly constructing is nothing less than a new kind of corporate treasury—one that lives entirely on the blockchain.

On October 28, SharpLink announced plans to deploy another $200 million into restaking protocols. The mechanics are elegantly simple. The company raises U.S. dollars through equity issuances or convertible debt, converts those dollars into Ethereum, and immediately locks the tokens into staking and restaking layers like EigenLayer. While traditional Ethereum staking typically yields around 3 to 5 percent annually, restaking and more advanced strategies can potentially increase returns. However, these enhanced yields come with materially higher smart-contract risks and slashing risks, and they're far from guaranteed.

Public data from leading liquid staking protocols such as Lido and RocketPool show base staking yields generally fluctuating in the 3 to 5 percent range, while early restaking incentives on EigenLayer have at times pushed effective returns higher, depending on specific reward programs. The key is understanding these yields as variable, program-dependent, and subject to significant risk—particularly for strategies pursuing double-digit performance.

Looking ahead to 2026, there's speculation that institutions like JPMorgan and BlackRock may begin accepting liquid staking tokens like stETH alongside Bitcoin and Ethereum as high-grade collateral for conventional lending. If that happens, corporations could potentially generate risk-adjusted returns on their balance sheets without ever sacrificing access to the underlying assets. Imagine earning yield on assets you can still borrow against. That's a fundamentally different financial model.

The Economics Behind the Trend

The appeal is obvious once you see the numbers. Capital that costs 3 to 4 percent to raise—whether through equity or cheap convertible notes—can be deployed into protocols that potentially pay higher returns with virtually no duration risk. A Swiss-domiciled treasury company, for instance, could theoretically borrow in Swiss francs at 3 to 4 percent while earning higher rates on the Ethereum securing those bonds, instantly positioning itself as the lowest-cost issuer in the country.

At the same time, every new corporate treasury that stakes its holdings effectively increases the "fixed supply" of the asset, steadily reducing realized volatility over time. The more ETH that corporations lock on their balance sheets and productively reuse, the more the network starts to resemble a giant, decentralized, high-yielding reserve currency—an asset that traditional finance is only now beginning to accept as legitimate collateral.

These companies aren't competing with one another in any traditional sense. They're collectively building the infrastructure rails of tomorrow's corporate finance system, one staked token at a time.

Where SharpLink Stands Today

SharpLink represents one of the purest plays on this trend. Its primary revenue stream now comes from staking and restaking rewards on its Ethereum holdings. The company reported over $100 million in net income for its third quarter, largely from these activities. There are no traditional competitors because the game isn't about beating someone else—it's about accumulating as much staked ETH as possible before institutional-grade infrastructure like JPMorgan collateral acceptance and tokenized bond issuance goes fully live.

What This Really Means

We're witnessing the early stages of a parallel corporate finance system being constructed in plain sight.

Ten to fifteen years from now—and quite possibly much sooner—holding Bitcoin or staked Ethereum on a public company's balance sheet will feel as routine and uncontroversial as holding U.S. dollars or short-term Treasuries does today.

The handful of companies aggressively accumulating these reserves right now, including SharpLink, aren't merely speculating on price appreciation. They're positioning themselves as foundational infrastructure providers for the next financial era: the moment when corporate balance sheets migrate en masse onto the blockchain.

For equity investors who can tolerate the inevitable volatility along the way, this represents one of the most asymmetric structural opportunities in modern finance. It's not without risk—cryptocurrency investments remain highly volatile and are unregulated in many jurisdictions—but the potential upside is tied to a fundamental restructuring of how corporations manage their treasuries.

The revolution won't be televised. It'll just show up as a line item on a balance sheet.

Back to News

The Companies Quietly Building Corporate Crypto Treasuries

MarketDash Editorial Team
16 days ago
A small group of public companies are transforming themselves into crypto treasury operations, accumulating massive Ethereum reserves and staking them for yields that could reshape corporate finance.

Something strange is happening in public markets, and it doesn't quite fit into the boxes we're used to. Companies like SharpLink (SBET), MicroStrategy (MSTR), Strider, and a growing handful of others are transforming into something that didn't really exist a few years ago: de facto crypto treasuries masquerading as operating businesses.

At first glance, you might think these companies are competitors. Look closer and you'll realize they have almost no competition at all. They're not trying to beat each other in the traditional sense. Instead, they're racing to accumulate large reserves of Ethereum, lock those reserves into staking and restaking protocols, and generate passive income while building what amounts to an entirely new corporate finance infrastructure.

How Staking Changed Everything

Bitcoin still runs on Proof-of-Work, which means miners burn electricity to secure the network. But Ethereum, Solana, TON, and most other major layer-1 blockchains have migrated to Proof-of-Stake. Instead of mining equipment, token holders now lock up their coins to validate transactions and secure the network. In return, they earn newly minted tokens as rewards. This shift effectively turned staking into the primary "mining" mechanism for the majority of crypto market cap outside Bitcoin.

Traditional staking is straightforward: you lock up ETH, validate blocks, and earn somewhere in the neighborhood of 3 to 5 percent annual yield. Restaking, which operates through protocols like EigenLayer, takes this concept further. The same locked ETH gets reused to secure additional networks and services, which can push effective yields higher—sometimes into the high single digits or low double digits, depending on reward programs. These enhanced returns come with liquid staking derivatives that remain tradable, meaning you don't completely sacrifice liquidity.

Corporate Treasuries Go On-Chain

What SharpLink and similar companies are quietly constructing is nothing less than a new kind of corporate treasury—one that lives entirely on the blockchain.

On October 28, SharpLink announced plans to deploy another $200 million into restaking protocols. The mechanics are elegantly simple. The company raises U.S. dollars through equity issuances or convertible debt, converts those dollars into Ethereum, and immediately locks the tokens into staking and restaking layers like EigenLayer. While traditional Ethereum staking typically yields around 3 to 5 percent annually, restaking and more advanced strategies can potentially increase returns. However, these enhanced yields come with materially higher smart-contract risks and slashing risks, and they're far from guaranteed.

Public data from leading liquid staking protocols such as Lido and RocketPool show base staking yields generally fluctuating in the 3 to 5 percent range, while early restaking incentives on EigenLayer have at times pushed effective returns higher, depending on specific reward programs. The key is understanding these yields as variable, program-dependent, and subject to significant risk—particularly for strategies pursuing double-digit performance.

Looking ahead to 2026, there's speculation that institutions like JPMorgan and BlackRock may begin accepting liquid staking tokens like stETH alongside Bitcoin and Ethereum as high-grade collateral for conventional lending. If that happens, corporations could potentially generate risk-adjusted returns on their balance sheets without ever sacrificing access to the underlying assets. Imagine earning yield on assets you can still borrow against. That's a fundamentally different financial model.

The Economics Behind the Trend

The appeal is obvious once you see the numbers. Capital that costs 3 to 4 percent to raise—whether through equity or cheap convertible notes—can be deployed into protocols that potentially pay higher returns with virtually no duration risk. A Swiss-domiciled treasury company, for instance, could theoretically borrow in Swiss francs at 3 to 4 percent while earning higher rates on the Ethereum securing those bonds, instantly positioning itself as the lowest-cost issuer in the country.

At the same time, every new corporate treasury that stakes its holdings effectively increases the "fixed supply" of the asset, steadily reducing realized volatility over time. The more ETH that corporations lock on their balance sheets and productively reuse, the more the network starts to resemble a giant, decentralized, high-yielding reserve currency—an asset that traditional finance is only now beginning to accept as legitimate collateral.

These companies aren't competing with one another in any traditional sense. They're collectively building the infrastructure rails of tomorrow's corporate finance system, one staked token at a time.

Where SharpLink Stands Today

SharpLink represents one of the purest plays on this trend. Its primary revenue stream now comes from staking and restaking rewards on its Ethereum holdings. The company reported over $100 million in net income for its third quarter, largely from these activities. There are no traditional competitors because the game isn't about beating someone else—it's about accumulating as much staked ETH as possible before institutional-grade infrastructure like JPMorgan collateral acceptance and tokenized bond issuance goes fully live.

What This Really Means

We're witnessing the early stages of a parallel corporate finance system being constructed in plain sight.

Ten to fifteen years from now—and quite possibly much sooner—holding Bitcoin or staked Ethereum on a public company's balance sheet will feel as routine and uncontroversial as holding U.S. dollars or short-term Treasuries does today.

The handful of companies aggressively accumulating these reserves right now, including SharpLink, aren't merely speculating on price appreciation. They're positioning themselves as foundational infrastructure providers for the next financial era: the moment when corporate balance sheets migrate en masse onto the blockchain.

For equity investors who can tolerate the inevitable volatility along the way, this represents one of the most asymmetric structural opportunities in modern finance. It's not without risk—cryptocurrency investments remain highly volatile and are unregulated in many jurisdictions—but the potential upside is tied to a fundamental restructuring of how corporations manage their treasuries.

The revolution won't be televised. It'll just show up as a line item on a balance sheet.

    The Companies Quietly Building Corporate Crypto Treasuries - MarketDash News