Ethereum co-founder Vitalik Buterin throws support behind the so-called Ether Treasury Companies, warning that if not handled responsibly, this trend could spiral into “overcovered games.”
In an interview with Bankless Podcast released Thursday, Buterin said the increase in public companies buying and holding Ether (ETH) is worth it as it exposes to tokens to a wider range of investors.
“There’s definitely a valuable service that’s being offered there,” Buterin said. He added that companies that buy ETH Treasury businesses instead of holding the token directly will be given to people with “more options,” especially those with “different financial situations.”
The so-called cryptocurrency companies have become the hottest trend on Wall Street, winning billions of dollars, buying and holding numerous cryptocurrencies to touch the tokens to trainers, and the most popular plays are Bitcoin (BTC) and ether.
Leverage should not lead to “falling” of ETH
Buterin carefully restrained his support, emphasizing that Eth’s future should not be at the expense of excessive leverage.
“If I wake up three years from now and say that the Treasury has led to the downfall of ETH, of course, it’s my guess as to why they basically somehow turned it into an over-game.”
He outlined the worst-case chain reaction in which the price of ETH turned into forced liquidation, forcing the price of tokens, causing a decline in reliability.
Are Eth Treasuries suitable for Ethereum? @vitalikbuterin thinks it can.
“It’s good and valuable to have ETH as an asset that businesses can have as part of the Ministry of Finance. It’s good to give people more options.”
But he also gives a warning:
“If you’ve woken up three years from now…pic.twitter.com/w55oud7lke
– Bankless (@banklessshq) August 7, 2025
Buterin is confident that ETH investors have enough discipline to avoid such a collapse.
“These are not Kwon’s followers we’re talking about,” he said, referring to the co-founder of the terra blockchain that collapsed in 2022.
ETH Treasury currently holds nearly $12 billion
The market for public companies that own Ether has swelled to $11.77 billion, led by Bitmine Immersion Technologies and Sharplink Games.
Bitmine holds 833,100 ETH, worth $3.2 billion.
Related: Ethereum beats Solana with capital inflow: $4K targets visible
Sharplink and Ether Machine hold ETH worth $2 billion and $1.34 billion, respectively, while Ethereum Foundation and Pulsechain conclude the top five.
Make a comeback eth
ETH has seen mixed years so far, raising its current price of over 163% to $3,870 after a decline from $3,685 in January to a low of $1,470 on April 9th.
ETH Treasury trends have become a prominent catalyst behind the token’s comeback revival. That price hike helped fill ETH in the gap between Bitcoin and Solana (SOL), which leads the current bull cycle.
Magazine: How Ethereum Finance Company Caused “Defi Summer 2.0”
