Key Takeaways
- Vitalik Buterin says companies holding ETH in their treasuries can boost accessibility for investors.
- The Ethereum co-founder sees it as a net positive for the ecosystem, but warns against overleveraging.
- Buterin points to the Terra collapse as a reminder of the dangers of excessive risk-taking.
Ethereum co-founder Vitalik Buterin is on board with the idea of public companies adding ETH to their corporate treasuries—so long as they don’t overdo it.
Speaking on the Bankless podcast on Aug. 7, Buterin praised the trend for making ETH exposure available to a wider range of investors, while also cautioning that too much leverage on these holdings could backfire badly.
Hoard ETH—But Keep It in Check
The value of ETH held by public companies has surged to $11.77 billion in 2025.
Leaders include BitMine Immersion Technologies with $3.2 billion worth of ETH and SharpLink Gaming with $2 billion, among others adding aggressively to their reserves.
Buterin believes this corporate demand strengthens Ethereum by increasing institutional inflows, boosting credibility, and aligning major stakeholders with the network’s long-term growth.
Still, he warned against treating ETH as a high-stakes gamble:
“ETH investors are not like ‘Do Kwon followers,’” he said, invoking the infamous 2022 Terra collapse.
The concern is that overleveraging—borrowing heavily against ETH reserves—could trigger cascading liquidations in a downturn, just as Luna’s implosion set off a chain reaction in the broader crypto market.
From Bitcoin Playbook to Ethereum Strategy
The idea of keeping crypto on corporate balance sheets isn’t new. Michael Saylor’s Strategy put the model on the map with Bitcoin, sparking a wave of public firms adding BTC to their treasuries.
In 2025, ETH began to see a similar pattern, with nearly a dozen public companies adopting it as their primary treasury asset.
While the bull market makes such moves look smart, the bear market reality can be brutal—Bitcoin has historically shed 60% or more from its highs, while altcoins like ETH can drop over 80%. Add leverage to that equation, and the risks multiply fast.
Buterin’s stance is clear: corporate ETH holdings can be a huge win for the ecosystem, but the industry can’t afford to turn it into “another overleveraged game.”
