Ethereum co-founder Vitalik Buterin has welcomed the rising interest of publicly listed companies in holding Ether but has also urged the market to avoid excessive borrowing against these assets.
Speaking on the Bankless podcast, Buterin noted that such corporate treasuries make Ether more accessible to a broader spectrum of investors, especially those who cannot hold the cryptocurrency directly. This trend has been particularly popular among firms seeking to offer diversified exposure to digital assets, alongside more established holdings like Bitcoin.
“These services add value by giving people more options depending on their financial circumstances,” Buterin said.
Why Buterin Is Concerned
While recognizing the benefits, Buterin warned of a potential worst-case scenario: overleveraging.
He outlined that a sharp fall in ETH’s price could trigger a wave of forced liquidations, creating a domino effect that damages both price stability and market trust.
“If treasuries became the reason for ETH’s downfall, it would likely be because they turned into an overleveraged game,” he explained.
Despite the caution, Buterin expressed confidence that current treasury managers understand these risks and will avoid catastrophic missteps.
Who Holds the Most ETH?
Public companies now control nearly $11.77 billion worth of Ether, with these major players leading the pack:
| Company | ETH Holdings | Value (USD) |
|---|---|---|
| BitMine Immersion Technologies | 833,100 | $3.2B |
| SharpLink Gaming | 521,900 | $2B |
| The Ether Machine | 345,400 | $1.34B |
| Ethereum Foundation | 232,600 | Not disclosed |
| PulseChain | 166,300 | Not disclosed |
ETH Price Journey in 2025
📉 January: $3,685
📉 April 9 Low: $1,470
📈 Current Price: $3,870 (Up over 163% from April)
The rally has been fueled in part by increased interest from corporate treasury buyers, helping Ethereum close the performance gap with Bitcoin and Solana during the current bull cycle.
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