Ethereum Treasury Companies
Grift & Greed in Crypto.
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Inspired by the success of BTC treasury companies (like Michael Saylor’s MSTR) — copycats have now decided to apply a similar strategy to ETH. These companies use the Ethereum protocol as their crypto of choice, instead of Bitcoin.
I wrote on MSTR’s Treasury Company strategy in a previous piece here.
What’s happening with Ethereum?
In December of ‘24, ETH peaked at $4,000 before crashing to $1,400 by April of ‘25. It’s now now back to previous levels of resistance.
For new readers, catch up with my Crypto-themed pieces from late 2021 and 2024 where I break down and analyse each cycle as it was unfolding.
The first piece nailed the top near perfectly, the second piece is still working on it.
ETH VS BTC
The Crypto cycle from late-2022 left Ethereum behind.
BTC is up ~8X while ETH is now up ~4X — and has not even made new highs since the peak of late 2021.
In March of ‘25, it was barely up 40% since the 2022 lows. ETH holders were burned and the protocol was going through an existential crisis.
This was one of the stats these “financial engineers” saw before they decided to exploit that gap by launching ETH treasury companies. That and the Trump Administration’s regulation on Crypto promoting Stablecoins, and other rising crypto “fundamentals”.
So now with ETH doing almost a 3X since April and BTC barely at 50% from its lows — the hotness is back in ETH.
A subscriber asked me to look into ETH treasury companies and what’s happening in the space — and I admit, I had no idea I was going to discover grift of this scale and magnitude.
Read on…