The co-founder of Ethereum, Vitalik Buterin, threw support behind the so-called treasure ether societies, but warned that the trend could turn into a “succor game” if it is not managed in a responsible manner.
In an interview with The Bankless Podcast published Thursday, Buterin said that the growing number of public enterprises buying and holding Ether (ETH) was precious because they expose the token to a wider range of investors.
“There are certainly precious services provided there,” said Buterin. He added that companies that buy ETH treasure companies instead of holding the token directly gives people “more options”, in particular those who have “different financial circumstances”.
The so-called cryptographic cash companies have become the hottest trend of Wall Street, earning billions of dollars to buy and maintain cryptocurrency sections to give merchants an exhibition to chips, the most popular pieces being Bitcoin (BTC) and Ether.
The lever effect should not lead to the “fall” of ETH
Buterin tempered his support with caution, stressing that the future of the ETH should not be done at the cost of an excessive lever effect.
“If you woke me up in three years and told me that the treasury bills led to the fall of the ETH, then, of course, I suppose why they would be essentially transformed into an overwhelmed game.”
He described a chain reaction by worse cases where a drop in the price of ETH has transformed into forced liquidations which have in cascade and forced the price of the token, also resulting in a loss of credibility.
Are the treasury bills good for Ethereum?@Vitalikbutin think they can be:
“Eth being an asset that companies can have in the context of their treasure is good and precious … Giving people more options is good.”
But he also issues a warning:
“If you woke me up in 3 years … pic.twitter.com/w55oud7lke
– Bankless (@Banklesshq) August 7, 2025
However, Buterin is convinced that ETH investors have enough discipline to avoid such collapse.
“These are not followers of Kwon we are talking about,” he said, mentioning the co-founder of the Terra blockchain which collapsed in 2022.
ETH Treasury companies now hold nearly $ 12 billion
The public companies market which holds Ether increased to $ 11.77 billion, led by Bitmin Immersion Technologies and Sharplink Gaming.
Bitmin holds 833,100 ETH worth $ 3.2 billion – the fourth assets of public companies that hold any cryptocurrency.
In relation: Ethereum beats Solana in capital entries: target of $ 4,000 in sight
Sharplink and the Ether machine hold $ 2 billion and $ 1.34 billion dollars respectively, while the Ethereum and Pulsechain Foundation complete the first five.
ETH making a comeback
ETH has experienced a mixed year so far, from around $ 3,685 in January to a hollow of $ 1,470 on April 9, before rallying more than 163% at its current $ 3,870 price.
The trend of ETH treasury companies was a notable catalyst behind the resurgence of the return of the token. His price rally helped to fill the eTH the gap on Bitcoin and Solana (soil), which led the current bull cycle.
Review: How Ethereum Treasury Companies could trigger “Defi Summer 2.0”