Ether Treasuries Evolve From Reserves to Yield-Generating Assets: Bernstein
Ether (ETH) is emerging as more than just a reserve asset for corporate treasuries—it’s becoming a source of yield.
According to a report published Monday by brokerage firm Bernstein, companies are increasingly building treasury strategies around Ethereum by staking their ETH holdings to generate passive income. Firms such as BitMine Immersion Technologies (BMNR) and SharpLink Gaming (SBET) are among those adopting this model.
A $1 billion ETH treasury could generate between $30 million and $50 million annually from staking alone, Bernstein estimates. Current staking yields hover just below 3%, but historically range from 3% to 5%.
This marks a shift from bitcoin (BTC) treasury strategies, which prioritize liquidity and long-term holding, as seen with MicroStrategy (MSTR). In contrast, ether treasuries are actively participating in the Ethereum network through staking, which involves locking up assets to secure the blockchain in exchange for rewards.
However, staking introduces operational complexities. Ethereum’s staking design rewards holders instead of miners, requiring active capital management and risk oversight. Unstaking can take several days, limiting liquidity during market volatility.
More advanced approaches, like re-staking and decentralized finance (DeFi) yield strategies, offer higher returns but increase exposure to smart contract and protocol risks. Treasury managers must weigh these risks against potential returns while maintaining institutional-grade custody and compliance standards.
Despite the challenges, Bernstein is optimistic. With around 30% of ETH supply staked and an additional 10% deployed in DeFi, coupled with inflows from ETH-based ETFs, structural demand for ether remains strong.
Meanwhile, ETH supply growth is relatively contained, reinforcing Bernstein’s bullish stance. If liquidity and risk are managed effectively, ETH could support sophisticated, yield-driven treasury frameworks at scale.
