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Ethereum treasury companies swell as spot ETFs notch fifth straight month of positive inflows

The network’s monthly on-chain volume has climbed to a four-year high, jumping past $346 billion in August.

9/2/25 11:25AM

ethereum has dropped from the $4,650 level last week to trade around $4,300 Tuesday morning. The price action comes as US spot ethereum ETFs notched over $1 billion in inflows last week, according to SoSoValue.

Ethereum ETFs have now had five consecutive months of positive inflows, totaling close to $11.1 billion or 82% of their cumulative inflows since inception.

The network’s monthly on-chain volume, which measures economic throughput stemming from transaction transfers and decentralized finance activity, has also climbed to a four-year high, jumping past $346 billion in August. The last time ethereum’s on-chain monthly volume had seen this level was May 2021, per The Block.

Meanwhile, ethereum treasury companies have had a busy Tuesday, making several announcements about their crypto holdings, activity in the decentralized finance ecosystem, and capital raises:

BitMine Immersion Technologies announced its holdings have grown to about 1.9 million ethereum tokens, 192 bitcoin, and $635 million in cash, bringing its total holdings to almost $9 billion, according to a Tuesday press release. Since launching its treasury strategy at the end of June, BitMine has become the largest ethereum treasury firm and the second-biggest crypto treasury overall, just behind bitcoin behemoth Strategy.
SharpLink Gaming announced it had purchased 39,008 ethereum tokens for an average purchase price of $4,531 and raised $46.6 million through its at-the-market facility in the week ended August 31. The company’s total has increased to 837,230 ethereum worth more than $3.6 billion.
ETHZilla, backed by Peter Thiel’s Founders Fund, said it plans to deploy about $100 million of ethereum into decentralized finance protocol EtherFi to generate higher yields on its crypto assets, per a press release. The move, which is ETHZilla’s first engagement with DeFi protocols, comes as the firm said it holds 102,246 ethereum tokens and $221 million in cash equivalents.
The Ether Machine has raised 150,000 ethereum tokens worth roughly $654 million of committed financing from Jeffery Berns, founder of crypto firm Blockchains. A press release states the company’s total committed crypto holdings have swelled to 495,362 ethereum tokens worth nearly $2.2 billion with $367 million in cash for further acquisition. The Ether Machine, the third-largest ethereum treasury company, behind BitMine and SharpLink, has plans to go public after a pending business combination with Dynamix Corporation and The Ether Reserve LLC.
Finally, Yunfeng Financial Group Limited, based in Hong Kong, announced plans for a strategic expansion by increasing its investments in digital currencies. With the firm’s board approval, Yunfeng purchased a total of 10,000 ethererum tokens funded by internal cash reserves. The company is affiliated with Jack Ma, founder of the world’s largest e-commerce platform, Alibaba, said Vivek Raman, the founder of Etherealize.

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Ripple launches treasury platform to manage cash and cryptocurrencies

Ripple, the firm closely tied to the fifth-largest cryptocurrency, XRP, introduced a new treasury platform for digital asset and traditional cash management for users like financial officers, treasurers, and accountants.

Ripple’s move comes more than three months after it acquired treasury software provider GTreasury for $1 billion, one of several steps to grow the firm’s position in corporate finance.

Combining Ripple’s blockchain rails and GTreasury’s software, the new platform’s goal is to simplify treasury operations. It eliminates settlement delays with payment times of three to five seconds and optimizes yield from working capital 24/7 through tokenized money market funds such as BlackRock’s BUIDL and overnight secure repo markets with RLUSD, according to a Tuesday blog post.

Ripple Treasury also aims to provide “real-time cash positions, automated forecasting, and seamless reporting across traditional cash, digital assets, RLUSD, and XRP holdings,” the blog post stated.

Last year, Ripple filed its national banking license application with the US Office of the Comptroller of the Currency, while the firm’s subsidiary Standard Custody & Trust Company applied for a Federal Reserve master account, which would allow Ripple to hold RLUSD reserves directly with the Fed.

XRP has seen $2.4 billion in trading volume in the last 24 hours, increasing 1.8% in the period. The token’s all-time high was set in July 2025 at $3.65. Meanwhile, spot XRP ETFs had nearly $9.2 million worth of inflows on Tuesday, bringing cumulative inflows to $1.4 billion.

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