π₯ ETH companies vs just buying ETH π°
Chevy Cassar & Kyle Reidhead
July 31, 2025
Chevy Cassar & Kyle Reidhead
July 31, 2025
GM. This is Milk Road β that one nerdy friend that does your crypto homework for you.
Hereβs what we got for you today:
βοΈ How to price ETH treasuries
βοΈ A big shift that most missed
π₯ PRO βWhere are we in the cycle?β indicators
ποΈ The Milk Road Show:Β Why Discipline Beats Alpha in 2025βs Market w/ Douglas Boneparth
πͺ When will the Fed cut rates?
Grayscale is the asset manager with 30+ different ways to invest in crypto. Explore all the funds offered by Grayscale.

Why buy Ethereum treasury companies when you can just buy $ETH?
The idea (hope) is that the money you invest in treasury companies will increase at a faster rate than Ethereum itself β aka: that they have a premium on $ETH.
So today, weβre going to look at the current top 5 public Ethereum treasury companies, and dig into their current premiums to get a better lay of the land. π
Note: This chart ranks companies that are actively growing their $ETH treasury, using the value of $ETH currently held, and doesnβt account for any other treasury assets.
Alright, letβs nerd out:
Bitmine Immersion ($BMNR) β Market Cap: $4.07B / $ETH treasury value: $2.375B = a 1.71x premium
SharpLink Gaming ($SBET) β Market Cap: $2.21B / $ETH treasury value: $1.707B
= a 1.29x premium
Bit Digital Inc ($BTBT) β Market Cap: $917.18M / $ETH treasury value: $457M
= a 2x premium
BTCS Inc ($BTCS) β Market Cap: $234.48M / $ETH treasury value: $266M = a 0.88x premium
GameSquare ($GAME) β Market Cap: $95.4M / $ETH treasury value: $49M = a 1.94x premium
Neat! Letβs rank βem by premiumsβ¦
You feel that? Like thereβs a catch 22 lurking in the shadows?
βCause sure, high premiums seem to indicate that investors are bullish on the company β BUT!Β
$ETH is sitting pretty at ~$3,800 as of this writing, so if you had that same amount of cash burning a hole in your pocket you could:
Buy 1 $ETH
Buy the equivalent of 0.5 $ETH by purchasing a treasury stock with a 2x premium
β¦why choose the latter? Whatβs the edge?
The idea is: you want to buy these treasury companies while their premium is low, and hope that their $ETH accumulation/yield strategies will convince more investors to pile in and increase the premium.
But itβs not just the premium alone you need to consider.Β
Thereβs a whole range of other factors that go into it β like the companyβs ability to raise debt, the interest rates it's paying, $ETHβs price forecast, etc.
(Yuh. It can get a little dense.)
But donβt worry, weβve got you covered.
Our PRO team just released a simplified breakdown on how to assess public crypto treasury companies.Β
If you know crypto, you probably know Grayscale.Β
But did you know that Grayscale offers 30+ different crypto investment funds including:
Single asset funds (exposure to individual cryptocurrencies)
Diversified funds (exposure to multiple cryptocurrencies in one fund)
Thematic funds (exposure to themes like Bitcoin mining)
The best part about Grayscaleβs products? You can invest in many of them through existing brokerage and tax-advantaged accounts like IRAs.
Investors have chosen Grayscale since 2013 – now itβs your turn.Β
Invest in your share of the future.

Sadly, most people faded this announcement yesterdayβ¦
But youβre not going to.Β
Our mandate is to make you the smartest person in the room when it comes to crypto β and weβre not about to tank our next performance review.
So hereβs what happened and why itβs importantβ¦
β¦cool β what the hell does that mean?
In-kind redemptions mean that, instead of cash, you can redeem your crypto ETF shares for, well, crypto.Β
(Hold a Bitcoin ETF? Get paid out in $BTC. Hold an Ethereum ETF? Get paid out in $ETH.)
So now, all ETFs offering in-kind redemption will convert dollars into crypto by default when someone buys a shareβ¦
But will not necessarily have to convert from crypto into cash when an investor decides to exit.
This skews in the crypto sectorβs favor: all ETF buying events will mean cash is being converted into crypto, but not all selling events will mean crypto is being swapped for cash.
(Same amount of buy-pressure as standard. Less potential sell-pressure.)
Plus, for investors, this means thereβs an option to take your proxy crypto holdings out of an ETF β without paying capital gains tax β and do other things with it.
E.g. put your $ETH into DeFi, lend against your Bitcoin onchain, etc.
Take this, stack it on top of $IBITβs 10x raise in options limits (allowing more money to flow into Bitcoin each day), and BOOM!
Crypto just got a whooole lot more attractive to the deep-pocketed big dogs roaming the institutional yard.
Higher!

Uh ohβ¦
The US dollar is starting to strengthen again β and when that happens, crypto tends to weaken.
You know what that means? Itβs time to zoom out and check the crypto cycle indicators!
βCause knowing where we are in the crypto cycle is crucial for capturing the best opportunities.
Since timing the top perfectly is almost impossible, we use various indicators to give us a better shot at taking profits before it's too late.
Below are the 6 indicators we track, with a color-coded system to show how close they are to signalling the market peak:
π’ Plenty of room to run π
π‘ Getting closer to the top signal, but havenβt yet reached the mark β οΈ
π΄ Weβve hit the market top indicator π¨
Every Thursday, we update these 6 indicators exclusively for PRO members.
Our advice? Don't wait for all of them to hit π΄. It's better to take profits as they get closer to that point.
Let's dive in and see if we're anywhere near the top of this bull market. π
Already a PRO member? Log in here.
Full access to the 6 bull market peak indicators above to help you spot the bull market top before itβs too late π
Weekly reports that help you spot early trends, navigate the markets by limiting risk & catch those sweet cha-ching moments π°
Access to the PRO Community, where the Milk Road crew & 1000s of fellow PROs talk crypto. π«
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We just dropped a review on Figure Markets: a platform where you can trade crypto, earn yield, and borrow against your assets (all while keeping full control of your funds).
$100B!? (With a B?) According to Galaxy Digital, public crypto treasury companies now hold $100B worth of digital assets!
LOL! This High School kid's ChatGPT trading Bot is outperforming the Russell 2000.
Ahhh, the age old questionβ¦when will the Fed cut rates? (Is September still on the table?). Get all the insights you need in todayβs edition of Milk Road Macro!
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