Ethereum is no longer just gas for DeFi or collateral for stablecoins. It’s becoming a Capital Reserve Asset. Public companies are now raising hundreds of millions in equity to accumulate ETH, not passively, but through explicit treasury strategies that integrate Ethereum into their capital structures. This shift mirrors the original playbook pioneered by MicroStrategy with Bitcoin. But now, the model is evolving and Ethereum is leading the next wave. Ethereum isn’t just being held, it is also being operationalized: 🔹 As a yield-bearing treasury asset 🔹 As a programmable reserve 🔹 As on-chain infrastructure powering validator income Take SharpLink Gaming ( $SBET ) as an example. In Q2 2025, it raised $435M through equity and warrants to accumulate ETH. This marked the first time a public company positioned Ethereum as its core reserve asset and not just a passive line item. Why $ETH? It checks all three pillars of a modern treasury framework: ✅ Institutional-grade custody ✅ Deep liquidity and derivatives access ✅ 4-5% validator yield ✅ Alignment with Web3 infrastructure. It is not just SharpLink. 📍Bit Digital ( $BTBT ) now holds over 100,000 ETH having fully rotated its treasury into Ethereum and staked a large portion to generate validator income 📍BTCS ( $BTCS) has accumulated 42,000 ETH and is retooling its validator infrastructure to align with an Ethereum-centric staking model. 📍BitMine Immersion Technologies ( $BMNR ) now holds 163,142 ETH (~$500M) and is structuring a full ETH treasury with staking at its core These are structured, capital-backed strategies designed to build treasury flywheels, enhance equity reflexivity and monetize on-chain participation. Chart as of June 6 - figures are now higher but the trend holds: Ethereum is becoming a treasury cornerstone for public firms Ethereum is being reframed. Not just a Layer 1. Not just ultrasound money. But a programmable, yield-bearing corporate reserve that may anchor the next generation of on-chain treasuries. We break down these capital mechanics, validator strategies, and treasury models in our latest Delphi The Public Crypto Accumulator Era report.