Analysis: The ETH treasury strategy with a scale of 1 billion USD can generate up to 50 million USD in annual returns.

On July 29, an increasing number of companies are using the Ethereum treasury in innovative ways: not only treating cryptocurrency as a reserve asset but also viewing it as a capital tool that generates yield. In recent months, several companies have launched treasury management strategies based on Ethereum, earning passive income through ETH staking. These companies include BitMine Immersion Technologies (BMNR) and SharpLink Gaming (SBET). According to a report released by Wall Street broker Bernstein on Monday, these companies are building treasuries around the second-largest cryptocurrency, generating operational revenue while supporting network economic security through staked assets. In contrast, Bitcoin treasuries tend to favor liquidity and passive holding, as seen in MicroStrategy's (MSTR) strategy. Ethereum treasuries, however, lean towards earning staking yields, which currently yield slightly below 3%, historically fluctuating between 3% and 5%. Bernstein estimates that if an institution allocates $1 billion in ETH as treasury assets, the annualized yield could range from $30 million to $50 million. However, obtaining such yields is not without cost. Ethereum's staking mechanism distributes income to holders rather than miners, meaning companies must actively deploy capital and engage in more complex risk management. Unlike MicroStrategy's high liquidity Bitcoin reserves, ETH staking introduces liquidity constraints—unstaking typically takes several days, potentially causing asset liquidity mismatches during significant market fluctuations. Additionally, more advanced strategies, such as re-staking or yield farming based on DeFi, introduce extra risks related to smart contracts and security. Bernstein points out that financial managers need to optimize yield while constructing infrastructure with institutional-level custody and risk control systems.