The Saylor Warning Every Treasury CEO Ignored

Joseph Onorati joins the show the week DeFi Development Corp filed CHAD, a variable-rate perpetual preferred with a 13% initial dividend paid daily and a $10 par, modeled on Strive's SATA. Joseph spent eight years at Kraken, the last stretch as chief strategy officer, before buying control of a Nasdaq shell in 2025 and turning it into the first non-Bitcoin treasury company in the US. Within months DFDV was the comp on every other treasury company's pitch deck. His argument is that the four-year cycle can't survive everyone predicting it, that treasury companies will displace ETFs, and that the only rule that matters in a levered vehicle is what you do at the bottom.

Companies Holding the Most Ethereum

Track companies and institutions holding Ethereum in their treasuries, ranked by ETH balance.

ETH in Treasuries

7.808M

$19.19B

Entities Tracked

29

ETH Price

$2,457

Asset Dominance

5.65%
BTC 93.6% ETH 5.6% SOL .51% BNB .14% XRP .14%

Companies Ranked by ETH Holdings

#
Company BitcoinTreasuries logo
1 ๐Ÿ‡บ๐Ÿ‡ธ BitMine Immersion Technologies, Inc. BMNR
5,929,198
$14.57B
$14,327M
$**,***M
โ€”
โ€”
โ€”
*.***
***.*%
2 ๐Ÿ‡บ๐Ÿ‡ธ Sharplink, Inc. SBET
890,376
$2.19B
$1,720M
$*,***M
*.********
โ€”
โ€”
โ€”
***.*%
3 ๐Ÿ‡บ๐Ÿ‡ธ The Ether Machine
495,362
$1.22B
โ€”
โ€”
โ€”
โ€”
โ€”
โ€”
โ€”
4 ๐Ÿ‡บ๐Ÿ‡ธ Bit Digital, Inc. BTBT
162,080.6
$398.28M
$503M
$***M
โ€”
$***.**M
*.**x
โ€”
**.*%
5 ๐Ÿ‡บ๐Ÿ‡ธ Coinbase Global, Inc. COIN
150,193
$369.07M
$45,860M
$**,***M
*.********
โ€”
โ€”
โ€”
*.*%
6 ๐Ÿ‡บ๐Ÿ‡ธ BTCS Inc. BTCS
55,064
$135.31M
$68M
$***M
โ€”
$***.**M
*.**x
โ€”
***.*%
7 ๐Ÿ‡จ๐Ÿ‡ณ Yueda Digital Holdings YDKG
19,928.9
$48.97M
$22M
$**M
*.********
โ€”
โ€”
โ€”
***.*%
8 ๐Ÿ‡บ๐Ÿ‡ธ Eightco Holdings Inc. ORBS
16,278
$40.00M
$403M
$***M
โ€”
โ€”
โ€”
โ€”
*.*%
9 ๐Ÿ‡บ๐Ÿ‡ธ GameSquare Holdings, Inc. GAME
15,502.7
$38.10M
$44M
$**M
โ€”
โ€”
โ€”
โ€”
**.*%
10 ๐Ÿ‡บ๐Ÿ‡ธ FG Nexus Inc.
12,732
$31.29M
โ€”
โ€”
โ€”
โ€”
โ€”
โ€”
โ€”
11 ๐Ÿ‡บ๐Ÿ‡ธ Forum Markets FRMM
12,441
$30.57M
$60M
$**M
โ€”
โ€”
โ€”
โ€”
**.*%
12 ๐Ÿ‡บ๐Ÿ‡ธ Bullish BLSH
11,600
$28.50M
$3,866M
$*,***M
*.********
โ€”
โ€”
โ€”
*.*%
13 ๐Ÿ‡จ๐Ÿ‡ณ Intchains Group Limited ICG
9,070
$22.29M
$27M
$-***M
โ€”
โ€”
โ€”
โ€”
**.*%
14 ๐Ÿ‡ฏ๐Ÿ‡ต Quantum Solutions Co., Ltd. 2338
5,764.8
$14.17M
$41M
$**M
โ€”
โ€”
โ€”
โ€”
**.*%
15 ๐Ÿ‡ฏ๐Ÿ‡ต Def consulting, inc. 4833
4,976
$12.23M
$24M
$*M
โ€”
โ€”
โ€”
โ€”
**.*%
16 ๐Ÿ‡ธ๐Ÿ‡ฌ Canaan Inc. CAN
3,952
$9.71M
$1,663M
$*,***M
*.********
โ€”
โ€”
โ€”
*.*%
17 ๐Ÿ‡จ๐Ÿ‡ณ SOS Limited SOS
2,949.79
$7.25M
$782M
$***M
*.********
โ€”
โ€”
โ€”
*.*%
18 ๐Ÿ‡บ๐Ÿ‡ธ Gemini Space Station Inc GEMI
2,517
$6.19M
$244M
$***M
โ€”
โ€”
โ€”
โ€”
*.*%
19 ๐Ÿ‡ฐ๐Ÿ‡พ BTC Digital Ltd. BTCT
2,135
$5.25M
$22M
$**M
โ€”
โ€”
โ€”
โ€”
**.*%
20 ๐Ÿ‡บ๐Ÿ‡ธ Circle Internet Group, Inc. CRCL
1,747
$4.29M
$21,000M
$**,***M
โ€”
โ€”
โ€”
โ€”
*.*%
21 ๐Ÿ‡น๐Ÿ‡ญ The Brooker Group BTC
1,506.1
$3.70M
$95M
$**M
โ€”
โ€”
โ€”
โ€”
*.*%
22 ๐Ÿ‡จ๐Ÿ‡ฆ Digihost Technology Inc. DGHI
1,013
$2.49M
โ€”
โ€”
โ€”
โ€”
โ€”
โ€”
โ€”
23 ๐Ÿ‡บ๐Ÿ‡ธ Cosmos Health Inc. COSM
474.85
$1.17M
$25M
$**M
โ€”
โ€”
โ€”
โ€”
*.*%
24 ๐Ÿ‡บ๐Ÿ‡ธ Exodus Movement, Inc EXOD
457
$1.12M
$194M
$***M
*.********
โ€”
โ€”
โ€”
*.*%
25 ๐Ÿ‡ญ๐Ÿ‡ฐ Boyaa Interactive International Limited 0434
305
$749,484.13
$288M
$***M
*.********
$***,***.**
*.**x
โ€”
*.*%
26 ๐Ÿ‡บ๐Ÿ‡ธ BIT Mining Limited BTCM
169
$415,287.93
โ€”
โ€”
โ€”
โ€”
โ€”
โ€”
โ€”
27 ๐Ÿ‡จ๐Ÿ‡ฆ DeFi Technologies DEFI
161
$395,629.32
$187M
$***M
*.********
โ€”
โ€”
โ€”
*.*%
28 ๐Ÿ‡จ๐Ÿ‡ฆ Neptune Digital Assets NDA
144
$353,854.80
$52M
$**M
โ€”
โ€”
โ€”
โ€”
*.*%
29 ๐Ÿ‡บ๐Ÿ‡ธ Phunware Inc PHUN
8.02
$19,707.75
$41M
$-**M
โ€”
โ€”
โ€”
โ€”
*.*%
30 ๐Ÿ‡บ๐Ÿ‡ธ Lixte Biotechnology Holdings Inc LIXT
0
$0.00
โ€”
โ€”
โ€”
โ€”
โ€”
โ€”
โ€”
Total:
7,808,106
$19.19B