Mantle today holds one of the largest known ETH-denominated treasury on-chain: over $320M across mETH, cmETH and ETH.

A new market meta is forming. Ethereum is becoming the preferred treasury asset across DAOs, ETFs, and public companies. ETH is no longer seen as passive collateral; it is being activated across staking, restaking, and looping strategies, like when the World Liberty Fund rotated 1,378 ETH into mETH and use it as collateral to borrow stablecoins.

Mantle has been aligned with this shift from the start, with mETH Protocol as a core Ethereum-native yield layer, Mantle Index Four formalizing a multi-asset strategy, and a treasury strategy grounded in ETH since day 0.

Public Companies Are Now Holding ETH in Treasury

1. mETH becomes the first ETH LST announced on a public company's balance sheet, via Republic Technologies

• Republic Technologies is the Ethereum treasury arm of Beyond Medical Technologies Inc. (CSE: DOCT | FSE: 7FM), a public healthcare firm listed in Canada and Germany
• In Q2 2025, Republic converted a significant portion of its ETH holdings into mETH, making it the first public treasury to operationalize Ethereum staking at scale, marking a critical turning point for ETH's role in institutional treasury strategies
• With executives from Apollo, Goldman Sachs, BlackRock, and Canaccord Genuity, Republic’s adoption of mETH signals institutional-grade conviction in ETH yield mechanics
  • mETH Protocol enabled the very first move, positioning itself as the compliant, yield-bearing gateway to Ethereum-native financial infrastructure

2. SharpLink Gaming (Nasdaq: SBET) announced a $425M raise, led by ConsenSys (Joseph Lubin), to make ETH its primary treasury reserve asset

• The U.S.-listed iGaming firm pivoted to an Ethereum-focused treasury vehicle, initially accumulating 360,807 ETH (~$1.3B), surpassing the Ethereum Foundation’s public holdings
  • All ETH was staked, converting treasury into yield-generating capital
  • In late June, SBET acquired an additional ~10,000 ETH directly from the Ethereum Foundation via OTC
• By mid-July, the company filed to raise up to $6B more, signaling a continued commitment to expanding ETH reserves and deploying treasury capital on-chain

3. BitMine Immersion receives $182M from ARK Invest to build Ethereum-native treasury infrastructure

• BitMine is an Ethereum-focused treasury and staking firm backed by Peter Thiel and Tom Lee
• In June 2025, the firm closed a $250M private placement led by MOZAYYX, with participation from Founders Fund, Pantera, Galaxy Digital, Kraken, DCG, and Republic Digital. The raise was funded in both cash and crypto to accelerate ETH accumulation
• In July, ARK Invest reallocated $116M to $182M into BitMine across its ETFs
  • After the capital injection, BitMine’s ETH holdings surged to over 300,000 (~$1B) in one week, including 60,000 ETH acquired via in-the-money options
• BitMine aims to accumulate up to 5% of ETH supply, using on-chain yield to replicate a MicroStrategy-style treasury model with ETH

Ethereum ETFs Inflows Accelerating

Spot ETH ETF inflows surge past $4B in the last 15 trading days alone:

• BlackRock: $5.3B
• Fidelity: $1.6B
• Bitwise: $489.66M
• Vaneck: $205.73M
• Franklin Templeton: $71.58M
• 21Shares: $44.33M
• Invesco: $37.5M

ETH Has Always Been a Core Strategy at Mantle

Mantle began deploying ETH in 2023 as a core strategy, using it to stake, restake, and circulate capital to generate yield, secure protocols, and bootstrap adoption.

While others are only now rotating ETH into treasury, Mantle had already committed the majority of its on-chain assets to ETH and ETH-denominated positions like mETH.

Mantle holds one of the largest ETH-denominated treasury on-chain: over $320M across mETH, cmETH and ETH.

Mantle’s ETH was not just used to create mETH Protocol. It was used to scale it. Treasury capital backed integrations, restaking strategies, and ecosystem rewards that directly contributed to mETH’s rapid adoption.

Some of the earliest milestones include:

• mETH Protocol (prev. known as Mantle LSP) launched in Q4 2023, growing to a peak TVL of $2.19B within its first year
  • Fourth largest ETH LST, integrated across 40+ protocols
• Restaked 100,000 mETH on EigenLayer, securing EigenDA with 108.84K mETH
  • 2.1M EIGEN distributed to mETH holders

In 2025, Mantle extended this thesis with Mantle Index Four, an on-chain index product structured around ETH, BTC, and stablecoins. mETH forms a core part of the index’s ETH exposure, bridging liquid staking with structured on-chain allocation.

ETH has always been fundamental to Mantle’s strategy, and we're proud to carry this vision forward.