Ethereum Treasury Stocks by Enterprise Value

The total Ethereum treasury stock enterprise value is $349.04B

# Company ETH Treasury Enterprise Value Market Cap EV/EH/s EV/MW EV/EBITDA EV/Revenue
1
BMNR
Bitmine Immersion Technologies, Inc. BMNR
5,777,468 ETH
$-2,202,516,414
-$2.2B
$8,993,617,766
$8.99B
2
SBET
SharpLink Gaming Ltd. SBET
886,725 ETH
$-535,675,362
-$535.68M
$1,145,493,790
$1.15B
3
ETHM
The Ether Machine ETHM
496,712 ETH
$-753,319,602
-$753.32M
$179,114,000
$179.11M
4
GLXY
Galaxy Digital GLXY
169,489 ETH
$8,125,259,431
$8.13B
$7,522,662,271
$7.52B
5
BTBT
Bit Digital, Inc. BTBT
158,462 ETH
$284,524,123,909
$284.52B
$478,390,300
$478.39M
6
COIN
Coinbase Global, Inc. COIN
150,193 ETH
$38,118,367,022
$38.12B
$41,703,003,146
$41.7B
7
BTCS
BTCS Inc. BTCS
55,064 ETH
$2,089,763
$2.09M
$49,292,549
$49.29M
8
4784.T
GMO internet, Inc. 4784.T
30,016 ETH
$844,221,650
$844.22M
$924,910,952
$924.91M
9
DEFT
DeFi Technologies Inc. DEFT
22,787 ETH
$-185,401,992
-$185.4M
$128,516,830
$128.52M
10
YDKG
Yueda Digital Holding, Inc. YDKG
19,929 ETH
$-142,153,337
-$142.15M
$5,011,829
$5.01M

Learn more about Enterprise Value and our calculations.

1Indicates company has no reported Ethereum holdings, and thus the fair value of any holdings were not subtracted in the EV calculation.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a financial metric that measures a company's total value by considering not only its market capitalization but also its debt and cash levels. EV can be thought of as the effective cost of buying a company or the theoretical price of a target company before factoring in a takeover premium. This offers a more comprehensive reflection of a company's true worth than market capitalization alone.

How is Enterprise Value Calculated?

EV = Current Market Cap + Total Debt - Cash & Cash Equivalents - Fair Value of Ethereum Holdings. Enterprise Value is calculated by taking a company's market capitalization and subtracting cash & cash equivalents as well as the fair value of the company's Ethereum holdings (if reported), as cash on hand reduces the net value of a company's obligations. We then add the company's total debt to reflect any outstanding liabilities.

Where Do We Source the Data for Enterprise Value Calculations?

We obtain figures for cash & cash equivalents and total debt from the latest financial statements published by ethereum treasury companies. Most companies release their financial statements on a quarterly basis, though some only report annually. The fair value of a company's ethereum holdings is calculated by multiplying their last reported ethereum holdings by the current ethereum price. As for the market cap component, we use the current market cap value which is calculated by current share price by the current number of shares outstanding.

Why is Enterprise Value Important When Analyzing Ethereum Treasury Companies?

Enterprise Value is critical for evaluating ethereum treasury companies because it accounts for the full scope of a company's financial obligations, including the fair value of their ethereum holdings. Many treasury companies take on significant debt to acquire ethereum, making EV a more accurate measure of their overall value. Additionally, EV serves as the basis for many financial ratios used to measure a company's performance, providing deeper insights into its operational efficiency and profitability.

Can Enterprise Value Help Identify Undervalued Ethereum Treasury Stocks?

Analyzing Enterprise Value can provide investors with insights into the valuation of ethereum treasury stocks. While a low EV relative to a company's earnings or revenues might suggest potential undervaluation, it is important to consider other factors such as growth prospects, industry conditions, and the company's financial health. EV is just one tool among many that can help investors assess whether a stock is priced appropriately.