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Why Publicly Traded Caliber Is Building a Chainlink Treasury

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In brief

  • Publicly traded firm Caliber has acquired $6.7 million worth of LINK as it builds out its Chainlink treasury.
  • The firm intends to do more than accumulate LINK though, it will also integrate the Chainlink network into its daily business.
  • Its next step is hiring the right fit with a history in real estate tokenization and blockchain.

Publicly traded asset manager Caliber made its first significant buy of Chainlink (LINK) this week, adding 278,0111 LINK worth around $6.5 million to its treasury, it announced Thursday. 

The Arizona-based firm has now acquired around $6.7 million worth of LINK in just over a month since announcing its Chainlink treasury strategy. While other firms are stacking assets like Bitcoin, Ethereum, Solana, or XRP, Caliber saw something unique in LINK.

“We found that Chainlink was the obvious choice for us,” Caliber CEO Chris Loeffler told Decrypt about the firm’s new connections to crypto. “It had institutional adoption, it had utility inside our actual business, and Chainlink was starting to announce some really sizable partnerships.”



In addition to stacking LINK, the firm will look to utilize Chainlink’s network to bring valuable off-chain data used in its every day business on-chain, potentially reducing operating costs and increasing profitability in the process. One such prominent example for the firm is in valuations. 

“Because we’re a public asset manager, every quarter we have to produce valuation work on all of our assets and all of our funds,” said Loeffler, who added that it is typically a complex and manual process. 

“To value an apartment complex, you may need to have 10 points of data,” he said. “Maybe that’s comparable sales, vacancy rates, and current rental rates. Those pieces of data are critical to be plugged into a financial model that is run to produce the value every quarter.” 

Using Chainlink’s network, though, the firm believes it will be able to bring that real-world data on-chain and better validate and automate its valuations, ultimately providing more transparency to its investors in the process. Loeffler said that further use cases like automated fund administration may be possible, as well.

Chainlink operates as an oracle network, helping securely pull verified data from off-chain sources on-chain for integration with blockchains. The network recently partnered with the U.S. Department of Commerce to bring GDP data on-chain, and founder Sergey Nazarov has teased further integrations—and hopes to help aid with election integrity, as well. 

To pursue its on-chain goals, Caliber is looking for the right person to join the firm. 

“Our next step, as far as the implementation, is we’re looking for a key person who would be like a strategic hire inside of the company,” said Loeffler, who said the firm is looking for someone with experience in real estate tokenization and blockchain. 

“I’d like to have that person hired and functioning before the end of the year,” he added.

Though relatively new to the crypto ecosystem, Loeffler said the firm has been welcomed warmly by the community. 

“The LINK Marines and the LINK community as a whole are just excited,” he said, making note of the rabid community of Chainlink investors that rally around the asset on social media. Loeffler’s X bio indicates he’s a “new recruit” to the LINK Marines. 

“The fact that we’re not just building a treasury and being a treasury company, but we’re also aligned to integrating our real-world assets into blockchain and to utilize Chainlink’s technology—that resonated really well,” he added. 

Shares of Caliber (CWD) are up more than 300% in the last month.

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Real Estate Firm’s Stock Spikes After Revealing First Publicly Traded Chainlink Treasury

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In brief

  • Caliber, a publicly traded real estate asset management firm, is starting a Chainlink treasury.
  • The firm will use cash reserves and existing access to capital to acquire LINK.
  • CWD shares jumped nearly 60% on Thursday as the price of LINK itself rose 2.5%.

Caliber, a publicly traded real estate asset management company, saw its stock price skyrocket Thursday after announcing that it has adopted a digital assets treasury strategy that will center on Chainlink (LINK).

The firm’s strategy was approved by its board of directors, allowing it to allocate a portion of its treasury to acquire LINK—the token that powers a Chainlink’s oracle network, which brings real-world data to blockchain apps. Caliber will use its balance sheet and existing access to capital to acquire LINK, though the firm has not shared how much it intends to acquire. 

“This strategy combines what Caliber already does best—raising and managing capital in private equity real estate funds—with one of the most promising financial technologies of our time,” Caliber CEO Chris Loeffler told Decrypt. 

“That technology, Chainlink, is directly applicable to our existing real estate business and it will help us to better automate our real estate value calculations (NAV automation), help better administer our funds, and it can help us potentially provide stronger liquidity options for our suite of private funds,” he added.



In addition to the digital asset treasury, the board of directors approved the creation of the Caliber Crypto Advisory Board—a group of crypto and blockchain experts that will help guide the firm’s digital asset treasury strategy. Loeffler told Decrypt that the board’s composition would be announced soon. 

Shares in Caliber (CWD) are up 59% since the opening bell on Thursday, now trading hands at $2.70. However, the stock has traded down nearly 4% in the last month and 78% in the last year.

As for why investors would choose CWD shares over buying LINK itself, Loeffler told Decrypt that “it’s a leverage play.” 

“We’re going to give them leverage through our consistent acquisition, through the staking process,” he said. “If they’re a big investor in Chainlink already and they want to take a position in Caliber to get sort of a levered play on that, that would be the way to think about it.” 

In the near future, it may not be eligible for trading on the Nasdaq, though. A filing with the SEC from Wednesday indicates that Caliber received a letter stating it was no longer in compliance with Nasdaq’s Stockholder Equity Requirement, and therefore has 45 days to provide a plan to Nasdaq which would satisfy that requirement. If it fails to do so, its stock could be delisted from the exchange. 

Chainlink (LINK) is up around 2.5% in the last 24 hours and more than 41% on the month.

On Thursday, the Department of Commerce announced it would team up with Chainlink’s decentralized oracle network to integrate macroeconomic data into the DeFi ecosystem.

Furthermore, the 13th largest crypto asset by market cap recently earned an ETF filing from Bitwise. Earlier this month, the team behind the network announced a new Chainlink Reserve funded via the network’s on-chain and off-chain revenues. 

Loeffler’s X account bio now notes that he’s a “new recruit to LINK Marines,” referencing a loose group of die-hard Chainlink investors that advocate for the asset across social media. He also celebrated Chainlink’s collaboration with the U.S. government for on-chain economic data.

“Couldn’t have timed it better, the federal government is a pretty good customer for Chainlink,” Loeffler posted on X.

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Ethereum Price Dips Below $4,400 as Publicly Traded Treasuries Stack ETH

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In brief

  • The price of ETH has dropped by 4.4% in 24 hours, outpacing the wider crypto market decline.
  • SharpLink and other firms have boosted their ETH treasury holdings.
  • The market lift was offset by an exit queue of over 1 million ETH set to be withdrawn from staking, and ongoing network congestion.

Ethereum’s price slipped below $4,400 Friday morning, days after setting a new all-time high.

ETH has since recovered to just over $4,400, but remains down by 4.4% on the day, outpacing the broader crypto market’s 2.6% drop, according to CoinGecko data.

The decline comes after Ethereum set a new all-time high of $4,946.05 on August 24, with the token now down 11% from that peak. Despite the downturn, ETH remains up 16.6% over the past month and 73.2% over the past three months.

The latest fall comes after Ethereum struggled to sustain momentum earlier this year, lagging behind Bitcoin’s surge to record highs. A resurgence of investor interest, however, has emerged in recent weeks, supported by large publicly traded treasuries steadily accumulating ETH.

Institutions buying ETH

According to CoinGecko data, eleven institutions now hold more than 3 million ETH, worth around $13 billion.

Among the largest is SharpLink Gaming, which announced Tuesday that it added roughly $252 million in Ethereum to its reserves, buying 55,463 ETH at an average price of $4,462. The purchase lifted its total holdings to 797,704 ETH valued at $3.6 billion.

The company, which began life as a gambling marketing firm, has pivoted toward an Ethereum-focused treasury strategy and counts Ethereum co-founder Joseph Lubin as its board chair.



“Our regimented execution of SharpLink’s ETH treasury strategy continues to demonstrate the strength of our vision,” said SharpLink co-CEO Joseph Shalom in a statement, adding that the company sees itself as both building long-term shareholder value and supporting the Ethereum ecosystem.

Earlier this week, a research note by Standard Chartered called Ethereum’s pullback a “great entry point,” and arguing that ETH would hit $7,500 by the end of the year. The bank’s head of digital assets Geoffrey Kendrick pointed to Ethereum treasury companies and exchange-traded funds scooping up the available supply of ETH, arguing that they are “just getting started.”

On prediction market Myriad (launched by Decrypt’s parent company DASTAN), users are inclined to agree with Standard Chartered’s bullish outlook, with almost 80% expecting ETH to hit $5,000 in 2025.

Meanwhile, Ethereum’s fundamentals are showing strain, with an exit queue of over 1 million ETH set to be withdrawn from staking, contributing to record transaction wait times and highlighting the chain’s persistent scaling challenges.

The turbulence comes as the broader crypto market steadies after a weekend sell-off triggered by a Bitcoin whale unloading $2.7 billion worth of BTC, which cascaded into forced liquidations and sharp price swings across major tokens.

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The 7 Largest Publicly Traded Ethereum Treasury Firms

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In brief

  • Publicly traded companies are now racing to accumulate Ethereum.
  • Firms with strategic ETH reserves now account for more than 3% of the entire ETH supply.
  • The top holders include BitMine Immersion Technologies, SharpLink Gaming, and Coinbase.

The trend of publicly traded companies adopting crypto treasury strategies may have started with Bitcoin, but it has since expanded to a wide variety of digital assets—including the second-largest crypto asset by market cap, Ethereum. 

Now the race to accumulate ETH is on, led by key figures like Fundstrat’s Tom Lee and Ethereum co-founder Joe Lubin, who are championing public firms as they rally around Ethereum and its future. 

Per StrategicETHReserve.xyz, public entities with Ethereum treasuries maintain more than 3.7 million ETH valued at nearly $17 billion, as of this writing, and more than 3% of the entire supply. These are the biggest holders as of this writing.

1. BitMine Immersion Technologies

Led by crypto bull and Fundstrat CIO Tom Lee, BitMine Immersion Technologies burst onto the scene at the end of July when the firm detailed plans for an Ethereum treasury. 

Formerly focused on Bitcoin mining, BitMine (BMNR) first secured a $250 million private investment in public equity (PIPE) fundraising round to begin its ETH purchases. 

Since that time, it hasn’t looked back, acquiring 1,150,263 ETH or more than $5 billion worth as of this writing.

The aggressive buying spree has coincided with Lee’s seemingly unfathomable ETH price predictions, which include calls for $60,000 ETH. That’s a sizable multiple of the current price.

After planning a raise of $4.5 billion to accumulate the asset, Lee and company upsized their offering by $20 billion in August as BitMine aims to expand its already industry-leading Ethereum treasury. 

2. SharpLink Gaming

Gambling marketer turned Ethereum treasury company SharpLink Gaming holds the second-largest publicly traded ETH treasury. 

The firm maintains 728,804 ETH, or $3.2 billion as of its latest release—around 73% of the way to its first stated goal of accumulating 1 million ETH. 

While SharpLink’s existing business did not have immediate ties to crypto, it brought on direct ties to Ethereum when it shaped its board of directors. The firm’s chairman Joe Lubin is the co-founder of Ethereum itself, and founder and CEO of Ethereum software company, Consensys, the maker of popular crypto wallet, MetaMask.

(Disclaimer: Consensys is one of 22 investors in an editorially independent Decrypt)

Lubin and company have followed BitMine in a relentless pursuit of Ethereum, raising funds in a variety of ways including a recent $400 million direct offering, plus plans to collect up to $6 billion via stock sales. 

In July, the firm added BlackRock’s former head of digital asset strategy Joseph Chalom as its newly appointed CEO. 

3. The Ether Machine

There’s no questioning the business of The Ether Machine, a firm made public via a merger of The Ether Reserve, LLC and a blank-check company earlier this year. 

The third-largest treasury on the list, The Ether Machine currently holds 345,362 ETH, or $1.5 billion at today’s ETH prices. 

Funded with startup capital and approximately 170,000 ETH from co-founder and chairman Andrew Keys, the Ether Machine stated a mandate to put its ETH to work on-chain or create a “machine” to grow its stash, differentiating it from more passive accumulation vehicles. 

It most recently acquired around $40 million worth of ETH using cash from a previously established private placement. At the time of inception, it expected to pull in around $1.6 billion in total proceeds to use to fund Ethereum purchases.

4. Coinbase

Leading American crypto exchange Coinbase maintains an investment of around $602 million or 136,782 ETH, according to its most recent 10-Q filing. That is more than 20,000 ETH greater than it ended 2024 with when it held 115,700 ETH based on an end of year 10-K filing.

The firm also holds more than 11,000 Bitcoin as an investment, placing it among the top publicly traded holders of the largest crypto asset, as well.  

First hitting the public markets in 2021, shares in Coinbase made a new all-time high in July 2025 as crypto firms continued a streak of success alongside traditional equities. 



5. Bit Digital

Bitcoin miner Bit Digital formed an Ethereum treasury strategy during Q2 2025. In just a few short months, it’s quickly added to its stash, jumping from 30,663 ETH at the end of June to 121,076 ETH as of August 11—now valued at more than $530 million. 

As part of its transition, the firm is ending its Bitcoin mining operations and redeploying funds towards ETH accumulation. Public markets didn’t react strongly to the strategy shift, as shares of BTBT have gained just 2.63% year-to-date. 

6. ETHZilla

Biotech firm 180 Life Sciences rebranded its company to “ETHZilla,” as it shifted focus to a digital assets treasury centered on Ethereum. 

The firm raised $425 million in late July to kickstart its treasury and quickly jumped up the holder rankings, acquiring 82,186 ETH as of August 12, valued around $362 million at today’s ETH prices. 

A few weeks later, shares in ETHZilla (ATNF) quickly tripled after it was revealed that billionaire tech investor Peter Thiel and related entities had purchased a 7.5% stake in the company. 

As for its unique name? Chairman of the board McAndrew Rudisil told Decrypt in July that it  “comes from our focus to be one of the largest holders of ETH in the world.”

7. BTCS Inc.

Blockchain Technology Consensus Solutions (BTCS) holds 70,140 ETH, worth around $309 million as of mid-August.

The firm boasts a proactive strategy to acquire more Ethereum, putting its ETH to work on-chain using what is described as a “powerful DeFi/TradFi financial model” to generate value for shareholders. 

In addition to acquiring ETH, the firm also bolstered its treasury with three Ethereum-based Pudgy Penguins NFTs in August.

BTCS posted record revenues in Q2 of $2.77 million, marking a 394% increase year-over-year. Shares are up nearly 90% year-to-date.

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