Treasure Global Inc. (NASDAQ: TGL), the Malaysia-based technology company behind the ZCITY Super App, announced on May 7 the creation of an Ethereum-based Digital Asset Treasury with BitGo as its custody provider. The firm deposited an initial $176,000 in ETH and outlined plans to scale the treasury to up to $100 million, subject to market conditions and strategic opportunities.
The move places TGL among a growing cohort of public companies using spare capital to invest in Ethereum. According to Strategic ETH Reserve, 67 entities collectively hold 7.33 million ETH — or roughly $16.03 billion, representing about 6% of the total circulating supply. At current prices near $2,185, a fully deployed $100 million treasury would give Treasure Global approximately 45,700 ETH, a position comparable to projects like FG Nexus (50,770 ETH) and Lido DAO (39,720 ETH), though still far behind leaders such as Bitmine Immersion Technologies, which holds 5.18 million ETH after adding over 101,000 tokens in a single week.
Treasure Global selected Ethereum for its role in decentralized finance, stablecoin settlement, and tokenized asset infrastructure, describing the network as “a foundational infrastructure layer in the emerging on-chain economy.” CEO Teo highlighted the partnership with BitGo, stating that it “enhances the security, governance, and operational resilience of our digital asset holdings.” BitGo supports 186 of the top 250 digital assets and will provide institutional-grade cold storage and multi-signature security. If TGL stakes its ETH through a validator network like Bitmine’s MAVAN, which yields roughly 2.91% annually, a $100 million position could generate roughly $2.7 million per year in extra income.
The corporate treasury trend coincides with a broader explosion in tokenized US government debt on Ethereum. Data from Token Terminal shows the total market capitalization of tokenized US Treasuries on the network reached an all-time high of approximately $8 billion, up 100% in the past six months. BlackRock’s BUIDL fund (issued via Securitize) holds the largest share, but Franklin Templeton’s iBENJI, WisdomTree’s WTGXX, Ondo Finance’s USDY, Centrifuge’s JTRSY, and Superstate’s USTB all contributed to the record. Ethereum dominates the space by a wide margin: according to rwa.xyz, BNB Chain holds $3.4 billion in tokenized Treasury value, while Solana, Stellar, and the XRP Ledger each have under $1 billion.
Tokenized Treasuries are no longer passive holdings; they are increasingly deployed as yield-bearing collateral in decentralized lending protocols and money markets, giving DeFi participants access to a stable, government-backed asset that earns yield while remaining usable across financial applications. While the $8 billion milestone is a record for the sector, it represents only a tiny fraction of the $27 trillion US Treasury market, and regulatory frameworks for blockchain-based securities are still developing. Nonetheless, the combination of a new corporate ETH treasury and the surging tokenized debt market underscores Ethereum’s deepening role as the primary settlement layer for institutional digital assets.
