Welcome to the Canadian Crypto Observer. Financial journalist and author Aditya Nain provides perspective on market-moving headlines to help Canadian investors navigate the cryptocurrency market.
The market narrative for 2025 has centered on “hard assets” — notably gold and bitcoin (BTC), with bitcoin often described as “digital gold.” As monetary policy softened, many investors shifted capital into assets perceived as inflation hedges. That said, focusing only on gold and BTC this year would overlook two standout performers: silver and ethereum (ETH).
While gold and BTC drew the headlines, silver and ETH outperformed for much of the year. As BTC and gold cooled off in recent months, ETH and silver gained momentum and captured investor attention. The chart below compares year-to-date price moves for these four assets and highlights ETH’s strong rally since April.
It’s not unexpected that the second-largest assets in their classes — silver among precious metals and ETH among cryptocurrencies — would outperform in certain market environments. In earlier coverage, I noted that ETH had the potential to outpace BTC in 2025, based on historical market patterns and structural shifts in the crypto ecosystem. That prediction has held up so far.
How high could BTC and ETH go in 2025?
Previously, I suggested BTC could reasonably target $160,000, and other analysts have put forward targets as high as $200,000 or more for bitcoin in this bull market. Those outlooks raise the question: where might ethereum go?
ETH was trading around $4,496 at the time of writing. A move to $8,000 would not be outlandish and would represent roughly a 64% gain from that level. That price would still be under 2x the prior all-time high near $4,878 (November 2021). Historically, ETH has tended to set new highs in each bull market with sizable gains from prior peaks. A 100% rise from its previous peak would be conservative relative to past cycles, though markets are never guaranteed and depend on macro, on-chain, and demand-side dynamics.
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Ethereum ETFs have powered ETH’s resurgence
The launch and growth of ETH exchange-traded funds in 2025 did for ethereum what bitcoin ETFs accomplished for BTC in 2024: they created a regulated, familiar vehicle for institutions and large investors to gain exposure without directly holding the underlying crypto. That institutional access helped validate ETH as an investable asset for many allocators.
Inflows to ETH ETFs accelerated starting in April–May 2025, aligning with the start of ETH’s strong run. July and August saw especially large net inflows — $4.86 billion and $3.23 billion, respectively — reinforcing demand through ETF channels.
Canadian investors who want ETH exposure now have multiple ETF options. ETFs are often attractive because they can be held in registered accounts such as tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs), and first home savings accounts (FHSAs), making them convenient for long-term allocation and tax-efficient investing.
Learn more: How to invest tax-free in a bitcoin ETF
Should you invest in ETH treasury companies?
Following the success of bitcoin treasury firms like MicroStrategy (MSTR), a new group of public companies focused on holding ETH as corporate reserves has emerged. These ETH treasury companies store substantial amounts of ETH on their balance sheets and may earn staking rewards, providing an indirect way for investors to gain exposure to ethereum price moves and network yields.
Staking ETH involves locking tokens to support Ethereum’s network validation and security, with stakers receiving additional ETH as rewards. That mechanism can look similar to a dividend for crypto holders, though staking carries its own technical, operational, and counterparty risks.
Below is a snapshot comparison of two notable ETH treasury companies trading publicly and accessible to Canadian investors:
| BitMine Immersion Technologies | SharpLink Gaming | |
|---|---|---|
| Ticker | BMNR | SBET |
| Exchange | NYSE American | Nasdaq |
| ETH treasury launch | June–July 2025 | June 2025 |
| ETH held (approx.) | 1,713,899 ETH | 797,704 ETH |
| ETH value (USD) | $7.9 billion | $3.7 billion |
| % of total ETH supply | ~1.41% | ~0.66% |
| Will they stake ETH? | Yes | Yes |
| Key people | Tom Lee (chairman), Peter Thiel (via Founders Fund) | Joseph Lubin (chairman), Joseph Chalom (Co-CEO) |
| Can Canadian investors buy it? | Yes | Yes |
| Can it be held in a registered account? | Yes | Yes |
Deciding whether to invest in an ETH treasury company depends on your objectives and tolerance for concentrated corporate and operational risk. These firms have only published treasury strategies recently (June–July 2025), so price discovery is limited. Many individual investors may prefer direct exposure to ETH or established ETH ETFs, which offer clearer liquidity and regulatory frameworks.
Crypto price swings are normal — manage risk
Cryptocurrencies including BTC, ETH, XRP, SOL and others are speculative and highly volatile. Large price swings are common, and risks include market volatility, technological vulnerabilities, counterparty exposure, and regulatory changes. Even stablecoins can carry hidden risks if their reserves or backing are inadequate.
Investors should consider crypto only if it fits their overall investment plan, time horizon, and risk tolerance. Stay informed about regulatory developments, security best practices, and common scams. Prudent portfolio construction and position sizing remain essential when allocating to digital assets.
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