Treasure Global Inc. (NASDAQ: TGL), a Malaysia-based technology company, announced that it created an Ethereum-based Digital Asset Treasury today, May 7. It also named BitGo as its custody provider. The company plans to start with an initial deposit of approximately $176,000 in ETH.

According to its press release, the company plans to use the treasury framework over time to support capital deployment of up to $100 million. However, that figure is conditional, as the release specified that deployment would be “subject to market conditions and strategic opportunities.”

Who is Treasure Global, and why did they start buying Ethereum?

Treasure Global runs the ZCITY Super App, a popular Malaysian platform used by over 2.7 million people for digital payments and earning rewards (as at December 2025). According to the press release, the company is not changing how it does business, and is only buying digital assets as “a complementary balance sheet strategy.”

Treasure Global chose Ethereum as its first treasury asset based on the network’s role in decentralized finance, stablecoin settlement, and tokenized asset infrastructure. The company described Ethereum as “a foundational infrastructure layer in the emerging on-chain economy” in the press release.

This move places TGL among a growing list of public companies investing spare capital into Ethereum. According to data from Strategic ETH Reserve, there are currently 67 entities holding 7.33 million ETH (roughly $16.03 billion) collectively, which is about 6% of the total circulating supply.

How much ETH can TGL buy for $100 million?

With ETH current prices around $2,185, a full $100 million treasury would give Treasure Global roughly 45,700 ETH. That amount would place TGL on the same level with projects like FG Nexus (50,770 ETH, approximately $111 million currently) and Lido DAO (39,720 ETH, around $86.9 million), according to Strategic ETH Reserve’s rankings.

However, TGL would still be very far from the category leaders. Bitmine Immersion Technologies currently holds 5.18 million ETH after adding 101,745 tokens in a single week, as Cryptopolitan previously reported. SharpLink Gaming also holds about 863,020 ETH.

Even The Ether Machine, which is third, sits at 496,710 ETH. At $100 million, Treasure Global would control less than 1% of what Bitmine holds.

Staking ETH can earn TGL a small but steady profit. For example, Bitmine stakes 84% of its ETH through the MAVAN validator network, earning annual profits of 2.91% (about $297 million in annual staking revenue) according to Cryptopolitan.

If TGL did the same with its 45,700 ETH ($100 million cap), they stand to make around $2.7 million every year in extra income. That number will increase as TGL buys more assets, but it is still a fraction of what the larger holders make.

BitGo is cleaning up as a custodian

With Treasure Global selecting BitGo (NYSE: BTGO) as its custodian, it will gain access to institutional-grade cold storage with multi-signature security architecture. BitGo supports 186 of the top 250 digital assets by market capitalization, according to the company’s April 2026 announcement, and serves thousands of institutional clients across custody, staking, trading, and settlement.

“It enhances the security, governance, and operational resilience of our digital asset holdings,” Teo said when asked about the BitGo partnership.

BitGo has also been expanding its institutional footprint in recent months. In May 2026, the company was appointed as an additional custodian for Virtune, a regulated Swedish digital asset manager, providing custody for its Stablecoin Index ETP under its MiCA license from BaFin.

Nonetheless, the gap between a $176,000 initial purchase and a $100 million aspiration is wide. But whether TGL scales its treasury to a level that allows it to compete on the corporate ETH leaderboard depends on how much capital it has, plus the right market conditions.

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