Following the pioneering lead of Strategy (formerly MicroStrategy) in accumulating Bitcoin, a growing number of companies are now turning their attention to Ethereum (ETH), quietly amassing substantial holdings in their corporate treasuries. This emerging trend signals a significant shift in institutional digital asset strategies, driven by Ethereum’s appeal as a yield-earning asset through staking and increasing interest in spot Ethereum exchange-traded funds (ETFs).
Corporate Titans Embrace Ethereum
The corporate adoption of Ethereum is accelerating, with several publicly traded companies building considerable ETH treasuries. These firms are taking a page from Michael Saylor’s Bitcoin playbook, viewing Ethereum not just as a speculative asset but as a strategic reserve with yield-generating potential.
As of July 17, 2025, BitMine (NYSE: BMNR), a company that began as a Bitcoin miner, disclosed holdings of 300,657 ETH, valued at $1.12 billion by July 20. A significant portion of these holdings, 60,000 ETH, was acquired through options backed by $200 million in cash.
Close behind is Sharplink Gaming (Nasdaq: SBET), which holds approximately 280,706 ETH, according to its latest filings. With recently secured capital, SharpLink is positioned to further expand its Ethereum stash, solidifying its role as a major ETH treasury.
Bit Digital (Nasdaq: BTBT) has also quietly become a heavyweight in the ETH treasury space. As of July 20, 2025, the firm holds 120,306 ETH, following a recent acquisition of 19,683 ETH using proceeds from a $67.3 million direct offering to institutional investors. Bit Digital runs its own validators and stakes the majority of its ETH, cementing its place among the largest publicly traded Ethereum holders.
Diverse Strategies for ETH Accumulation
Other companies are also making significant moves into Ethereum, albeit with varying scales and strategies:
- Ether Capital Corporation reported 46,274 ETH in its Q1 2024 report, with 98% of it staked at the time. While there have been no public updates since, this figure remains its latest disclosed holding.
- BTCS Inc. (Nasdaq: BTCS) held 29,122 ETH as of July 11, employing a mixed approach to its holdings. This includes staking a portion via Rocket Pool and solo nodes, with additional ETH in a staking queue and the remainder posted as collateral on Aave, a decentralised finance (DeFi) lending platform.
- Intchains Group showed 7,023 ETH as of March 31, 2025, representing a 23.2% increase from the previous quarter.
- Gamesquare Holdings recently entered the scene with a $5 million Ethereum purchase, acquiring 1,818.84 ETH at an average price of $2,749 per coin. The company is poised to buy more following a recent $70 million offering.
- Exodus Movement Inc. holds 2,729 ETH in its treasury as of the end of June.
- Vault Ventures PLC has been incrementally increasing its holdings, reaching 711.93 ETH as of July 18.
- Mogo Inc. currently holds a more modest 146 ETH, with its primary focus lately on Bitcoin accumulation.
This growing trend of corporate Ethereum accumulation, from mining companies diversifying their assets to gaming and financial technology firms building staking empires, underscores Ethereum’s increasing recognition as a cornerstone of corporate treasury strategies. As institutional interest deepens, Ethereum is transitioning from a niche crypto asset to a boardroom fixture, signalling an incoming “tsunami” of adoption in mainstream finance.
