Public companies are igniting a wave of ETH financial assets, which may reshape the landscape of the cryptocurrency market

Ethereum Corporate Treasury Boom

An increasing number of publicly listed companies are beginning to view Ethereum (ETH) as a core reserve asset, similar to the former status of Bitcoin. Currently, large enterprises hold approximately $7.6 billion in ETH and plan to increase this to $30.4 billion—about three times the current amount.

This wave of accumulation follows a roughly 40% increase in Ethereum's price over the past month, alongside a surge of large institutional investments and opportunities to earn returns through staking. ETH is not only seen as a store of value but also as a source of ongoing income and a way to participate in the expanding decentralized finance (DeFi) ecosystem.

Here’s an analysis of the ETH reserve strategies of major companies:

BitMine Immersion (BMNR)

As of early August 2025, BitMine Immersion Technologies accumulated 833,137 ETH (valued at approximately $2.9 billion, based on about $3,492 per ETH) in just 35 days after launching its Ethereum treasury plan.

Goal: Hold 5% of Global ETH

The company refers to this plan as "5% Alchemy," aiming to hold approximately 6 million ETH, valued at around $22 billion. Supporters include Bill Miller III, Cathie Wood, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital.

Chairman Thomas "Tom" Lee stated that their buying speed has set a record for capital deployment.

BitMine's stock (NYSE: BMNR) has become one of the most actively traded stocks in the U.S., and the company plans to use ETH for staking to earn stable returns. In short, BitMine aims to replicate MicroStrategy's strategy with Bitcoin—becoming one of the largest corporate holders of Ethereum and potentially influencing market trends.

Source:https://dropstab.com/p/bitmine-eth-strategy-portfolio-lipdgyz9ho

SharpLink Gaming (SBET)

As of August 5, 2025, SharpLink Gaming Ltd. holds 521,939 ETH (approximately $1.9 billion). This includes 83,561 ETH (valued at $264 million) purchased in late July and 188,478 ETH (valued at $750 million) purchased in June, with an average cost of about $3,634 per ETH.

$1.9 Billion in Ethereum + Stock Price Surge

Since shifting to an Ethereum reserve strategy in Q2 2025, SharpLink's stock price has skyrocketed over 420%. The company has transformed from a typical gaming/marketing firm to one closely tied to crypto assets, with each share corresponding to about 3.66 ETH, directly linking its stock price to Ethereum's price.

SharpLink plans to invest up to $5 billion in ETH in the future and continues to treat it as a core asset, potentially applying blockchain technology to its gaming business while benefiting from rising ETH prices.

Source: https://dropstab.com/p/sharplink-gaming-eth-holding-u4ev63oess

BTCS Inc. (BTCS)

In 2025, BTCS Inc. shifted its strategic focus to Ethereum. As of late July, it holds 70,028 ETH (approximately $270-$275 million), up from 55,788 ETH (approximately $242 million) two weeks prior.

Ethereum Priority Strategy + $2 Billion Financing Plan

BTCS has applied to the SEC to raise up to $2 billion through stock issuance, primarily for purchasing ETH. Previously, the company raised about $207 million through stock issuance, convertible bonds, and DeFi lending, referring to it as a "DeFi/TradFi Fusion Flywheel."

BTCS not only holds ETH but also operates staking nodes (NodeOps) and block-building businesses (Builder+) to earn returns, achieving revenue growth beyond mere price appreciation. The stock price nearly doubled in 2025 and is now among the top five publicly listed companies by ETH holdings.

Source: https://dropstab.com/p/btcs-inc-eth-portfolio-3zirq9utj5

The Ether Machine (DYNX/ETHM)

In Q4 2025, The Ether Machine will go public through a SPAC merger with Dynamix (NASDAQ: DYNX), initially holding 400,000 ETH (approximately $1.6 billion), making it one of the largest publicly listed ETH holders.

SPAC Listing + Institutional Support

Investors backing the project include Blockchain.com, Kraken, and Pantera Capital, with $800 million reserved for further ETH accumulation. The goal is to become the largest publicly listed company focused on Ethereum globally.

Incoming Chairman Andrew Keys believes that Ethereum's staking returns (around 5%) give it an advantage over Bitcoin, while also leading in the tokenization of real assets and stablecoins, with potential comparable to major internet platforms.

Source: https://dropstab.com/p/the-ether-machine-1u03i0q8ij

Bit Digital (BTBT)

In 2025, Bit Digital, Inc. ceased its Bitcoin mining operations and shifted to Ethereum staking and treasury management. In July, the company used $67.3 million in stock financing to purchase 19,683 ETH, increasing its total holdings to over 120,000 ETH (approximately $432 million).

From Bitcoin Miner to 120,000 ETH Holder

After the announcement, the stock price briefly rose 10% before retreating. Bit Digital has fully transformed into an Ethereum asset management company, earning returns through staking while benefiting from ETH appreciation.

Source: https://dropstab.com/p/bit-digital-eth-portfolio-jcv46zwc42

GameSquare (GAME)

GameSquare Holdings, Inc. (NASDAQ: GAME) is a digital media and gaming company that began accumulating ETH reserves in 2025. As of August, it holds 15,630 ETH (approximately $60 million) and has reserved up to $250 million for future purchases.

Small-Scale ETH Yield Strategy

GameSquare does not simply hold ETH but invests in DeFi and staking strategies through Dialectic's on-chain platform, targeting an annual yield of 8%-14%, using profits to repurchase $5 million in stock. CEO Justin Kenna stated that he hopes to make ETH a stable source of operational income.

Source:https://dropstab.com/p/gamesquare-holdings-eth-871kf2josl

Why Are Companies Increasing ETH Holdings Now?

In 2025, Ethereum has shown strong performance, attracting more and more companies to enter the market. Over the past month, the price of ETH has risen over 40%, with $9.5 billion flowing into Ethereum funds and ETFs, surpassing Bitcoin's performance during the same period.

Ethereum has advantages that Bitcoin does not: through Proof of Stake (PoS), holders can earn annual returns of 4%-6% through staking; ETH is also the core infrastructure for DeFi, stablecoins, and the tokenization of real assets, providing holders with opportunities to participate in major blockchain markets. On-chain data shows that exchange ETH reserves are continuously declining.

Analyst @TheEwansEffect pointed out: "This is actually bullish because the decreasing ETH on centralized exchanges will lead to supply tightening, and coupled with the EIP-1559 burn mechanism, it further increases scarcity."

Source: https://x.com/TheEwansEffect/status/1953716746960969822

The Impact of $30 Billion Corporate Ethereum Plans

The plans of publicly listed companies to hold over $30 billion in ETH indicate a significant shift in Wall Street's attitude toward crypto assets. If these goals are achieved, millions of ETH will be locked up long-term, reducing market circulation and exacerbating scarcity.

Similar to the early institutional entry into Bitcoin, multiple companies are allocating part of their treasury to Ethereum, which not only strengthens ETH's position as a reserve asset but also provides investors with a channel to indirectly hold ETH through buying shares of listed companies (such as BitMine and SharpLink).

Although there are still risks related to price volatility, asset security, and regulation, the market has responded positively so far. Future success will depend on whether companies can safely earn staking returns and effectively manage capital. In 2025, Ethereum is becoming a major reserve asset for forward-looking publicly listed companies—whether for controlling supply, obtaining staking returns, or preparing for potential ETF listings.