Key Takeaways
- Public companies are allocating large portions of their reserves to Ethereum and integrating it into their core financial strategies.
- Ethereum enables faster and more reliable transactions for industries like iGaming that face issues with traditional payment systems.
- Companies holding ETH can support staking operations, manage stablecoin services, and reduce the cost of interacting with digital infrastructure.
- Ethereum’s monetary policy appeals to firms seeking cash alternatives, offering potential for appreciation and protection against inflation.
Ethereum is gaining traction as a corporate treasury asset. Several publicly listed firms are allocating large holdings and integrating ETH into their business models. Price gains have amplified attention, with ether climbing more than 50% in four weeks following the GENIUS Act, which introduced a regulatory framework for stablecoins. Standard Chartered projects Ether could reach $7,500 by year-end and $25,000 by 2028, driven by growth in the stablecoin sector and higher Ethereum network usage.
Many stablecoins operate on Ethereum, increasing demand for ether to pay transaction fees. Companies entering this space pursue strategies from staking to custodial services, generating income from network activity while maintaining governance structures similar to traditional corporations. Market participants are beginning to watch these Ethereum-focused treasuries more closely.
Ethereum Treasury Corporations Shaking Up Wall Street
Each of these companies is taking a different route, but all are aligning their business strategies around holding Ethereum.
1. GameSquare Holdings (GAME) – CEO: Justin Kenna
GameSquare was initially launched as a marketing firm focused on digital media and gaming. However, it pivoted to a different revenue stream. In July 2025, the company approved a $100 million allocation into Ethereum. The announcement caused after-hours trading to spike by 6%, the sharpest single-session movement in the company’s recent history.
CEO Justin Kenna, a former CFO at FaZe Clan, has a background in esports finance and digital assets. Under his leadership, GameSquare has started positioning itself as an Ethereum treasury.
According to filings, the money will be used to hold ETH directly, with plans to expand into Ethereum staking services. What makes this shift more striking is that GameSquare was merged into Engine Gaming & Media, itself a product of a SPAC merger. This patchwork of corporate structures gives it the flexibility to move without needing to justify performance through legacy revenue models.
2. SharpLink Gaming (SBET) – CEO: Rob Phythian
SharpLink is another publicly traded company shifting its focus. Originally built to provide tech for the sports betting industry, SharpLink’s core services have included affiliate marketing and player conversion for gaming platforms. That all changed in 2025 when SharpLink became one of the first Nasdaq-listed companies to adopt ETH as a core treasury reserve asset.
The company has restructured its board, sold off portions of its legacy business, and quietly disclosed that it had acquired Ethereum on its balance sheet. CEO Rob Phythian hasn’t released a full strategy memo, but shareholder filings confirm SharpLink intends to build out Ethereum-based services, possibly focused on staking pools for iGaming platforms.
SharpLink went public via SPAC, which meant it didn’t face the traditional scrutiny of a full IPO. This gave it room to move quickly. Ethereum is now at the center of its next phase. Financial data indicate that a significant portion of its liquid reserves has already been converted into ETH, following the acquisition of 176,270.69 ETH for approximately $462.9 million.
Between July 27 and July 28, 2025, the company purchased an additional 77,210 ETH for $295 million. This single purchase exceeded the net Ethereum issuance over the prior 30 days, which totaled 72,795 ETH. This single purchase exceeded the net Ethereum issuance over the prior 30 days, which totaled 72,795 ETH.
Building on that momentum, in August 2025, SharpLink secured a $400 million registered direct offering with five institutional investors, alongside a $200 million at-the-market financing facility announced earlier in the month. These transactions, combined with existing reserves of approximately 598,800 ETH, are expected to push the company’s holdings past the $3 billion mark.
3. Bit Digital (BTBT) – CEO: Sam Tabar
Bit Digital has taken one of the boldest moves seen among public companies in 2025. The Nasdaq-listed firm confirmed that it had fully exited its Bitcoin position. The sale generated $172 million, which was then used to acquire over 100,000 ETH. With that single transaction, Bit Digital became one of the largest corporations holding Ethereum in the world.
CEO Sam Tabar, a former attorney and hedge fund manager, described the company’s strategy in direct terms. Ethereum is no longer a side asset—it’s now the centerpiece of Bit Digital’s balance sheet. Tabar stated that the company intends to continue acquiring ETH to become the leading corporate holder of Ethereum globally.
As part of that effort, Bit Digital announced plans to raise $67.3 million through a direct offering of 22 million ordinary shares priced at $3.06 each. The offering was managed by B. Riley Securities and aimed at institutional investors. The company stated that all proceeds will be used exclusively to purchase additional Ethereum.
Bit Digital is no longer holding digital assets passively. It’s positioning itself as a pure Ethereum treasury firm, with aggressive acquisition targets and a long-term strategy that centers on ETH. The company is building toward a business model that earns returns through staking and charges fees for related services, while maintaining Ethereum as its primary reserve.
4. BTCS (BTCS) – CEO: Charles Allen
BTCS has been publicly traded longer than nearly every other crypto-native firm. Originally launched in 2013 under the name Bitcoin Shop Inc., the company was one of the first digital asset businesses to trade on Nasdaq. Over the years, its model has changed several times. What began as an e-commerce platform for Bitcoin transactions transitioned into an Ethereum-first corporation. Its primary business centers on operating validator nodes and accumulating ETH.
In June 2025, BTCS acquired 1,000 ETH for $2.63 million through Crypto.com’s institutional exchange. That brought its total holdings to around 13,500 ETH, up from 9,063 at the end of Q1, a 50% increase in just two months.
CEO Charles Allen described the purchase as part of a broader infrastructure strategy. Ethereum is not just a balance sheet asset for BTCS; it’s the base layer of its staking, validator, and Builder+ activities. The company uses these ETH holdings to support network activity and generate revenue through its NodeOps platform.
BTCS chose Crypto.com’s institutional platform to execute the trade, citing liquidity and execution speed as key factors. The partnership helps minimize slippage and optimize ETH acquisition for long-term use, rather than short-term speculation.
5. Exodus Movement (EXOD) – CEO: JP Richardson
Exodus Movement is a digital asset wallet company that went public in 2021 through a Reg A+ offering. Led by CEO JP Richardson, the company initially began as a software platform but is taking a more aggressive approach to treasury management in Ethereum.
As of June 30, 2025, the company holds 2,729 ETH in its corporate treasury. This marks a clear push into Ethereum accumulation, up from earlier reported levels, even during a period of subdued market activity. While the overall exchange volume decreased to $446 million in June 2025, down from $486 million the previous month, the company expanded its Ethereum holdings alongside new wallet features tied to stablecoin support.
Unlike ETFs or indirect trackers, Exodus holds ETH directly on its balance sheet and manages private keys in-house. Its Ethereum position supports both treasury diversification and product development. Despite a temporary drop in user activity to 1.5 million monthly actives, down from 2.2 million, the company has continued to build, acquiring more ETH and expanding multi-network capabilities.
6. Intchains Group (ICG) – CEO: Qiang Ding
Intchains Group, listed on NASDAQ under ICG, designs chips and hardware for blockchain applications. While it’s based in China and was previously focused on hardware sales, the company disclosed a strategic ownership of 7,023 ETH valued at over $13 million.
The decision follows a year of declining hardware margins and appears to be a response to shifting capital strategy. Instead of reinvesting into physical infrastructure, Intchains is starting to treat ETH as a long-term store of value, with additional purchases likely.
7. BitMine Immersion Technologies (BMNR) – CEO: Jonathan Bates
BitMine Immersion Technologies was initially known for its hydro-cooled Bitcoin mining infrastructure. In 2024, the company pivoted, restructured under a new board, and rebranded around Ethereum. Its current model focuses on capitalizing on Ethereum’s staking economy while serving as a corporate ETH treasury.
In July 2025, BitMine raised $250 million tvia convertible debt and disclosed plans to channel the bulk of that capital into Ethereum. Within days, it acquired approximately 18,200 ETH through block trades arranged via Galaxy Digital’s over-the-counter desk, and ETH soon accounted for over 90% of its digital-asset holdings.
BMNR cemented its position as the largest Ethereum treasury in the world in August 2025, with more than 1.15 million ETH, valued at nearly $5 billion. The company’s treasury program, launched in mid-2025, rapidly scaled through convertible debt issuances and equity sales, including plans to raise up to $20 billion to expand holdings.
The accumulation accelerated into autumn: on two occasions in October, BitMine added 179,251 ETH and 77,055 ETH, bringing its total to 3,313,069 ETH and roughly 2% of Ethereum’s circulating supply. Combined reserves swelled to $14.2 billion, including $305 million in cash, 192 BTC, and a stake in Eightco Holdings (focused on WLD / Worldcoin assets).
The company has outpaced other crypto treasuries in asset accumulation speed and stock liquidity, with daily trading volumes exceeding $1.6 billion. Notable backers include investor Bill Miller III, who has compared the firm’s strategy to Michael Saylor’s Bitcoin treasury model. BitMine aims to acquire 5% of the global ETH supply and generate yield through staking. Intending to control 5% of Ethereum’s total supply, BitMine moved from a mining infrastructure specialist to one of the most aggressive institutional holders of ETH.
8. Galaxy Digital Holdings Ltd. (GLXY.TO) – CEO: Michael Novogratz
Galaxy Digital is a publicly listed financial services firm founded in 2018, focusing on digital assets with operations spanning trading, asset management, and infrastructure. Its Ethereum strategy has expanded significantly, allocating ETH not only for investment purposes but also to support its staking and validator services.
As of March 31, 2025, Galaxy reported a net digital asset exposure of $150 million in Ether. This figure saw a significant increase after its acquisition of CryptoManufaktur in July 2024, which contributed approximately $1 billion in Ethereum assets under stake.
CEO Michael Novogratz has emphasized ETH as a core part of the company’s service infrastructure. Galaxy integrates Ethereum into its validator node operations, prime brokerage, and managed funds. While the company does not disclose the exact ETH count held solely for its treasury, its ongoing activities and recent financial movements, such as a large public offering of common stock in May 2025, suggest active treasury management and expansion efforts in the digital asset space.
9. Ether Capital Corporation (NEO: ETHC) – CEO: Som Seif
Ether Capital went public on Canada’s NEO Exchange in 2018 with a clear objective: to become a leading public company providing direct access to the Ethereum and Web3 ecosystem on traditional markets. The Toronto-based firm aimed to establish long-term exposure to ETH and generate yield through staking. Its CEO, Som Seif, has overseen that strategy through several market cycles.
As of Q1, 2024, Ether Capital held 46,274 ETH, of which 45,408 or 98% of the Company’s Ether was staked, as disclosed in its Q1 2024 Financial Results. The company aims to stake a high percentage of its ETH holdings and has scaled its validator infrastructure in partnership with Figment, a prominent blockchain infrastructure provider.
10. Vault Ventures PLC (AQSE: VULT) – CEO: Chandila Fernando
Vault Ventures is a publicly traded London-based technology company with a focus on early-stage innovation across blockchain and fintech. It has a market capitalization of approximately $6 million and trades under the ticker VULT on the Aquis Stock Exchange. As part of its strategic treasury management, the company has steadily built exposure to Ethereum, viewing the asset as a core component of its digital holdings.
As of July 2025, Vault Ventures held 654.1553 ETH, acquired at an average price of $2,974.85 per coin. Ethereum now represents 71.21% of the company’s total digital asset treasury, which is valued at approximately $2.7 million.
Vault has framed these Ethereum acquisitions as a long-term strategic move to support operational flexibility and balance sheet strength. While the company does not currently operate validator infrastructure or generate yield through staking, its ETH holdings reflect a commitment to the Ethereum ecosystem as a foundational layer of blockchain-based technology.
11. Ether Capital (SPAC) – CEO: David Merin
The Ether Machine is set to go public in Q4 2025 via a SPAC merger with Dynamix, launching with over 400,000 ETH on its balance sheet, making it the largest public holder of ETH. Backed by Kraken, Blockchain.com, and Pantera Capital, and led by Consensys alum Andrew Keys (anchoring with approximately $645 million), the company will trade under the ticker ETHM on Nasdaq.
Led by CEO David Merin, the company will pursue yield through staking, restaking, block-building, and DeFi strategies. It has expressed plans to engage with Layer 2s and EigenLayer restaking. Its strategy emphasizes long-term alignment with Ethereum’s infrastructure rather than short-term speculation.
12. Skycorp Solar Group Limited (PN) – CEO: Weiqi Huang
Skycorp Solar, a Chinese manufacturer of solar cables and connectors, saw its stock jump 8.39% in July 2025 after announcing it would begin acquiring Ethereum through a treasury management strategy. The company stated that it would fund the purchases using reserves and revenue from its renewable energy projects.
Along with the ETH acquisition, Skycorp confirmed that it will start accepting digital currency payments for international transactions beginning August 2025. Accepted assets include Bitcoin, Ethereum, USDC, and USDT. Transactions will be handled by licensed blockchain forensics providers and conducted under compliance frameworks tied to MAS and FATF guidelines.
Led by CEO Weiqi Huang, the company’s interest in ETH staking and clean energy is part of a broader growth approach. While pre-market data showed a 6.13% pullback, the move marks a clear step into digital asset reserves for a manufacturing firm historically focused on industrial hardware.
What is Driving the Surge in Ethereum Treasuries?
There’s a difference between a company accepting Ethereum as payment and a company reshaping itself around Ethereum as a financial reserve. The second one is newer, and it’s growing quickly. These companies are betting on Ethereum not just as an asset, but as a tool for innovation. Below are some of the main reasons behind this movement.
iGaming and Ethereum Integration
iGaming platforms are increasingly dissatisfied with traditional banking services. In jurisdictions like the US, the regulatory outlook on online sports betting and gaming remains inconsistent. Payment processors often charge high fees, delay settlements, or exit the market entirely due to compliance concerns. This introduces friction into customer deposits and payouts.
Ethereum offers an alternative. It enables programmable transactions, global accessibility, and settlement speeds that are far superior to traditional rails. The leading ETH treasury firms are adopting tokens to enhance operational efficiency, as:
- Transactions on Ethereum settle quickly and don’t rely on correspondent banks.
- Cross-border payments are generally cheaper and faster than those processed through SWIFT.
- Smart contracts allow companies to automate rewards, refunds, and compliance processes.
SharpLink is one early example. With its pivot toward deeper iGaming infrastructure, the company has adopted ETH reserves as a strategic asset. These holdings allow SharpLink to offer faster wallet loading, payout services, and token-based engagement features, all of which require on-hand ETH.
Stablecoin Infrastructure Needs ETH
Stablecoins like USDC, USDT, and DAI are pegged to fiat currencies, but they live on Ethereum’s infrastructure. That means interacting with smart contracts, liquidity pools, oracles, and collateral frameworks, most of which require ETH for gas fees and platform participation.
For firms that offer stablecoin wallets, trading services, or yield products, holding ETH is a functional requirement.
Consider what these firms regularly do:
- Settle transactions using smart contracts.
- Stake collateral or provide liquidity to decentralized finance protocols.
- Pay fees for each interaction on-chain.
Bitwise, for instance, maintains ETH holdings not only for exposure but to support its ecosystem of digital asset products. Without ETH, services like on-chain index tracking, staking pools, and smart contract audits become slower and more expensive to maintain.
Some of these firms are taking an even deeper role. They’re proposing new stablecoin governance frameworks, running validator infrastructure, or providing liquidity to AMM pools. These activities need ETH, not just to participate, but to influence how the tools evolve.
Yield from Staking
Ethereum’s proof of stake system pays out a yield to validators who lock up 32 ETH and participate in the consensus process. For retail holders, it’s a passive income stream. For corporations, it’s closer to a bond, one that pays out in ETH and supports their long-term strategy.
Depending on network activity, ETH staking yields between 3% and 4.5%. While that’s not outpacing venture returns, it beats short-term treasuries and many high-yield savings accounts. For companies already aligned with Ethereum’s ecosystem, staking becomes a way to earn yield without stepping outside their operational focus.
GameSquare and Bit Digital have both leaned into staking as part of their ETH treasury strategies. They see value not just in the asset, but in the return it generates. And with Ethereum’s issuance reduced thanks to protocol-level changes like EIP-1559, some treasuries view these yields as sustainable even under reduced inflation.
What makes staking particularly attractive is its compoundable nature. Companies can stake rewards alongside principal, creating an internal loop of yield that mimics fixed-income investing with exposure to growth.
Hedge Against Monetary Policy
Ethereum’s monetary design is beginning to appeal to companies worried about fiat dilution. With the introduction of EIP-1559 and base-fee burning, ETH supply is designed to contract during periods of high activity. While not fixed in the way Bitcoin is, Ethereum offers a monetary schedule that many consider more disciplined than central bank policy.
Corporations with long-term cash reserves face a problem. If inflation remains sticky and cash yields don’t rise enough to cover it, treasuries lose value in real terms. Traditional hedges, such as commodities or real estate, are capital-intensive. Ethereum, for those already operating in digital markets, becomes a more accessible option.
ETH’s supply dynamics include:
- Transaction fees burned with every block, reducing circulating supply.
- Reduced issuance due to the move from proof-of-work to proof-of-stake.
- Supply sometimes becoming deflationary during high usage.
For treasury managers already involved in digital infrastructure, it makes sense to hold reserves in the asset that underpins their stack. If ETH appreciates, it provides natural capital gains. If it doesn’t, staking and operational use still justify the position.
Closing Thoughts
The rise of Ethereum treasuries marks a new alignment between digital infrastructure and corporate finance. Market cycles change, but ETH on corporate balance sheets redefines how institutions view liquidity, yield, and participation. Strategic reserves are no longer limited to dollars and bonds.
Ethereum offers an alternative that combines financial utility with technical integration. That combination is drawing the attention of public companies with long-term plans. The full impact will take time to measure, but the early signals suggest that the market no longer treats Ethereum as peripheral. It is becoming part of how businesses prepare for what comes next.
