Ethereum-Hungry Firms See Double-Digit Gains as ETH Becomes the New Corporate Play

ccn.comPublished on 2025-07-23Last updated on 2025-07-23

Key Takeaways

  • Public companies holding large ETH treasuries are seeing explosive stock growth.
  • Firms like Sharplink and Bitmine have committed over 50% of their valuations to Ethereum.
  • ETH is quickly emerging as the next big corporate treasury asset, following Bitcoin’s path.

Bitcoin (BTC) may still be the go-to treasury asset for over 100 public companies, but Ethereum (ETH) is closing the gap—and fast.

A growing number of publicly traded firms are adding ETH to their balance sheets in bulk, echoing MicroStrategy’s (now Strategy) famous Bitcoin strategy.

And it’s paying off: these Ethereum-hungry companies are not only amassing ETH in hoards but also enjoying massive jumps in their stock prices.

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Sharplink and Bitmine Lead the ETH Charge

Amid a sea of firms adopting Ethereum treasury strategies, Sharplink Gaming and Bitmine have emerged as two of the most aggressive players.

Sharplink Gaming currently holds the largest ETH treasury among public companies, with 360,807 ETH valued at approximately $1.33 billion. Bitmine follows closely, holding 300,700 ETH.

Both companies have made significant commitments to Ethereum.

Sharplink has allocated 52% of its total valuation of $2.53 billion to ETH, while Bitmine has dedicated 54% of its current valuation to the asset.

Meanwhile, BTCS, a smaller-cap firm with a market valuation of just $144 million, has taken an even bolder approach—allocating 144% of its valuation to Ethereum.

The company now holds 55,000 ETH worth around $206 million.

ETH treasury.
Top ETH holding firms. Source: Wu Blockchain.

ETH Treasury Firms See Stock Prices Soar

Much like MicroStrategy’s early Bitcoin strategy, the Ethereum-focused treasury moves have sent the stock prices of these companies soaring.

Sharplink Gaming (SBET) shares surged over 200% in the past month, jumping from $9 to a monthly high of $27.

Sharplink Gaming Stock.
Sharplink Gaming stock performance. Source: Google.

Bitmine (BMNR) posted even more dramatic gains. Its stock price rose more than 800% in the same period, climbing from $4.26 to above $40.

Bitmine stock.
Bitmine stock price surges 800%. Source: Google.

BTCS has also benefited handsomely from its ETH-heavy approach, with its share price rising from $2 to more than $6—an increase of roughly 195%.

BTCS stock.
BTCS stock gained over 190%. Source: Google.

ETH Is the New BTC?

Bitcoin has long been considered the premier treasury asset among crypto-focused public firms, but Ethereum appears to be closing the gap.

After spending much of the bull market in Bitcoin’s shadow, ETH is now seeing renewed interest as both a strategic and institutional asset.

Favorable regulatory shifts and rising institutional adoption have helped turn sentiment in Ethereum’s favor.

Over the past month alone, ETH has jumped from under $2,800 to a multi-month high of $3,800.

Despite still trading below its all-time high of $4,800 set in 2021, the outlook remains bullish.

Analysts increasingly point to Ethereum’s expanding use cases and corporate adoption as catalysts that could push its price past the $10,000 mark during this cycle.

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