Since Strategy began incorporating Bitcoin (BTC) into its balance sheet, a multitude of other businesses have quickly followed suit. The trend of accumulating cryptocurrency is not limited to BTC but is now expanding to leading altcoins — especially Ethereum (ETH).
Now, ETH is not only attracting attention due to its price appreciation potential but is also highly regarded for its ability to generate yield through staking. As demand from spot ETF and institutional funds continues to rise, the price of ETH is also being boosted by this trend. Below is a list of some companies actively accumulating ETH — in the 'stacking' style that Michael Saylor pioneered with Bitcoin.
As of July 17, 2025, Tom Lee's Bitmine (NYSE: BMNR) is one of the largest holders of ETH, with a total of 300,657 ETH. Of this, 60,000 ETH was purchased through options backed by 200 million USD in cash, while the remainder is recorded directly in the company's treasury. As of July 20, this amount of ETH is valued at 1.12 billion USD.
Closely following is Joseph Lubin's Sharplink Gaming (Nasdaq: SBET) with 280,706 ETH, according to the latest filing with the SEC, but on-chain data indicates they have purchased up to 350,000 ETH. With 6 billion USD in funding soon to be raised, this company plans to continue expanding its ETH holdings in the near future.
Bit Digital (Nasdaq: BTBT) has also quietly joined the race, currently holding 120,306 ETH (as of July 20, 2025). Of this, 19,683 ETH was purchased through a direct raise of 67.3 million USD from institutional investors. The company operates its own validators and stakes most of its ETH holdings, strengthening its position in the listed market.
Ether Capital Corporation reports holding 46,274 ETH in Q1/2024, of which 98% has been staked. However, the company has not updated any new information since then.
BTCS Inc. (Nasdaq: BTCS) owns 29,122 ETH as of July 11. BTCS's strategy is quite diverse: staking 4,160 ETH through Rocket Pool, 6,300 ETH through solo nodes, 4,382 ETH pending confirmation, and 14,280 ETH used as collateral on Aave. With a debt-to-asset ratio of 24%, BTCS is navigating flexibly between DeFi and traditional finance.
Intchains Group recorded 7,023 ETH at the end of Q1/2025 — an increase of 23.2% compared to the previous quarter. This remains the most up-to-date figure as of now.
Gamesquare Holdings recently entered the scene with a deal to purchase ETH worth 5 million USD, equivalent to 1,818.84 ETH at an average price of 2,749 USD/ETH. The transaction was announced on July 10. Although the company has completed raising 70 million USD and plans to purchase more, no new moves have been confirmed yet.
Exodus Movement Inc. currently holds 2,729 ETH, according to the end-of-June report. Meanwhile, Vault Ventures PLC has recently increased its holdings to 711.93 ETH after purchasing an additional 58.45 ETH on July 18.
Finally, Mogo Inc. owns 146 ETH according to the June report. This company is currently focusing more on Bitcoin, temporarily sidelining its strategy with ETH.
From mining companies to professional staking organizations, Ethereum is gradually becoming an indispensable part of corporate financial strategies. As the wave of institutional adoption continues to expand, ETH is increasingly securing a firm position in boardrooms and balance sheets.
