Key points summary:
Currently, publicly listed companies collectively hold about $7.6 billion in Ethereum (ETH) and plan to increase this number to $30.4 billion by 2025—a growth rate of 300%.
BitMine Immersion has acquired 833,137 ETH (approximately $2.9 billion) in just 35 days, aiming to hold 5% of the global ETH (approximately 6 million, valued at around $22 billion), with backing from investors including Bill Miller and Cathie Wood.
SharpLink Gaming holds 521,939 ETH (approximately $1.9 billion), and its stock price has risen by 400% since shifting to Ethereum reserves, with plans to invest up to $5 billion in the future.
BTCS holds 70,000 ETH ($275 million) and plans to further increase its holdings through $2 billion in financing; Bit Digital holds over 120,000 ETH ($430 million) after a $67 million capital increase, with both companies earning yields through staking.
The Ether Machine (DYNX) will list with 400,000 ETH (approximately $1.6 billion), backed by Kraken and Pantera, offering 5%+ staking yields and attracting significant institutional interest.
The Ethereum corporate asset craze
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 about $7.6 billion in ETH and plan to increase it to $30.4 billion—approximately three times the current amount.
This wave of acquisitions occurred following a roughly 40% price increase of Ethereum within a month, alongside a surge of large institutional investments and opportunities to earn yields through staking. ETH is not only seen as a store of value but also offers continuous income and participation in the expanding decentralized finance (DeFi) ecosystem.
Here is 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 at around $3,492 per ETH) within just 35 days after launching its Ethereum asset plan.
Goal: Hold 5% of the global ETH
The company refers to this plan as "5% Alchemy," aiming to hold approximately 6 million ETH, valued at about $22 billion. Supporters include Bill Miller III, Cathie Wood, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital.
Chairman Thomas "Tom" Lee stated that their acquisition pace has set a record for capital deployment.
BitMine's stock (NYSE: BMNR) has become one of the most actively traded securities in the U.S., and the company plans to use ETH for staking to achieve stable yields in the future. In short, BitMine hopes 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). Of this, 83,561 ETH (approximately $26.4 million) was acquired in late July, and 188,478 ETH (approximately $75 million) was acquired in June, with an average cost of about $3,634 per ETH.
$1.9 billion in Ethereum + soaring stock prices
Since transitioning to an Ethereum reserve strategy in the second quarter of 2025, SharpLink's stock price has soared over 420%. The company transformed from an ordinary gaming/marketing enterprise to one closely tied to crypto assets, with each share corresponding to approximately 3.66 ETH, and its stock price directly linked to the price of Ethereum.
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 in its gaming business while benefiting from the rising price of ETH.
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 only 55,788 (approximately $242 million) two weeks ago.
Ethereum-first strategy + $2 billion financing plan
BTCS has applied to the SEC to raise up to $2 billion through stock issuance, primarily for acquiring ETH. Previously, the company raised approximately $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 income, achieving revenue growth that surpasses price appreciation. In 2025, the stock price nearly doubled, and it is now among the top five listed companies by ETH holdings.
Source: https://dropstab.com/p/btcs-inc-eth-portfolio-3zirq9utj5
The Ether Machine (DYNX/ETHM)
In the fourth quarter of 2025, The Ether Machine will go public through a SPAC merger with Dynamix (NASDAQ: DYNX), initially holding 400,000 ETH (approximately $1.6 billion), ranking among the largest publicly listed company ETH holders.
SPAC listing + institutional support
The project is backed by investors including Blockchain.com, Kraken, and Pantera Capital, and has reserved $800 million for further ETH acquisitions. The goal is to become the largest publicly listed company focused on Ethereum.
Incoming chairman Andrew Keys believes Ethereum's staking yield (about 5%) gives it an advantage over Bitcoin, and its leading position in the tokenization of real-world assets and stablecoins has 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 asset management. In July, the company financed $67.3 million in stock to acquire 19,683 ETH, increasing its total holdings to over 120,000 (approximately $432 million).
From a Bitcoin mining company to a holder of 120,000 ETH
After the announcement, the stock price briefly rose 10% before retreating. Bit Digital has fully transformed into an Ethereum asset management company, earning yields through staking while benefiting from the appreciation of ETH.
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 further acquisitions.
Small-scale ETH yield strategy
GameSquare is not merely holding ETH; it is investing in DeFi and staking strategies through Dialectic's on-chain platform, aiming for an annual yield of 8%–14%, and plans to use 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 their ETH holdings now?
In 2025, Ethereum is performing strongly, attracting more and more companies to enter the market. In the past month, the price of ETH has risen over 40%, and funds flowing into Ethereum funds and ETFs reached $9.5 billion, surpassing Bitcoin's performance in the same period.
Ethereum has advantages over Bitcoin: through Proof of Stake (PoS), holders can earn an annual yield of 4%–6% by staking; ETH is also the core infrastructure for DeFi, stablecoins, and the tokenization of real-world assets, giving holders the opportunity to participate in major blockchain markets. On-chain data shows that exchange ETH reserves are continuously declining.
Analyst @TheEwansEffect pointed out: "This is actually positive because the decreasing ETH in centralized exchanges will lead to supply tightening, and with the EIP-1559 burn mechanism, it further increases scarcity."
Source: https://x.com/TheEwansEffect/status/1953716746960969822
The impact of the $30 billion corporate Ethereum plan
Publicly listed companies plan to hold over $30 billion in ETH, showing a significant shift in Wall Street's attitude towards crypto assets. If this goal is achieved, millions of ETH will be locked up long-term, reducing market circulation and increasing scarcity.
Similar to the early institutional entry into Bitcoin, several companies have allocated part of their assets to Ethereum, reinforcing ETH's position as a reserve asset and providing investors with a channel to indirectly hold ETH through purchasing shares in listed companies (such as BitMine and SharpLink).
Although there are still price fluctuations, asset security, and regulatory risks, the market has reacted positively so far. Future success will depend on whether companies can safely earn staking yields and effectively manage capital. In 2025, Ethereum is becoming the main reserve asset for forward-looking publicly listed companies—whether to control supply, obtain staking yields, or prepare for potential ETF listings.
