There is a prevailing trend that some companies are accumulating #ETH as treasury, and their stock prices are showing positive signs, I've compiled this for you all
1. Currently the largest SharpLink Gaming
- @SharpLinkGaming currently holds 536.2 million USD worth of ETH, with the stock code $SBET
- Of which 470 million dollars in ETH is staked as $LSETH and has sent 25,312 ETH to Figment validators, currently valued at ~66.19 million dollars (not displayed in the wallet, excluding staking rewards)
- The company reported earning 322 ETH from staking since implementing its treasury strategy on 02/06/2025
2. Bit Digital selling $BTC to buy $ETH
- @BitDigital_BTBT has transferred its entire treasury from Bitcoin to Ethereum, with a total of about 100,600 ETH (as of 08/07/2025). Current total value ~260 million USD
- The company also raised additional capital through a public offering worth 172 million USD to increase its ETH holdings.
- Bit Digital's stock $BTBT is also growing
3. BTCS - Raising additional funds to continue buying ETH
- @NasdaqBTCS Was once famous for dividend payouts in BTC (2022–2023). Now making a strong shift to ETH, with the stock code $BTCS
- Announced its strategic intention to raise $100 million by 2025 to buy Ethereum and develop advanced DEFI/Tradfi infrastructure (which may turn ETH into a yield source)
- Just bought an additional 1,000 $ETH, bringing their total ETH holdings to 14,600 ETH. With a corresponding value currently ~38 million USD
4. GameSquare Holdings plans to invest up to 100 million USD in ETH
- The company @GSQHoldings raised 8 million USD through a public offering of 8.4 million shares at 0.95 USD/share, and this money will be used to fund the ETH strategy, with the stock code $GAME
- The board has approved a plan to invest up to 100 million USD in ETH over time
5. Additional information
- These companies are strategizing to invest in ETH as a form of treasury or income-generating asset, but these numbers are not yet too large. It is primarily a race between SharpLink and Bit Digital to see who will be the 'MicroStrategy of ETH'
- Besides the companies that have bought ETH, there are some companies with 'setup moves' like Riot Platforms (holding 100% $BTC, but hiring a third party to consult on staking infrastructure. It is predictable that an ETH treasury pilot is coming). Or Block Inc and the Square Crypto team have a category of 'non-BTC digital assets' - where ETH could be the top choice. (Note this is a prediction and there has been no official announcement)
- If ETH staking is approved successfully, then the yield from ETH of about 3-4% per year could be a more attractive option than BTC for large organizations. Because sometimes, having a profitable basis is all they need to issue more certificates to raise larger capital,...
- What do you think?
#steven_research
