Cryptocurrency giants push $6B Ethereum treasury strategy to persuade Wall Street, as corporate holdings reach $22B, controlling a significant portion of ETH supply during a 75% surge.

Last week, leading ETH treasury companies gathered in Manhattan to promote Ethereum as the foundation of the future financial system to accelerate institutional adoption.

This push comes as Ethereum has surged 75% since June, nearing all-time highs, with corporate treasuries now controlling over $2.2 billion worth of Ethereum from several listed companies.

According to Bloomberg reports, the corporate treasury movement aims to lock a large portion of Ethereum's circulating supply to create artificial scarcity, driving long-term price appreciation while positioning these companies at the center of decentralized financial infrastructure.

"Ethereum is the intersection of Wall Street and artificial intelligence," said Tom Lee, chairman of BitMine, in a recent speech at Cipriani 42nd Street in Manhattan.

Corporate Ethereum holdings reshape market structure

BitMine's aggressive acquisition timeline demonstrates the scale and speed of this corporate strategy, purchasing 566,776 ETH worth $2.03 billion in just 16 days in July 2025.

The company has publicly stated its intention to acquire and stake 5% of the total supply of Ethereum, which would require about 6 million ETH, worth approximately $2.2 billion at current prices.

Meanwhile, SharpLink Gaming has raised over $2.6 billion through private investment tools and market offerings to fund its Ethereum treasury.

SharpLink's co-CEO, former BlackRock executive Joseph Chalom, helped launch the company's Ethereum ETF and believes that corporate financial strategies can deliver "multiples of intrinsic value" to shareholders.

Both companies are actively staking their holdings, with SharpLink staking nearly 100% of its ETH, accumulating rewards of about 1,326 ETH so far.

The staking component distinguishes Ethereum from purely speculative treasury games in Bitcoin, as companies can earn yields while holding assets long-term.

Ethereum co-founder Joe Lubin, who is also the chairman of SharpLink's board, described the treasury strategy as addressing structural demand issues through supply lockup and price stability.

"It's a bit like a race now. Because if we lock up a large amount of Ethereum, and many other projects lock up a large amount of Ethereum, it really benefits the supply-demand dynamics," Lubin explained.

BitMine's Tom Lee expects that if Wall Street accelerates adoption, Ethereum could rise from its current price of around $4,300 to $60,000.

Earlier, BlackRock filed to add staking capabilities to its $16 billion Ethereum ETF (ETHA) to allow retail investors to capture price appreciation and yield generation in a single product.

Proponents of corporate treasuries argue that Ethereum's deflationary mechanism, which burns transaction fees, combined with staking lockup, creates a more favorable supply dynamic than Bitcoin's fixed issuance schedule.

However, critics, including Omid Malekan from Columbia Business School, warn that "there will be scenarios in the future, especially in a cryptocurrency bear market, where treasury companies may start to sell off," which could amplify economic downturns.

As private blockchains challenge Ethereum's vision, the treasury wars escalate.

As traditional financial giants develop private blockchain infrastructures that can completely bypass public networks, the corporate Ethereum treasury boom faces increasingly fierce competition.

Circle Internet Group is building a controlled network that keeps customers in-house and eliminates fees paid to Ethereum validators, while Stripe is reportedly seeking similar proprietary blockchain development.

These initiatives could directly threaten Ethereum's vision of becoming the shared infrastructure layer for Wall Street's digital transformation.

Circle's USDC stablecoin has captured 28% of the market share with a circulation of $65.2 billion, providing the company with enough scale to operate an independent settlement network.

Meanwhile, traditional finance continues to explore central bank digital currencies to further reduce reliance on public cryptocurrencies.

The corporate Bitcoin holdings of 213 entities have reached $21.5 billion, triggering a parallel race for treasury adoption that could further overshadow corporate accumulation efforts in Ethereum.

Recent research has also warned that most Bitcoin treasury companies are operating a 'dangerous game' due to leverage and negative arbitrage dynamics, which 'will not survive in the credit cycle.'

This warning has raised questions about whether Ethereum's yield characteristics provide sufficient protection during market downturns.

Despite criticism and recent market volatility, institutional capital flows continue to favor Ethereum, with BlackRock accumulating $1 billion in crypto assets during the market sell-off, including significant ETH purchases.