While Bitcoin remains the top pick for most corporate treasuries, a growing number of companies are now turning their attention to Ethereum. The firms are investing in Ether, the digital currency tied to the Ethereum network, to tap into the blockchain technology driving digital assets and decentralized finance.
While most of these firms are still relatively small players in the crypto space, large names are also getting in. Coinbase Global, for instance, the parent of the well-known crypto exchange, reportedly holds over $440 million worth of crypto assets.
Ethereum’s price has increased around 60% in the last month, recently approaching $3,800. Though it’s still below its all-time high of over $4,600 reached in 2021, it remains the second-largest crypto by market capitalization.
Ethereum powers smart contracts—self-executing programs that live on the blockchain—and remains the backbone for many decentralized apps and services. Currently, it holds 51% of the market in this space. Its role in enabling peer-to-peer transactions without traditional intermediaries like banks has made it appealing to businesses exploring blockchain integration.
Companies such as SharpLink Gaming and BitMine have started building up their Ethereum holdings, in much the same way other firms have added Bitcoin to their reserves.
However, as with any crypto investment, the volatility poses risks. Ethereum’s price dropped sharply in April following policy news from President Trump, including the tariff announcement. And while ETH has gained 14% so far this year, Bitcoin has outpaced it with a 26% return.
BitMine Immersion Technologies recently stated it owns over $1 billion worth of Ether, amounting to nearly 300,000 tokens. The firm, which recently went public, sees Ethereum as a long-term investment in the foundational tech behind crypto’s future. Its stock jumped 25% in a day after regulatory filings showed that billionaire Peter Thiel had acquired a 9.1% stake.
SharpLink Gaming and BTCS have adopted similar crypto treasury strategies, and their share prices have soared nearly 200% in the last month. Bit Digital recently shifted its entire crypto treasury from BTC to ETH. Its CEO, Sam Tabar, said the company believes Ethereum could reshape the entire financial system. Its stock is up 17% year to date.
Part of Ethereum’s recent boost comes from the GENIUS Act, signed into law by President Trump. The new regulation covers stablecoins, digital tokens linked to assets like the USD, which has fueled excitement in the market.
Circle, the issuer behind USDC (which runs on Ethereum), has seen its stock skyrocket more than 600% since its public debut in June.
Still, not every company sees Ethereum as a must-have. When asked if Strategy Inc. (NASDAQ: MSTR) would consider adding Ethereum to its holdings, Executive Chair Michael Saylor stated, “We’re 150% Bitcoin. That’s all we do.” According to Fundstrat’s Sean Farrell, Ethereum’s growing role in corporate treasuries isn’t about replacing Bitcoin. It’s a different kind of blockchain use case—part of a broader trend of turning real-world assets into digital tokens.
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