Ethereum (ETH) rallied to a five-month high, breaking above $3,600 on track to recover a higher price range. As the coin enters an official bull market, corporate buyers are once again in the spotlight for their approach to holding ETH for the long term.
Ethereum treasury companies appeared first during the period of slow accumulation, while ETH was still hovering under $2,800. The ETH treasury announcements also broke the pattern of BTC treasury companies, tapping an asset with an even bigger upside potential.
ETH treasuries may also open the door to accumulating other altcoins, reviving assets from older cycles and exposing them to the liquidity of the traditional market.
ETH treasuries spark honeymoon period for company stock
As with the inflow of BTC treasuries, companies accumulating ETH saw their stocks revive and rally. Some of the growth is based on expectations for the appreciation of the treasuries. The stocks also offer indirect exposure to ETH, creating a flywheel to peak valuations.
However, ETH treasury companies remain more volatile. Bitmine Immersion Technologies, Inc. (BMNR) rallied to over $135 soon after the treasury announcement, then slid to $41.90, consolidating at a lower baseline.
SharpLink Gaming (SBET) went through another leg of expansion, recovering to $36.40 after a recent dip.
SharpLink Gaming (SBET) had a secondary recovery as ETH broke to a higher price range. | Source: Google Finance.
The success of the company stock led to a reevaluation of its raise program. SharpLink issued an amendment to its SEC filing, announcing a $6B ATM program for common stock, up from its previous $1B intended raise.
BitDigital (BTBT) is another top performer in 2025, recently recovering to $4.01, its highest yearly level. During the latest BTC rally, the top ETH companies seem to be having a second wind, rising in expectation of an even larger bull market.
Which ETH treasuries broke the $1B barrier?
The recent ETH appreciation brought the two biggest ETH treasuries to over $1B. The stars of this cycle include BMNR and SBET, but other accidental whales are showing their influence. As of July 2025, there are around 55 known entities holding over 100 ETH in their reserves, while there are still around five prominent corporate buyers.
A total of 55 known entities hold over 100 ETH in their wallets. BMNR and SBET compete for the top position as the equivalent of Bitcoin’s Strategy (MSTR). | Source: Strategic Eth Reserve.
Taken together, the treasuries of BMNR and SBET still make up less than 0.5% of the ETH supply. In comparison, Strategy (MSTR) holds over 3% of the BTC supply following years of accumulation.
The recent expansion into ETH is just the beginning, as the companies use up their first financing rounds for ETH. To date, corporations bought 1.7M ETH, still needing to catch up with ETF holding 5.1M ETH.
Corporate and ETF buying taken together buy up over 186 times the newly minted supply of ETH, even with a slightly inflationary network. Combined with demand for ETH to cover leveraged positions, the new wave of corporate buyers may create a supply crunch as whales scramble to acquire easily available ETH.
As the supply of ETH flows into whale wallets and treasuries, the token’s perception may shift from a utility asset for fees into a store of value.
Crypto native projects may transform into treasury companies
ETH has a list of holders from previous bull cycles. The current active buying of ETH has already surpassed some of the biggest fundraises, and even the holdings of the Ethereum Foundation.
However, a longer list of ETH owners may join the treasury trend by rebranding their reserves. As in the case of BTC, whales and holders can utilize shell companies for fundraising, linking the idle ETH holdings to publicly tradable shares.
Projects like PulseChain already hold over 166K ETH, lining up among the biggest holders. Older ICO projects like Status retain 19.7K ETH. Remaining ETH is also sitting in DAO treasuries, old ICO wallets and other reserves.
Previously, some of the ETH holders traded the token or used it for operating expenses. The option to announce a treasury opens new ways of tapping the value of ETH, while also boosting scarcity.
ETH staking may need additional regulation
ETH tokens are not meant to stay idle. The simplest solution would be staking on the Beacon contract, which holds nearly 30% of the supply. However, as treasuries are linked to public companies, there are issues with the regulation of this form of passive income.
While generally safe, staking has some technical risk for mistakes when withdrawing the stake. Some treasury companies also resort to liquid staking, adding the risk of ‘slashing’. Additionally, reusing liquid staked ETH for passive income may reduce the availability of the actual ETH in the treasury, raising concerns of ownership and access.
Currently, staking regulations may first come for ETF buyers, later allowing corporate buyers to explore staking access. Even without regulations, SharpLink Gaming is using its ETH reserves for staking. Since announcing the treasury, the company added around 415 ETH in staking rewards.
