Following the high-profile success stories of Bitcoin-focused treasury strategies from companies like MicroStrategy and MetaPlanet, a new trend is emerging in corporate balance sheets: publicly listed companies are beginning to accumulate substantial positions in Ethereum (ETH).
While Bitcoin has long dominated institutional narratives, these developments suggest Ethereum is increasingly being recognized as a core strategic asset. Not just as a speculative bet, but as essential financial infrastructure for the digital future.
BitMine’s bold Ethereum play
One of the most striking moves comes from BitMine (NYSE: BMNR), a company led by market veteran Tom Lee. BitMine already holds approximately 1.15 million ETH, valued at around $5 billion at current prices. Initially, the firm set out to raise $2 billion via an at-the-market (ATM) offering, but strong investor interest saw that target raised to $4.5 billion. Ultimately, BitMine has set an ambitious total fundraising goal of $24.5 billion, with Ethereum at the heart of its corporate treasury strategy.
This scale of accumulation is extraordinary. To put it in perspective, BitMine’s current holdings represent more than 0.95% of Ethereum’s total circulating supply. If the company’s full target is achieved, it could control several percentage points of the network’s total ETH.
Other public companies following suit
BitMine is not alone. SharpLink Gaming (Nasdaq: SBET), led by Ethereum co-founder Joseph Lubin, has amassed 521,000 ETH, worth roughly $2.3 billion. This direct link to one of Ethereum’s creators adds credibility and strategic foresight to the company’s holdings, underscoring a deep conviction in Ethereum’s long-term value.
Meanwhile, Bit Digital, originally a Bitcoin mining company, has taken the bold bet of liquidating all its Bitcoin holdings and converting them into Ethereum. The firm now holds approximately 120,000 ETH (about $500 million), with most of it deployed in staking operations. By running their own validators, Bit Digital earns staking rewards for helping secure the Ethereum network and producing new blocks.
Why corporates are turning to Ethereum
Ethereum is increasingly viewed as a critical layer of financial infrastructure, not merely a cryptocurrency. This perception is being strengthened by regulatory clarity in key areas. In the United States, the recent Genius Act has provided a more defined framework for stablecoins, a sector expected to see significant growth. Importantly, many leading stablecoins, such as USDC and USDT, are built primarily on the Ethereum blockchain.
Moreover, the U.S. Securities and Exchange Commission (SEC) has signaled an openness to bringing finance on-chain, a development in which Ethereum could play a pivotal role due to its established ecosystem for decentralized finance (DeFi), tokenization, and smart contracts.
For corporations, this makes Ethereum not just an asset with potential price appreciation, but also a platform with real-world utility that underpins a growing segment of the global financial system.
From mining to staking: a strategic shift
Bit Digital’s pivot away from Bitcoin mining toward ETH staking reflects broader trends in the industry. Bitcoin mining requires:
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Significant capital expenditure on specialized hardware
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Access to ultra-cheap electricity
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Large-scale cooling infrastructure
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Constant reinvestment to remain competitive
The economics of Bitcoin mining also become more challenging over time, particularly due to the Bitcoin halving, which cuts block rewards roughly every four years, reducing miner revenues unless prices rise significantly.
In contrast, Ethereum staking offers more predictable returns with lower infrastructure requirements. To run a validator, participants must stake at least 32 ETH. In return, they receive staking rewards, effectively a yield, for contributing to network security. This model aligns more closely with traditional income-generating investments, making it more attractive to corporate treasuries seeking steady returns alongside capital appreciation.
Institutional confidence in Ethereum’s future
Institutional involvement in Ethereum has historically lagged behind Bitcoin, partly due to regulatory uncertainty and the perception that Bitcoin is the “safer” digital asset. However, the narrative is shifting. With Ethereum’s proof-of-stake consensus now fully operational following the Merge, and scalability upgrades like Danksharding on the horizon, Ethereum is increasingly positioned as the backbone of Web3 finance.
If corporations continue to treat Ethereum as both a store of value and a revenue-generating asset via staking, it could accelerate mainstream adoption. It also raises the possibility of a corporate Ethereum arms race, similar to what has occurred in Bitcoin.
The bottom line
What started as a Bitcoin-dominated corporate treasury trend is evolving. Companies like BitMine, SharpLink Gaming and Bit Digital are proving that Ethereum has a case as a treasury reserve asset, one that offers both upside potential and active income generation through staking.
With regulatory clarity improving, stablecoin growth accelerating and Ethereum’s role in on-chain finance expanding, this shift could mark the beginning of a multi-asset corporate adoption wave. If Bitcoin represents “digital gold,” Ethereum could well be digital infrastructure, an equally compelling pillar for institutional portfolios.
