From Staking to Strategy: The Rise of Ethereum in Corporate Treasuries

Ethereum (ETH) is increasingly establishing itself as more than just a platform for decentralized applications by evolving into a credible treasury asset for a growing number of public companies.

As of July 2025, twelve publicly traded companies have officially disclosed their Ethereum holdings, 1,002,666 ETH, worth $3.7 billion, which represents about 0.83% of all ETH in circulation.

Leading the pack is SharpLink Gaming, holding a staggering 360,807 ETH, valued at $1.33 billion.

Notably, over 95% of its ETH is actively deployed in staking and liquid staking platforms, generating yield and signaling its strategy of using Ethereum as a core treasury reserve. Acquired at an average price of $2,864 per ETH, SharpLink currently enjoys an unrealized gain of 29%.

Bitmine Immersion, chaired by Fundstrat co-founder Tom Lee, ranks second with 300,657 ETH, valued at $1.11 billion.

While SharpLink holds more ETH in absolute terms, Bitmine has set far more ambitious goals, wherein, it plans to accumulate 5% of the entire ETH supply, or roughly 6 million ETH. With an average acquisition price of $3,251, Bitmine currently holds an unrealized profit of 13.7%.

Coinbase Global, Inc. which has secured the third spot, was once the largest public ETH holder Currently holding 137,300 ETH, valued at $507.34 million, the firm holds about 13.7% of all publicly held ETH.

Bit Digital, Inc., known initially for Bitcoin mining operations, has aggressively transitioned into Ethereum staking. The company holds 120,306 ETH, worth $444.54 million. With well-timed purchases, Bit Digital has seen its ETH holdings surge by 85.8%, one of the highest returns among all public companies in the space.

Securing the fifth spot, BTCS Inc. holds 55,788 ETH, valued at $206.14 million, following a significant purchase of 22,935 ETH in July 2025. The company uses its ETH not just for staking but also to power its validator node infrastructure and has issued convertible bonds to fund further ETH acquisitions.

Other notable players include GameSquare (10,1K), Intchains (7.0K), KR1 plc (5.5K), Exodus (2.5K), and BTC Digital Ltd (2.1K). The GameSquare Holdings firm holds 10,170 ETH worth $37.6 million, and recently expanded its treasury management scope to $250 million, signalling a broader commitment to digital assets. Moreover, the firm is pursuing a new NFT yield strategy leveraging Ethereum assets.

On the other hand, Intchains Group Limited holds 7,023 ETH worth $25.97 million, divided between direct holdings and staked ETH via Coinbase. The firm is gradually increasing its exposure to ETH through staking as part of a diversified crypto asset strategy.