Ethereum Stocks Surge 3,000% as Firms Shift to ETH for Treasury

Ethereum-linked stocks have experienced a significant surge as several major firms have shifted their treasury strategies to include Ethereum. This strategic pivot is driven by a growing interest in stablecoins and tokenization, with companies like BitMine and SharpLink leading the way. BitMine Immersion Technologies, for instance, saw a remarkable 3,000% increase in its stock price after switching its treasury from Bitcoin to Ethereum. SharpLink, on the other hand, is planning a $250 million allocation to Ethereum and adopting an “ETH per share” model, aiming to replicate the success of Michael Saylor's strategy for the top altcoin.

This shift towards Ethereum is part of a broader trend where corporations are beginning to stack ETH for treasury strategies, seeking yield alongside reserve asset growth. The move is bolstered by institutional accumulation, with accumulation addresses reaching a record 22.7465 million ETH held as of June 30. This figure represented almost a 36% increase from 16.7281 million ETH on June 1. These wallets logged their highest single-month purchases as well, adding 6.0184 million ETH in June. The realized price for these addresses stood at $2,114.70 on July 1, while ETH traded at $2,565 on July 2, which gave holders an unrealized gain of 21.29%.

Liquid staking also posted new records, growing from 34.5461 million on June 1 to 35.5265 million ETH by June 30. This marks the largest monthly staking growth on record for Ethereum. By July 1, liquid staking hit another all-time high at 35.5644 million ETH. The surge can be attributed to institutional investors, ETFs, and large holders accumulating ETH and opting for yield while awaiting price appreciation. Protocols like Lido and Binance ETH Staking have emerged as key beneficiaries due to their scale and features that attract institutional flows.

Despite ETH’s price staying below bullish expectations throughout last month, these accumulation and staking trends pointed to a strong institutional confidence in the altcoin’s long-term outlook. The record levels of locked ETH and continued accumulation indicate the market may be positioning for a more upward move. Building on this momentum, Ethereum is now catching the eye of corporate treasuries. The project may be entering its own “MicroStrategy era” as corporations begin stacking ETH for treasury strategies, seeking yield alongside reserve asset growth. BitMine and SharpLink are leading this shift. The latter, for one, is planning a $250 million ETH allocation and adopting an “ETH per share” model. Tom Lee notes that Ethereum will benefit as stablecoin adoption rises and finance moves on-chain. Meanwhile, Joe Lubin’s SharpLink raised $425 million to stack and stake ETH. Industry watchers believe this is the start of a wave of Ethereum treasury companies, with firms waking up to ETH’s dual role as a reserve asset and yield generator.

The positive sentiment was further bolstered by predictions from Bitwise CIO Matt Hougan, who forecasted that Ethereum ETFs could attract $10 billion in inflows in the second half of 2025. This prediction was based on the growing narrative of tokenization and stablecoins, which traditional investors find appealing. The inflows into Ethereum ETFs were evident in June, with net inflows of $1.16 billion, marking their second-best monthly performance since debuting in July 2024. The continued positive momentum in ETH ETFs could see them surpass the $5 billion cumulative net inflow threshold before their first anniversary on July 23.

Several public companies have also expanded their Ethereum allocations, aiming to replicate Michael Saylor's strategy for the top altcoin. NASDAQ-listed Bit Digital (BTBT) secured an additional $21.4 million to boost its Ethereum treasury strategy, while SharpLink Gaming (SBET) purchased 9,468 ETH after raising $24.4 million. BitMine Immersion Technologies (BMNR) is also planning to raise $250 million in a private placement to kickstart an ETH treasury strategy. However, analysts have cautioned that companies copying Saylor's playbook could trigger system risks in the crypto market.

The current price action was seen as a test of Ethereum's strength, and a successful breakout above $2,600 could pave the way for a sustained bullish trend. The MACD had made a bullish crossover, confirming momentum in favor of buyers. Ethereum had reclaimed critical moving averages, and if buyers continued while sellers exhausted, ETH could reclaim $2,548 and eye a breakout to $2,700. The bullish divergence in Ethereum's price in July suggested a potential shift in market sentiment, with institutional interest and technical indicators pointing towards a sustained upward trend.