A growing number of companies are now holding Ethereum (ETH) as part of their corporate treasuries, marking a shift from the long-standing trend of only holding Bitcoin (BTC). This move highlights a broader confidence in Ethereum’s role in decentralized finance and blockchain infrastructure.

BitMine Leads with $1 Billion ETH Purchase

BitMine Immersion Technologies (BMNR) made headlines after adding over $1 billion worth of ETH to its balance sheet. The firm, chaired by Fundstrat’s Tom Lee, went public on June 5. CEO Jonathan Bates stated:

“Acquiring $1 billion of ETH is a clear signal of our conviction in Ethereum’s long-term value.”

Coinbase and Others Follow the ETH Strategy

Coinbase (COIN) currently holds $440 million in ETH, according to CoinGecko. The exchange was the first public company to disclose ETH holdings back in 2021 and has since predicted that more firms would adopt a similar strategy.

Companies like SharpLink Gaming (SBET) and BTCS are also raising funds to buy more ETH—mirroring Bitcoin accumulation strategies from previous bull runs.

The shift is happening as Ethereum gains momentum, rising nearly 60% in the past month and trading around $3,800, its highest level since January.

Bit Digital Goes All-In on Ethereum

Bit Digital (BTBT) made a bold move by converting its entire treasury from Bitcoin to Ethereum. CEO Sam Tabar explained:

“We believe Ethereum has the ability to rewrite the entire financial system.”

Since the switch, Bit Digital’s stock has jumped 17% in 2024.

Stock Surges and Strategic Investments

Ethereum-focused strategies have triggered strong investor interest. BitMine’s stock surged 25% after billionaire Peter Thiel bought a 9.1% stake in the company.

Meanwhile, shares of SharpLink and BTCS skyrocketed almost 200% over the past month.

Stablecoin Law Boosts Ethereum Activity

The recently passed GENIUS Act, signed into law on July 18 by President Donald Trump, brings regulation to stablecoins backed by U.S. dollars or short-term debt.

Circle (CRCL), the issuer of USD Coin (USDC)—which runs on Ethereum—has seen its shares soar 600% since its IPO on June 5.

According to Bernstein analyst Gautam Chhugani, stablecoin transactions help drive fees directly to the Ethereum network, linking corporate and blockchain activity.

MicroStrategy Sticks to Bitcoin

Not every company is joining the ETH movement. MicroStrategy (MSTR), led by Executive Chairman Michael Saylor, reaffirmed its exclusive focus on Bitcoin.

“MicroStrategy wouldn’t [switch], because MicroStrategy is 150% Bitcoin,” Saylor told The Street.

ETH ETFs: In-Kind Redemption on the Way?

WisdomTree and Fidelity have filed with the SEC to allow in-kind redemptions on their ETH and BTC Trusts. If approved, this would let investors redeem shares directly for ETH or BTC instead of cash—offering a smoother, more crypto-native experience.