Ethereum recorded a 5.9% daily gain, reaching $3,155, supported by a 20.1% rise over the past week amid a growing wave of publicly traded companies accumulating the cryptocurrency in their treasuries.
This move pushed Ethereum’s price to its highest level since early February, according to CoinGecko data, and led to the liquidation of $85.4 million in short positions over the past 24 hours, according to CoinGlass.
Earlier this month, Minnesota-based SharpLink Gaming announced it had acquired $225 million worth of Ethereum, according to a press release issued Tuesday. The company had pivoted from online gambling marketing to Ethereum accumulation in May, after raising $425 million in funding and adding Ethereum co-founder and Consensys CEO Joseph Lubin to its board of directors.
With this move, SharpLink became the public company with the largest Ethereum treasury on the market, with its holdings reaching 280,000 ETH after the latest purchase — equivalent to $884 million at the current price. As a result, the company’s stock (SBET) has surged more than 1,000% since its pivot to crypto, according to TradingView.
Similarly, BitMine Immersion Technologies announced last month the establishment of its own Ethereum treasury. The Bitcoin mining company had raised $250 million in late June to build up an ETH reserve, with Tom Lee of Fundstrat joining as chairman of the board.
Since then, the company has purchased more than $500 million worth of Ethereum, and its stock (BMNR) has soared over 1,100% since the first ETH purchase, according to TradingView. In a notable development, Peter Thiel and his Founders Fund acquired a 9.1% stake in the company on Tuesday.
Bitcoin mining firm Bit Digital also announced last month that it had ceased mining operations to focus on Ethereum-based treasury and staking strategies. Last week, the company converted its entire reserves into Ethereum, reaching 100,603 ETH — valued at more than $316 million at today’s prices. Then on Monday, it announced a $67.3 million stock sale to purchase additional ETH.
Kevin Rasher, founder of the RAAC lending and borrowing ecosystem, said in a note shared with Decrypt: “Ethereum is no longer just a speculative tool — it’s now a yield-generating, programmable financial asset that institutions view as a store of value. This is a major factor supporting ETH’s price, as treasury allocations reduce circulating supply and reflect long-term confidence.”
These are just a few examples of a broader trend in the markets, where public companies are establishing crypto treasuries to boost their stock performance, drawing inspiration from Michael Saylor’s strategic approach to Bitcoin adoption.
For instance, Canadian company Cannabis Sativa rebranded itself as Dogecoin Cash before purchasing $3.5 million worth of Dogecoin.
More recently, a group of investors announced a $540,000 purchase of the Solana-based meme token Dogwifhat, with plans to take their company public via a reverse merger — a move aimed at riding the wave of institutional crypto investment.
At the time of writing, Ethereum was up 9.75% to $3,363.7 on CoinMarketCap as of 20:40 GMT.
