- BitMine Immersion holds over $1 billion in Ethereum after going public in June.
- Bit Digital fully converted its treasury to ETH, while Coinbase holds over $440 million in Ethereum.
- WisdomTree and Fidelity filed SEC applications for in-kind ETH and BTC redemptions.
A new trend is taking hold in corporate finance whereby companies are adding Ethereum (ETH) to their balance sheets. The move expands the use of digital assets in corporate treasuries beyond just Bitcoin (BTC), as firms increasingly seek exposure to blockchain infrastructure and decentralized systems
BitMine Immersion Technologies (BMNR), chaired by Fundstrat’s Tom Lee, holds over $1 billion in ETH. The firm went public on June 5. CEO Jonathan Bates said,
“Acquiring $1 billion of ETH is a clear signal of our conviction in Ethereum’s long-term value.”
Coinbase (COIN) holds more than $440 million in ETH, based on CoinGecko data. In 2021, Coinbase became the first public company to confirm Ethereum on its balance sheet. The company said it expected more firms to follow.
The new strategy backed by strong ETH rally
Ethereum gained 60% in the past month, trading near $3,800. This is its highest point since January. It remains below its 2021 high of over $4,600. Ethereum is the second-largest digital asset by market cap. Ethereum holds more than 51% of the blockchain infrastructure market. It supports peer-to-peer transactions and smart contracts without intermediaries.
BitMine, SharpLink Gaming (SBET), and BTCS (BTCS) are raising capital to increase ETH holdings. Their strategies resemble past Bitcoin treasury moves by other companies.
BitMine shares rose 25% after Peter Thiel purchased 9.1% of the company’s stock. The billionaire made the investment through his affiliated funds.
SharpLink and BTCS followed the same path. Their shares climbed nearly 200% over the past month.
Bit Digital Converts Treasury to Ethereum Only
Bit Digital (BTBT) switched its entire treasury from Bitcoin to Ethereum. CEO Sam Tabar said,
“We believe Ethereum has the ability to rewrite the entire financial system.”
Following the move, Bit Digital stock increased 17% this year. The company now holds only ETH.
The GENIUS Act became law on July 18. It regulates stablecoins backed by assets like U.S. dollars or short-term debt. President Donald Trump signed the law.
Circle (CRCL), which operates USD Coin (USDC), runs its stablecoin on Ethereum. Since its IPO on June 5, Circle shares are up over 600%.
Related 5 Altcoins That Could See Huge Growth Thanks to the New Genius Act
Bernstein analyst Gautam Chhugani said that stablecoin transactions send fees to Ethereum. This connects real company activity to the blockchain network.
MicroStrategy (MSTR) continues to focus on Bitcoin. Executive chairman Michael Saylor told The Street, “MicroStrategy wouldn’t because MicroStrategy is 150% Bitcoin.”
Saylor repeated the company’s strategy of holding only BTC. It has not added ETH to its balance sheet.
WisdomTree and Fidelity File In-Kind ETH and BTC Redemption Plans
WisdomTree and Fidelity filed new applications with the SEC. They aim to enable in-kind redemptions for their Ethereum and Bitcoin Trusts. This means fund investors could redeem shares for ETH or BTC, not cash. The SEC is reviewing the filings.
In-kind redemption could allow direct asset movement between ETFs and investors without converting to dollars.
ETH is up 14% this year. Bitcoin has gained 26% in the same period. Despite the difference, companies continue allocating capital to Ethereum.
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