In 2025, Ethereum became an important asset for company treasuries, providing opportunities for staking rewards and participation in decentralized finance.
BitMine: Leader in ETH Treasury
BitMine Immersion Technologies, once a Bitcoin mining company, transformed in early 2025 into a treasury-focused company for ETH. Under the leadership of well-known investor Tom Lee, it centralized its strategy on acquiring ETH and staking. As of August 17, 2025, the company holds approximately 1,297,093 ETH, accounting for about 1.07% of total ETH supply. In August, BitMine announced plans to raise up to $20 billion through equity offerings to increase its ETH reserves.
SharpLink Gaming: From Gaming to ETH Treasury
SharpLink Gaming, previously involved in sports betting, adopted the ETH treasury model in the first half of 2025. Led by Joseph Lubin, co-founder of Ethereum, the company aims to accumulate ETH as its main reserve asset. As of August 15, SharpLink holds 728,804 ETH, making up around 30% of public ETH holdings. In 2025, SharpLink raised $2.6 billion through equity issuance, increasing its ETH reserves by 141% since June.
Comparison to MicroStrategy: A Look at ETH Treasuries
The rise of Ethereum treasury companies is reminiscent of MicroStrategy's model, which began accumulating Bitcoin as a primary reserve asset in 2020. Unlike MicroStrategy, which highlights Bitcoin volatility, BitMine and SharpLink leverage the benefits of staking and decentralized finance to offer investments in ETH as a more productive option. Compared to them, ETH provides unique advantages, confirming that the timing for accumulating ETH might be optimal for both large institutional investors and companies.
Ethereum treasuries illustrate the shift of cryptocurrencies from the fringe to a mainstream financial instrument. Despite the risks, BitMine and SharpLink companies may have a positive impact on the ETH market and its further institutional adaptation.
