Crypto has come a long way. There was a time when it was just noise on the edges, something for early adopters, techies, and dreamers.
But things change. Now, some of the biggest names in business are taking notice.
Publicly traded companies are starting to accumulate crypto as part of their actual treasury strategy.
Michael Saylor and MicroStrategy led the charge with Bitcoin. He went all-in, buying massive amounts of BTC and cementing the idea of Bitcoin as “digital gold” and “digital property.” That narrative stuck, institutions understood it, and many followed.
But now, something else is happening. Ethereum and its native cryptocurrency Ether (ETH) are finally starting to catch on with other several publicly traded companies making recent news. For a while, it was overlooked and flew under the radar while Bitcoin was the shining light. However, that’s changing fast, and the light may shine somewhere else.
Bitcoin is Digital Gold, Ethereum is Digital Oil
Bitcoin has its story, and it’s a strong one.
Digital gold. A fixed supply of 21 million. Immutable, decentralized, and capped forever. Institutions bought into that narrative quickly.
But Ethereum’s story is different, and for a long time, it wasn’t easy to tell.
To put it simply, Ethereum is a decentralized software platform. It allows developers to build smart contracts and run decentralized applications (dApps) on the network. Its native cryptocurrency, ETH, is the fuel that powers it all, just like oil powers an engine.
That’s why some are calling ETH “digital oil.” It’s the fuel for everything from decentralized finance (DeFi) and NFTs to tokenized real-world assets.
More companies are beginning to recognize just how powerful that infrastructure is. Ethereum can do things Bitcoin simply can’t, and that’s why institutions are starting to take ETH seriously. It’s a foundational layer of the next-generation internet and finance.
Publicly Traded Companies Adding ETH to Their Corporate Treasury
ETH is showing up where it really counts, on the balance sheets of publicly traded companies. Some of these companies are leaning in hard, indicating that ETH is a real part of their long-term strategy.
Here’s a look at the companies putting their money and their treasuries behind ETH.
ETHZilla (NASDAQ: ATNF)
Originally focused on blockchain infrastructure and decentralized applications, ETHZilla has shifted a significant part of its treasury strategy toward Ethereum. In recent quarters, the company disclosed multi-million-dollar ETH purchases, framing the asset not as a speculative play, but as a core holding to support its long-term Web3 initiatives. ETHZilla’s leadership has been vocal about seeing Ethereum as the backbone for next-gen decentralized finance (DeFi) and enterprise-grade blockchain solutions.
With expansion plans that include ETH-powered dApps and staking operations, ETHZilla is signaling to shareholders that Ethereum isn’t just a technology they build on, but it’s an asset they’re banking on.
Sharplink Gaming (NASDAQ: SBET)
Sharplink Gaming might not be a household name, but they’ve come out as one of the publicly traded companies leaning into Ethereum. And they are going all in. Sharplink operates in the sports betting and gaming tech space. But the real story here is being led in part by Joe Lubin, co-founder of Ethereum and now Chairman of Sharplink’s board. Under his guidance, the company launched a massive $425 million funding round and used it to start aggressively accumulating ETH.
They’ve even announced plans to raise more money through stock offerings to expand their ETH holdings even further.
Bitmine Immersion Technologies (NYSE: BMNR)
BitMine started as a traditional Bitcoin mining company, but now they’re making one of the boldest Ethereum treasury plays we’ve seen yet. Backed by names like Tom Lee, Galaxy Digital, Pantera, and Founders Fund, BitMine is positioning itself as an Ethereum-native powerhouse. The company’s aggressive move into ETH has caught attention across the industry and the stock market.
Bit Digital Inc. (NASDAQ: BTBT)
Bit Digital started as a Bitcoin mining firm, but they’ve since shifted their entire focus to Ethereum, and they’re going big.
In mid-2025, the company sold off a large chunk of its Bitcoin holdings and raised $172 million to ramp up its ETH position. Today, Bit Digital holds ~120,306 ETH, most of which is actively staked and earning yield. Sam Tabar, the CEO of Bit Digital, has been vocal about Ethereum’s long-term potential as an asset and infrastructure. They’re now positioning themselves as a pure-play ETH treasury and staking platform, building around the network’s scalability, programmability, and income potential.
BTCS Inc. (NASDAQ: BTCS)
BTCS has quietly become one of the more aggressive ETH-focused companies in the public markets.
Originally a blockchain infrastructure firm, BTCS now holds ~29,122 ETH. They’re actively running validator nodes and building tools to support Ethereum’s infrastructure. It’s a small-cap name, but BTCS is executing like a company that sees Ethereum as its core business strategy.
Why This Matters for Ethereum and the Crypto Industry
Publicly traded companies adding ETH to their treasury says a lot about where it's headed, and the industry overall.
Ethereum’s Growth Is Being Proven On-Chain
The case for Ethereum is happening on-chain. Billions in DeFi activity, millions of daily transactions, and a growing ecosystem of applications are reinforcing its role as the base layer for digital finance. This real-world usage is what gives ETH its staying power. The more it's used, staked, and built on, the harder it is to ignore.
You can check Ethereum's activity here.
Stronger Participation Builds a Stronger Network
As more institutional players step in, the impact helps legitimize the ecosystem, attract new capital, and strengthen the underlying protocol. With more ETH being staked and more companies building on-chain, the Ethereum network becomes more secure, more decentralized, and better positioned for long-term adoption.
Ethereum is Becoming Financial Infrastructure
You can feel the shift. Ethereum is steadily moving into the foundation of modern finance. Institutions are holding ETH on their balance sheets, staking it, and building directly on the network. Quietly at first, then all at once, it’s becoming part of the system. Investors, large and small, are finding ways to engage with the network.
If you're looking to take part, iTrustCapital makes it easy.
You can buy and sell Ether (ETH) through a secure Premium Custody Account or Tax-Advantaged Crypto IRA* at iTrustCapital.
Click here to learn more and open an account today.
*Some taxes may apply.
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