Ethereum (ETH) has gathered to five months high and has gone above $3,600 on track to recover its higher price range. Once the coin enters the official bull market, corporate buyers are once again highlighting their approach to retaining ETH in the long term.
The Ethereum treasury company first appeared during a period of slow accumulation, but ETH was still hovering for under $2,800. The ETH Treasury announcement also broke the pattern of BTC finance companies and exploited the assets with the potential for even greater promotion.
The ETH Treasury can also accumulate other altcoins, revive assets from the old cycle, and open the door to being exposed to traditional market liquidity.
Eth Treasuries cause honeymoon period for the company's stock
Similar to the influx of BTC's Treasury, companies accumulating ETH have revived stocks and gathered. Part of the growth is based on the Treasury's expectations for viewing. The stock also provides indirect exposure to ETH and creates a flywheel that spans peak from ratings.
However, ETH finance companies remain more volatile. Bitmine Immersion Technologies, Inc. (BMNR) quickly fell above $135 shortly after the Treasury announcement, then slipped to $41.90, consolidating at a low baseline.
Sharplink Gaming (SBET) recovered to $36.40 after a recent DIP and passed another leg of the expansion.
Sharplink Gaming (SBET) has undergone a secondary recovery as ETH broke into a higher price range. |Source: Google Finance.
The success of the company's stock has led to a reassessment of its pay raise program. Sharplink has announced revisions to the SEC filing, 600 million dollars ATM program for common stock from a previous intentional $1 billion salary increase.
Bitdigital (BTBT) is another top performer of 2025, recently recovering to an annual level of $4.01. During the latest BTC rally, top ETH companies have a second wind and appear to be rising in anticipation of a bigger bull market.
Which ETH finances broke the billion-dollar barrier?
Recent ETH thanks have made the two largest ETH Treasury to over $1 billion. Stars in this cycle include BMNR and SBET, while other accidental whales show their effects. As of July 2025, around 55 known entities have over 100 ETHs, but there are still around 5 well-known corporate buyers.
A total of 55 known entities hold over 100 ETH in their wallets. BMNR and SBET compete for top positions equivalent to Bitcoin's strategy (MSTR). |Source: Strategic ETH Reserve.
In summary, BMNR and SBET's Treasury still constitute less than 0.5% of ETH supply. In comparison, Strategy (MSTR) has held more than 3% of BTC supply after years of accumulation.
As businesses run out of their first funding round for ETH, the recent expansion to ETH is just the beginning. To date, businesses have purchased 1.7m ETH, but they need to keep up with ETFs that hold 5.1m ETH.
The purchases of companies and ETFs taken together will buy more than 186 times the supply of newly created ETH, even in a slight inflation network. Combined with the demand for ETH to cover leveraged positions, a new wave of corporate buyers could create a supply crunch as whales scramble to acquire easily available ETH.
As ETH supplies flow into whale wallets and the Treasury, token recognition could shift from fee utility assets to valuable storage.
Crypto Native Projects Can Be Transformed into a Finance Company
ETH has a list of previous Bull Cycle holders. The current aggressive purchases of ETH have already surpassed some of the biggest fundraisers, and even the Ethereum Foundation holdings.
However, a long list of ETH owners may participate in the Treasury trends by rebranding reservations. As in the case of BTC, whales and owners can use shell companies to raise funds and link their idle ETH holdings to publicly traded stocks.
Projects like Pulsechain already have more than 166k of ETH, lined up with the largest holders. Older ICO projects like status hold 19.7k ETH. The rest of the ETH also sits in Dao's Ministry of Finance, old ICO wallets and other reserves.
Previously, some ETH owners either traded tokens or used them for operating expenses. The option to announce the Ministry of Finance opens new ways to tap on ETH value, and also increases rarity.
Additional regulations may be required for ETH staking
ETH tokens are not intended to keep them idle. The simplest solution is to staking beacon contracts that hold nearly 30% of the supply. However, the Ministry of Finance is related to public companies, which has led to problems with this form of passive income regulation.
Although generally safe, staking has a technical risk of mistakes when withdrawing a stock. Some finance companies also rely on liquid staking, adding the risk of “slashing.” Furthermore, reusing liquid staining ETH for passive income reduces the availability of actual ETH in the Treasury, increasing ownership and access concerns.
Now, regulations could first arise for ETF buyers, and later corporate buyers could explore staking access. Even without regulations, Sharplink Gaming uses its ETH reserve for staking. Since announcing the Ministry of Finance, the company has added around 415 ETH to secure its compensation.
