Companies Expand Crypto Holdings Beyond Bitcoin to Include Ethereum
In a notable shift within the corporate treasury landscape, companies are increasingly adding Ethereum — the blockchain platform’s native cryptocurrency ether (ETH) — to their balance sheets. This move represents a broadening interest beyond bitcoin (BTC), traditionally the most popular digital asset amongst businesses holding cryptocurrency.
Ethereum Gains Traction Among Corporate Treasuries
While bitcoin remains dominant, Ethereum’s growing appeal stems from its unique technological capabilities. Many firms see holding ether as a strategic investment in the underlying infrastructure that powers decentralized finance (DeFi) and a variety of digital asset ecosystems.
So far, the companies embracing this strategy are mostly smaller or mid-sized firms within the crypto industry. One prominent example is BitMine Immersion Technologies (ticker: BMNR), a crypto miner chaired by Fundstrat founder and senior analyst Tom Lee. BitMine recently announced it owns more than $1 billion worth of ethereum, representing roughly 300,000 ETH tokens.
Jonathan Bates, CEO of BitMine, emphasized the company’s strong conviction in ethereum’s long-term value. “Acquiring $1 billion of ETH is a clear signal of our conviction in ethereum’s long-term value,” Bates stated. “We are committed to Ethereum’s continued growth.” The company went public recently, on June 5, and saw its shares surge 25% after news broke that billionaire investor Peter Thiel acquired 9.1% of BitMine’s stock via his investment funds.
Another larger player in this space is Coinbase Global (ticker: COIN), the parent company of the Coinbase cryptocurrency exchange. Coinbase holds more than $440 million in ethereum and other digital assets. In a 2021 blog post, Coinbase declared itself the first publicly traded company to hold ethereum alongside bitcoin, predicting more firms would follow suit by keeping crypto assets on their balance sheets.
What Makes Ethereum Attractive?
Ethereum’s utility differs significantly from bitcoin’s. It is not just a digital currency but a comprehensive blockchain platform that enables developers to create decentralized applications and smart contracts — self-executing contracts with the terms directly written into code.
Currently, Ethereum accounts for a commanding more than 51% share of the blockchain infrastructure market used for direct transactions without intermediaries like banks.
Ray Youssef, CEO of crypto marketplace NoOnes, described Ethereum’s tokenization ability as its “killer app.” He explained, “Ethereum lets anyone — whether it’s a crypto project, a factory, an artist, an influencer — create their own token and thus build and incentivize communities with an economy basically.” Youssef suggested this functionality potentially offers Ethereum more day-to-day utility than bitcoin.
Other Companies Embracing Ethereum
Beyond BitMine and Coinbase, additional firms like SharpLink Gaming (ticker: SBET), a gaming and sports betting company, and blockchain technology firm BTCS (ticker: BTCS) have incorporated ETH into their treasury strategies. Over the past month, both SharpLink and BTCS stocks have surged by nearly 200%, reflecting strong investor confidence in their blockchain-oriented approaches.
Computing firm Bit Digital (ticker: BTBT) also recently announced a full pivot toward crypto assets in its treasury management, embracing Ethereum amid other holdings.
Market Performance and Risks
Ethereum’s price has risen approximately 60% over the past month, reaching around $3,800, its highest level since early 2025 but still below the all-time high above $4,600 set in 2021. Year-to-date, Ethereum’s return stands at about 14%, trailing bitcoin’s 26%.
Similar to bitcoin, Ethereum’s volatility poses investment risks. Price shocks, such as the decline seen in April following market disruptions tied to geopolitical announcements, highlight the precarious nature of crypto assets as treasury reserves.
Looking Ahead
As more companies explore decentralized finance’s transformative potential, Ethereum’s role on corporate balance sheets is likely to grow. Businesses appreciate not only the potential for appreciation but also the broader implications of Ethereum’s blockchain technology in reshaping finance infrastructure.
The trend reflects evolving confidence in digital assets beyond bitcoin, highlighting Ethereum’s growing stature as a foundational component of the crypto economy.
Disclosure: Cryptocurrency investments carry inherent risks due to volatility. Investors should research thoroughly or consult financial advisors before adding digital assets to portfolios or treasuries.