Major ETH treasury companies gathered in Manhattan last week to pitch Wall Street on Ethereum as the foundation of tomorrow’s financial system to accelerate institutional adoption.
The push comes as Ethereum approaches its all-time high following a 75% surge since June, with corporate treasuries now controlling over $22 billion worth of Ether across multiple public companies.
According to Bloomberg’s report, the corporate treasury movement aims to lock away significant portions of Ethereum’s circulating supply, creating artificial scarcity that could drive long-term price appreciation while positioning these firms at the center of decentralized finance infrastructure.
“Ethereum is where Wall Street and AI will converge,” said Tom Lee, chairman of BitMine, during a recent presentation at Manhattan’s Cipriani 42nd Street.
Corporate Ethereum Holdings Reshape Market Structure
BitMine’s aggressive acquisition timeline shows the scale and speed of this corporate strategy, having purchased 566,776 ETH worth $2.03 billion in just 16 days during July 2025.
The company has publicly stated its intention to acquire and stake 5% of Ethereum’s total supply, which would require approximately 6 million ETH worth roughly $22 billion at current prices.
Source: Strategic ETH Reserve
Meanwhile, SharpLink Gaming has raised over $2.6 billion through private investment vehicles and at-the-market offerings to fund its Ethereum treasury.
Joseph Chalom, SharpLink’s co-CEO and former BlackRock executive who helped launch the firm’s Ether ETF, argues that corporate treasury strategies can deliver “multiple of the value of the underlying for the benefit of the shareholders.”
Both companies are actively staking their holdings, with SharpLink staking nearly 100% of its ETH and generating approximately 1,326 ETH in cumulative rewards to date.
The staking component differentiates Ethereum from Bitcoin’s purely speculative treasury plays, as companies can earn yield while holding the asset long-term.
Ethereum co-founder Joe Lubin, who also chairs SharpLink’s board, describes the treasury strategy as addressing a structural demand problem by locking away supply and providing price stability.
“It’s a bit of a race right now. Because if we lock away lots of Ether and many other projects lock away lots of Ether, that’s really good for the supply-demand dynamics,” Lubin explained.
BitMine’s Tom Lee projects Ether could reach $60,000 from current levels around $4,300 if Wall Street adoption accelerates.
BlackRock had earlier filed to add staking capabilities to its $16 billion Ether ETF (ETHA) to allow retail investors to capture both price appreciation and yield generation in a single product.
Corporate treasury advocates argue that Ether’s deflationary mechanism through transaction fee burning, combined with staking lockups, creates more favorable supply dynamics than Bitcoin’s fixed issuance schedule.
However, critics, including Columbia Business School’s Omid Malekan, warn that “there are scenarios in the future, particularly in a crypto bear market, where the treasury company may start selling,” potentially amplifying downturns.
Tom Lee, Chairman of BitMine. (Source: CNBC)
Treasury Wars Intensify as Private Blockchains Challenge Ethereum’s Vision
The corporate Ethereum treasury boom faces mounting competition as traditional financial giants develop private blockchain infrastructure that could bypass public networks entirely.
Circle Internet Group is building a controlled network that would keep customers in-house and eliminate fees paid to Ethereum validators, while Stripe reportedly pursues similar proprietary blockchain development.
These moves may directly threaten Ethereum’s vision of becoming the shared infrastructure layer for Wall Street’s digital transformation.
Circle’s USDC stablecoin already commands 28% market share with $65.2 billion in circulation, providing the company sufficient scale to operate independent settlement networks.
Meanwhile, traditional finance continues exploring Central Bank Digital Currencies that could further reduce reliance on public cryptocurrencies.
Corporate Bitcoin holdings have reached $215 billion across 213 entities, creating a parallel treasury adoption race that may further dwarf Ethereum’s corporate accumulation efforts.
Recent research has also warned that most Bitcoin treasury companies operate “dangerous games” that “won’t survive credit cycles” due to leverage and negative carry dynamics.
The warning raises questions about whether Ethereum’s yield-bearing properties provide sufficient protection during market downturns.
Despite the criticisms and recent market volatility, institutional flows continue favoring Ethereum, with BlackRock accumulating $1 billion in crypto assets during market selloffs, including significant ETH purchases.
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