Ever since Strategy, previously Microstrategy, began putting bitcoin ( BTC) into its company coffers, a significant number of other businesses have followed suit. Currently, various organizations are incorporating leading alternative coins into their financial holdings, and below is a glimpse at some of the entities acquiring large sums of ethereum ( ETH) this year.
Crypto Treasuries Go Ethereum Crazy in 2025
You’ve probably noticed a growing buzz about companies stacking all sorts of digital assets on their balance sheets—everything from ETH and SOL to DOGE, HYPE, TRUMP, and XRP. More recently, there’s been a noticeable tilt toward ETH in particular, as firms chase its appeal as a yield-earning asset thanks to staking.
This growing trend might help explain the upward push on ETH prices, fueled not just by interest in spot ether exchange-traded funds (ETFs) but also by corporate demand. With that in mind, we’ve pulled together a list of companies now loading up on ETH—taking a page from Michael Saylor’s bitcoin stacking playbook. At the moment, one of the biggest ETH holders is a publicly traded company that got its start mining bitcoin and jumped into ETH accumulation earlier this year.
As of July 17, 2025, Bitmine (NYSE: BMNR) disclosed it holds 300,657 ETH—60,000 of which were picked up through options backed by $200 million in cash, while the rest sits directly on its books. By July 20, the firm’s ETH holdings were worth $1.12 billion. Close behind is Sharplink Gaming (Nasdaq: SBET), which holds about 280,706 ETH, according to its latest filing. With fresh capital recently secured, Sharplink’s looking to grow that stash even further.
Rounding out the list is Bit Digital (Nasdaq: BTBT), which has quietly become a heavyweight in the ETH treasury game. As of July 20, 2025, the firm holds 120,306 ETH, following its latest pickup of 19,683 ETH using proceeds from a $67.3 million direct offering to institutional investors. Bit Digital runs its own validators and stakes the bulk of its stash—cementing its place among the largest ETH holders in public markets.
Next in line is Ether Capital Corporation, with 46,274 ETH on the books according to its Q1 2024 report. While 98% of that was staked at the time, there’s been radio silence since—no updates, no new filings—so that figure still stands as the latest public tally.
Then there’s BTCS Inc. (Nasdaq: BTCS), holding 29,122 ETH as of July 11. The company takes a mixed approach: 4,160 ETH staked via Rocket Pool, 6,300 via solo nodes, and 4,382 waiting in the queue. The rest—14,280 ETH—is posted as collateral on Aave. With a debt-to-assets ratio of 24%, BTCS is working both the defi and TradFi angles with some room to maneuver.
Meanwhile, Intchains Group clocked in with 7,023 ETH as of Mar. 31, 2025—a 23.2% jump from the previous quarter. No fresh updates have hit since, so that number still holds as the most reliable snapshot of its holdings.
Gamesquare Holdings recently threw its hat into the ring with a $5 million ethereum buy at a weighted average price of $2,749 per coin, totaling 1,818.84 ETH. The deal was made public on July 10, and though Gamesquare just closed a $70 million offering with plans to buy more, nothing beyond that initial grab has been confirmed.
Exodus Movement Inc. trails with 2,729 ETH in its treasury, a figure last updated at the end of June. Vault Ventures PLC, on the other hand, is inching up with a fresh purchase of 58.45 ETH, pushing its total to 711.93 ETH as of July 18.
And finally, Mogo Inc. wraps things up with a modest 146 ETH, based on its June report. The firm’s attention lately has leaned heavily toward bitcoin, leaving its ETH play on pause for now. From mining roots to staking empires, these firms are making ethereum a cornerstone of their treasury strategies. As institutional interest deepens, ETH is becoming a boardroom fixture.
Source: Bitcoin
