Ethereum has achieved a significant milestone, climbing 5.9% to $3,155 and marking its highest price point since early February. This surge represents a remarkable 20.1% gain over the past week, fueled by a growing trend of publicly traded companies adopting Ethereum as a treasury asset. The price movement has triggered substantial market activity, with $85.4 million worth of short positions being liquidated within 24 hours as bulls dominated the market.
Leading this corporate adoption wave is SharpLink Gaming, which transformed from an online gambling marketing company to an Ethereum-focused treasury strategy in May. The Minnesota-based firm recently acquired $225 million worth of Ethereum, bringing its total holdings to 280,000 ETH valued at approximately $884 million. This strategic pivot, supported by Ethereum co-founder Joseph Lubin joining their board, has propelled the company to become the largest public Ethereum treasury holder and sent its SBET stock soaring over 1,000%.
BitMine Immersion Technologies and Bit Digital have similarly embraced Ethereum treasury strategies with impressive results. BitMine raised $250 million to build its ETH stockpile and has since accumulated over $500 million worth of Ethereum, while gaining notable backing from Peter Thiel’s Founders Fund. Meanwhile, Bit Digital completely shifted its focus from itcoin">Bitcoin mining to Ethereum-native treasury and staking strategies, accumulating 100,603 ETH worth over $316 million and recently announcing additional share sales to purchase more Ethereum.
This corporate treasury trend reflects a fundamental shift in how institutions view Ethereum, moving beyond speculation toward recognizing it as a programmable financial asset with yield-bearing capabilities. Market analysts note that these treasury allocations reduce circulating supply while signaling long-term institutional confidence in Ethereum’s value proposition. The trend has expanded beyond traditional crypto companies, with firms across various industries exploring similar strategies to boost their stock performance and establish exposure to digital assets.