Publicly traded firms are making bold moves into Ethereum, and the market is reacting fast. Companies like SharpLink Gaming, BTCS, and GameSquare Holdings have recently deepened their investments in ETH, and in turn, seen their stock prices soar. This new trend shows how Ethereum is no longer just a developer’s playground—it’s becoming a central asset in corporate finance.
SharpLink Gaming has taken a particularly aggressive approach. Between June 28 and July 4, the company bought 7,689 ETH for $19.2 million at an average price of $2,501. This latest round pushes its total Ethereum holdings to 205,634 ETH, now worth more than $536 million. As a result, SharpLink’s stock jumped nearly 29% in a single day, closing at $16.29 and climbing even further in after-hours trading. That gain wasn’t just investor excitement—it reflected real alignment with a treasury strategy now tied directly to Ethereum’s performance.
What’s more, SharpLink isn’t just sitting on its crypto. The firm has committed 100% of its ETH to staking and restaking, earning rewards that already total 322 ETH since June 2. The company is also pioneering a new ETH Concentration metric, which measures ETH exposure per share. Since June 13, that figure has grown by over 18%, reflecting a tight integration between digital asset strategy and equity performance.
At the same time, BTCS is scaling up its Ethereum ambitions. The blockchain infrastructure company had already pledged $57.8 million for ETH purchases—but it’s now aiming for $100 million. BTCS CEO Charles Allen outlined a multifaceted approach that includes ATM equity sales, staking rewards, Aave-based borrowing, and proprietary block-building to boost ETH per share and drive returns.
That plan has fueled explosive stock gains. BTCS shares shot up by 111%, though they did experience an 18% dip in after-hours trading. Still, the double-digit spike shows that institutional investors are taking Ethereum plays seriously—especially when they’re backed by structured strategies and capital management models that echo traditional finance.
The momentum doesn’t stop there. GameSquare Holdings, a newer entrant in the Ethereum treasury trend, just revealed a $100 million ETH investment plan of its own. The company raised $8 million in an underwritten public stock offering to kick off its crypto treasury. The majority of that money will be used to build out an ETH-centric portfolio supported by a strategic partnership with Dialectic.
Unlike traditional staking models that yield 3% to 4% annually, GameSquare says it’s targeting returns of 8% to 14% by leveraging alternative yield strategies. CEO Justin Kenna says this move enhances the firm’s flexibility, enabling not just ETH purchases but potential share repurchases and new growth initiatives. After the revealed, GameSquare stock surged by 58.76% and continued to rise in extended trading.
This wave of Ethereum-driven stock growth mirrors what Bitcoin once did for early institutional adopters. Just as companies like MicroStrategy reshaped corporate treasuries by putting BTC on their balance sheets, these Ethereum-focused strategies are now rewriting the rules. But what makes this ETH pivot unique is the combination of staking-based yields and capital preservation through layered strategies.
For investors, the shift suggests growing confidence in Ethereum’s long-term value—not just as a speculative asset, but as a treasury-grade store of value and income source. It also points to a new chapter in how public companies treat digital assets. Instead of merely holding crypto passively, these firms are integrating ETH into their capital models, building around it with measurable performance indicators, and using blockchain-based tools to unlock new streams of revenue.
This trend could gain more traction as ETH staking continues to mature and Layer 2 solutions reduce network congestion and fees. As Ethereum’s ecosystem grows, so too does its utility as a treasury asset. With regulatory frameworks beginning to form and institutional-grade custody options now available, the risk profile for such strategies is becoming increasingly manageable.
The Ethereum treasury play is clearly no longer just a niche experiment. For SharpLink, BTCS, and GameSquare, it’s proving to be a catalyst for stock performance, investor enthusiasm, and broader institutional momentum.
If more firms follow suit—and the trend suggests they will—Ethereum could soon play a foundational role not just in DeFi, but in corporate finance itself. For now, the stock charts tell the story: Ethereum is delivering, and public markets are responding.
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