As of July 2025, a certain crypto rush is disrupting how businesses handle cryptocurrency. As analysts noted, many small public companies collectively held about 966,000 Ether (ETH) on their balance sheets.
Remarkably these companies are involved with tech, gaming, or crypto. The dramatic increase from around 116,000 ETH at the end of 2024 to August 2025 is valued at approximately $3.5 billion, according to a Reuters analysis of public filings.
Ether Over Bitcoin? Crypto Rush Intensifies
Unlike Bitcoin, Ether offers both price appreciation potential and staking yield, making it a strategic asset in corporate treasuries. Companies can stake ETH to support Ethereum’s network and earn returns of 3 to 4 percent, appealing to CFOs who want active yield alongside long-term upside.
Ether is also foundational to decentralized finance (DeFi) applications, including lending platforms, stablecoins, and tokenized assets. One executive described owning Ether as akin to holding oil, while Bitcoin is more like owning gold, valuable but less functional.
Who’s Buying and Why
According to reports, companies such as BitMine Immersion Technologies pivoted from Bitcoin mining to aggressive ETH acquisition. Which led the company to have more than 800,000 ETH worth nearly $3 billion after launching a $250 million treasury strategy. Its stock surged over 400 percent since late June, with high-profile backing from Peter Thiel, ARK Invest, and Fundstrat’s Tom Lee.
Other firms including SharpLink Gaming, Bit Digital, and The Ether Machine have also added six- or seven-figure ETH holdings, triggering dramatic stock moves. Some smaller firms saw equities climb by thousands of percent upon announcing Ether treasuries.
Risks: Volatility, Regulation, and Meme Fad Echoes
Analysts liken this small cap frenzy to meme stock mania, with sharp rallies followed by painful reversals. They caution public companies betting on Ether could trigger reputational and financial risks, especially if ETH prices collapse or regulations tighten.
The U.S. Securities and Exchange Commission has yet to clarify how staking rewards should be taxed and whether locked tokens count as custodial assets. This regulatory gray zone could become a headache for corporate finance teams.
Crypto Rush Market Impact and Broader Trends
With stablecoin legislation advancing and digital asset friendly policies gaining traction in the U.S., more traditional institutions are looking at Ethereum. They are looking at various treasury strategies and specialized SPACs to find a way.
We also see it happening outside of U.S.: In Hong Kong, fintech firms raised over $1.5 billion in July to invest in crypto and stablecoin infrastructure, indicating global appetite.
The SPAC named The Ether Machine plans a merger to monetize a $1.5 billion Ethereum pool, mimicking MicroStrategy’s BTC playbook but with staking yield included.
The increasing use of Ether as a corporate treasury asset may indicate a trend toward more widespread use of digital finance, although this is still just speculation. Concerns about regulatory uncertainty, market volatility, and the possibility of speculative enthusiasm leading to a crash persist.