Ethereum treasuries top 3.7M ETH after public firms bet big on ETH reserves

Key Takeaways

Publicly listed firms are increasingly stockpiling Ethereum, with over 3.7 million ETH held as reserve assets, fueling both crypto and equity market gains. Strong ETF inflows and institutional adoption may be positioning Ethereum as the leading choice over Bitcoin.

Ethereum [ETH]’s evolution from a developer hub to a global financial powerhouse is gaining new momentum as institutions embrace it like never before.

A growing wave of publicly listed companies, often referred to as Ethereum Treasury Firms, are stockpiling ETH. Not just as a speculative play, but as a core reserve asset, a yield engine, and a buffer against economic turbulence.

Collectively holding more than 3.7 million ETH, close to 3% of the token’s total supply, these firms are evidence that the conversation around the altcoin has changed.

The real question now isn’t if Ethereum will shape the future, but how quickly it will take the lead.

Firms’ Ethereum treasury surges

The growing role of Ethereum in corporate treasuries was highlighted this week by major disclosures from publicly listed firms.

BitMine Immersion Technologies (BMNR) revealed that its combined crypto and cash reserves now exceed $8.82 billion – Solidifying its position among the largest Ethereum holders in the corporate world. As of 24 August, the firm’s portfolio included 1,713,899 ETH, valued at $4,808 per token, alongside 192 BTC and an additional $562 million in cash.

SharpLink Gaming (SBET), another heavyweight in Ethereum accumulation, shared updates on its ETH acquisitions between 18 and 24 August, 2025. The company also detailed the capital raised through its ongoing At-the-Market (ATM) facility, underscoring its dual strategy of asset accumulation and fundraising to strengthen its balance sheet.

Meanwhile, ETHZilla Corporation (ETHZ) took a different approach by authorizing a $250 million stock repurchase program, signaling confidence in its long-term growth trajectory. Alongside this move, ETHZilla reported holdings of 102,237 ETH, acquired at an average price of $3,948.72, currently valued at roughly $489 million.

These announcements rippled into equity markets, boosting investor sentiment.

Impact on stock price and ETH’s price action

In pre-market trading, BitMine shares rose by 2.91% to $50.99, ETHZilla gained by 3.09% to $3.17, while SharpLink advanced 1.93% to $19.54, according to data from Yahoo and Google Finance.

The rally highlighted how Ethereum’s growing role in corporate treasuries is increasingly influencing not only crypto markets, but also traditional equities tied to these firms.

Ethereum’s momentum is being reinforced not just by institutional treasuries and corporate accumulation, but also by strong technical indicators and growing ETF inflows.

With ETH now trading above $4,580 and attracting nearly half a billion dollars in fresh ETF investments in a week, the asset is steadily proving its strength as a preferred store of value and growth vehicle.

At the same time, Bitcoin [BTC] is facing contrasting headwinds. Especially as a whale-driven sell-off shaved billions from its market cap, dragging the prices down to a key support level at $113k.

This divergence highlighted a shifting narrative in the crypto market, making people think about what lies ahead in the next phase of digital asset adoption.