A growing number of publicly traded companies are aggressively accumulating Ethereum (ETH), adding over $1.5 billion in holdings and pushing the cryptocurrency’s market capitalisation beyond $420 billion.
This shift marks a significant reallocation of digital asset reserves away from Bitcoin and toward Ethereum, as firms pursue returns from staking, decentralised finance (DeFi), and on-chain finance.
Ethereum’s total market cap touched $420.6 billion on Thursday, 17 July, the highest since January 18.
The pivot in corporate strategy is led by BTC Digital Ltd (BTCT), BitMine Immersion (BMNR), and Bit Digital (BTBT), all of which announced major treasury changes in recent weeks.
The timing coincides with growing optimism surrounding Ethereum ETFs, institutional inflows, and broader regulatory clarity in the US crypto markets.
BTCT and Bit Digital fully divest Bitcoin for Ethereum
BTC Digital Ltd, which trades on Nasdaq as BTCT, has confirmed a complete transition away from Bitcoin holdings.
As part of its new digital reserve strategy, the company reallocated its entire Bitcoin treasury into Ethereum.
The company also closed a $6 million financing round, immediately converting $1 million of that into ETH. BTCT framed this as a strategic repositioning to align with the evolving financial infrastructure being built on Ethereum.
On the same day, Bit Digital disclosed its full exit from Bitcoin and entry into Ethereum. The firm acquired 100,603 ETH worth $254.8 million.
The switch signals a broader trend among public firms to seek yield-generating, programmable assets rather than static store-of-value tokens.
BitMine aims to control 5 percent of ETH supply
BitMine Immersion, which already reported private ETH placements worth $250 million earlier this year, has now increased its Ethereum and ETH-equivalent holdings to over $1 billion.
According to the company, it currently holds 300,657 ETH, with each token priced at $3,461.89 at the time of the announcement. The valuation places BitMine among the largest corporate Ethereum holders globally.
The company has outlined plans to stake and potentially accumulate up to 5 percent of Ethereum’s total supply.
BitMine’s board is currently chaired by Fundstrat’s Tom Lee, who has long advocated for ETH’s long-term viability and utility across DeFi and smart contract ecosystems.
These decisions come amid heightened institutional attention on Ethereum, which is seen not only as a base layer for decentralised apps but also as a financial yield vehicle via staking.
This distinction has contributed to its growing appeal as a treasury asset.
Institutions back Ethereum ETFs and DOGE strategies
The inflows align with broader forecasts by analysts such as Bitwise CIO Matt Hougan, who in a recent US Crypto News report projected strong institutional interest in Ethereum-based financial products.
Hougan said he expected the second half of 2025 to deliver an “explosive” phase for Ethereum ETFs, with capital flowing from both corporate and retail investors.
In parallel, other companies are diversifying into alternative tokens. Bit Origin, for instance, has secured $500 million in combined equity and debt funding to build a Dogecoin treasury.
While still niche, the DOGE strategy hints at broader experimentation in corporate crypto reserves beyond Bitcoin.
The Ethereum accumulation trend among listed companies suggests a changing narrative in digital asset strategy.
As Ethereum’s total market cap surged past $420 billion before pulling back, the move by BTCT, BMNR, and BTBT to jointly add over $1.5 billion in ETH underlines a shift in institutional priorities.
Companies are now positioning themselves to benefit not only from price appreciation, but also from staking yields and the role of Ethereum in powering the next wave of financial applications.
With this shift, Ethereum is emerging as a key digital treasury asset for firms betting on the future of programmable money and decentralised financial systems.
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