- Public-listed corporations such as BitMine and Bit Digital are exchanging Bitcoin reserves with Ethereum.
- On July 2, ETH treasury-related stocks jumped more than 25%.
Ethereum is gaining ground as a treasury product in publicly traded companies, demonstrating a significant change in institutional interest in Ethereum instead of Bitcoin. Ethereum-backed stocks staged a rally on July 2 as several corporations said they would transform their reserve holdings into Ether.
BitMine Immersion Technologies, a former Bitcoin mining company, announced that ETH would be its primary reserve. During the same session, its share BMNR rose by 27.17. Sports betting platform SharpLink Gaming, which initiated its treasury approach in May, has 198,167 ETH and has received 222 ETH in staking rewards since June 2. The Ethereum-linked stock, SharpLink SBET, increased by 28% on Wednesday, adding more support to the bullish pattern of Ethereum holdings.
Bit Digital is another company that sold its Bitcoin mining business and is now a pure-play Ethereum staking and treasury firm. It bought Ethereum with capital it had raised by selling shares valued at $162.9 million. On July 2, its share, BTBT, closed at 13.85%.
Institutional ETH Demand Reshapes the Market
Devin Ryan, the Head of Financial Technology Research at Citizens, claimed that increased use of Ethereum could be attributed to the real-world use of stablecoins. Ryan noted,
“stablecoins have been the first version of that at scale, but they’re going to open the door to a much bigger story around tokenizing other assets and using digital assets in new ways.”
Eric Connor labeled Ethereum a powder keg, citing key indicators in this context. Ethereum stablecoins have exceeded $251 billion in transactions. In June, Spot Ethereum ETFs had inflows of 1.17 billion. Meanwhile, the decentralized exchange balances have dropped to only 9 million ETH, the lowest since 2015.
In June, wallets between 1,000 and 10,000 ETH added more than 800,000 ETH, corresponding to the most active whale activity in seven years. The circulating supply of ETH is drying up as more ETH moves out of exchanges and into long-term storage.
ETF Inflows and On-Chain Strength Fuel Price Momentum
Farside Investors recorded a record of Ethereum ETF inflows amounting to $40.7 million on July 1st, the Bitcoin spot ETF inflows ceased after sixteen days of success. June also witnessed a reversal of previous netflows to negative netflows, with investors gaining interest in ETH products again.
The on-chain data of Ethereum supports the bullish sentiment. In Q2 2025, ETH increased by 36.5% after a 45.3% decline in Q1. In May alone, the asset increased by 41.1%, then increased again by 6% early in the month of July. The price range between $2,400 to $2,600 has performed higher lows, with low volume, which is a historical precursor to an extreme breakout.
Its recent launch by the Ethereum Community Foundation is intended to build the ecosystem further by making available grants to fund ETH-burning infrastructure. Ethereum is on the edge of a possible break to new highs above 2,600 as it tightens liquidity and institutional interest rises.
