Ethereum has roared back into the spotlight, posting an 80% gain since early June and igniting a broader rally in alternative cryptocurrencies.
The climb, fueled in part by Circle’s blockbuster IPO and Ethereum’s dominance in the stablecoin market, briefly pushed ETH above $4,350 this week — its highest level in nearly four years.
Market watchers say the upswing signals the start of a fresh “alt rally,” where non-Bitcoin assets outperform. With more than 60% of stablecoins issued on Ethereum and a rapidly expanding DeFi ecosystem, the network’s resurgence is spilling over into the businesses built around it.
Few stand to benefit as much as Coinbase. Beyond its extensive token listings, the exchange is generating millions annually from ETH transaction fees on its Base Layer 2 network, which now processes over nine million transactions per day. Analysts expect this activity — plus Coinbase’s ETH staking business and substantial treasury holdings — to help reverse recent stock losses and deliver stronger results in the second half of the year.
Robinhood is also expanding its Ethereum presence, adding staking, increasing token listings, and preparing its own Layer 2 network for asset tokenization. Circle continues to grow USDC’s footprint, with supply climbing to $65 billion, much of it circulating within Ethereum-based applications.
Meanwhile, institutional exposure to ETH is set to deepen. BlackRock’s proposed spot Ethereum ETF includes a staking feature that could offer yields near 3%, blending traditional investment products with blockchain economics.
A rising number of companies are adopting “Ethereum treasury” strategies — accumulating ETH, staking it for income, and deploying it in onchain finance. Unlike ETFs, these players can shift tactics with market cycles, though success depends heavily on risk management.
Analysts argue that if the current cycle is still in its early phase, Ethereum’s growing role in finance could leave plenty of upside for both the asset and the businesses built around it.
