Ethereum adoption by public firms is rising, though Bitcoin remains dominant in public treasury holdings.
Welcome to the US Crypto News Morning Briefing — your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee, as Ethereum is no longer just for crypto-native players. A growing number of publicly listed companies are now holding ETH on their balance sheets, signaling a new phase of institutional adoption.
A new report by CoinGecko shows that total Ethereum holdings by public firms have surged to 1,002,666 ETH as of July 23, 2025, worth approximately $3.70 billion.
Of that, 113,000 ETH (about $409 million) is held by companies that disclosed their positions for the first time this quarter.
At the top of the leaderboard is SharpLink Gaming, which holds 360,807 ETH, now worth over $1.33 billion. Notably, over 95% of its ETH is deployed in staking and liquid staking platforms.
SharpLink has clearly positioned Ethereum as its core treasury reserve, a strategy aimed at both yield generation and long-term value preservation.
Second is BitMine Immersion, with 300,657 ETH tokens valued at $1.11 billion. Chaired by Fundstrat’s Tom Lee, BitMine has one of the most aggressive ETH accumulation targets on record. The firm aims to hold 5% of all ETH in existence, or roughly 6 million ETH.
Its average entry price is $3,251, putting it at a 13.7% unrealized profit so far.
Coinbase, the largest US-based crypto exchange, holds 137,300 ETH worth over $507 million, or nearly 13.7% of all ETH held by public companies. Although its position was recently surpassed, Coinbase remains a core institutional holder.
Bit Digital, best known for Bitcoin mining, has pivoted heavily into Ethereum staking, sidestepping BTC. It now holds 120,306 ETH (worth $444.5 million), nearly doubling its position value with an 85.8% unrealized gain.
Rounding out the top five is BTCS Inc., with 55,788 ETH valued at $206.1 million. The company recently issued convertible bonds to increase its ETH reserves, demonstrating a firm conviction in Ethereum’s long-term value.
Outside the top five, companies like GameSquare Holdings (10,170 ETH), Intchains Group (7,023 ETH), KR1, Exodus, and BTC Digital hold smaller but still strategic positions.
GameSquare, for example, recently expanded its treasury mandate from $100 million to $250 million, hinting at future ETH purchases and NFT yield strategies.
Despite holding only 2,550 ETH tokens, Exodus has the largest unrealized gain of 102.7%, highlighting how early buys in volatile markets can yield significant upside.
Notwithstanding the growing accumulation of ETH, Ethereum remains a distant second to Bitcoin when it comes to public treasury adoption.
The top two firms, SharpLink and BitMine, alone hold over 65.9% of all publicly disclosed ETH, topping $1 billion. Institutional ETH adoption is still highly concentrated.
However, with the launch of spot Ethereum ETFs in 2024 and the network’s transition to proof-of-stake (PoS), the barriers for corporate exposure have dropped significantly.
With Ethereum holding above $3,600 as of this writing, after dipping to $1,383 earlier this year, corporate treasuries are now in the green across the board, with the largest altcoin on market cap metrics now officially on the balance sheet.
Here’s a summary of more US crypto news to follow today:
