ETH Tsunami is Approaching: Companies Quietly Accumulating Mountains of Ethereum

Since Strategy, formerly known as Microstrategy, began investing in Bitcoin for its corporate reserves, a significant number of other companies have followed suit. Currently, various organizations are including leading alternative cryptocurrencies in their financial assets, and below is a look at some companies acquiring large amounts of Ethereum (ETH) this year.
Crypto finance going crazy over Ethereum in 2025

You have probably noticed the increasing excitement surrounding companies accumulating various digital assets on their balance sheets — from ETH and SOL to DOGE, HYPE, TRUMP, and XRP. Recently, there has been a noticeable shift towards ETH, as companies seek its appeal as an income-generating asset through staking.

This growing trend may help explain the rise in ETH prices, driven not only by interest in spot exchange-traded funds for Ethereum (ETF) but also by corporate demand. In light of this, we have compiled a list of companies that are currently accumulating ETH — following Michael Saylor's example with his Bitcoin accumulation strategy. At the moment, one of the largest holders of ETH is a publicly traded company that started its operations with Bitcoin mining and transitioned to accumulating ETH earlier this year.

As of July 17, 2025, Bitmine (NYSE: BMNR) reported that it owns 300,657 ETH — 60,000 of which were acquired through options backed by $200 million in cash, with the remainder on the company's balance sheet. As of July 20, the company's ETH assets were valued at $1.12 billion. Close behind is Sharplink Gaming (Nasdaq: SBET), which owns approximately 280,706 ETH, according to the latest data. With recently secured fresh capital, Sharplink aims to further increase its holdings.

Completing the list is Bit Digital (Nasdaq: BTBT), which has quietly become a leader in the game of ETH storage. As of July 20, 2025, the company owns 120,306 ETH after its latest purchase of 19,683 ETH funded by a direct sale of $67.3 million to institutional investors. Bit Digital operates its own validators and stakes a large portion of its reserves – strengthening its position among the largest holders of ETH in public markets.

Next on the list is Ether Capital Corporation, with a balance of 46,274 ETH according to the report for the first quarter of 2024. Although at that time 98% was staked, there has been silence since then — no updates, no new statements — so this figure remains the last public report.

Next is BTCS Inc. (Nasdaq: BTCS), owning 29,122 ETH as of July 11. The company employs a mixed approach: 4,160 ETH are staked through Rocket Pool, 6,300 through solo nodes, and 4,382 are waiting in the queue. The remaining 14,280 ETH are staked as collateral.

collateral on Aave. With a debt-to-asset ratio of 24%, BTCS actively operates in both the DeFi space and traditional finance, leaving room for maneuver.

Meanwhile, Intchains Group reported 7,023 ETH as of March 31, 2025 — an increase of 23.2% compared to the previous quarter. Since then, there have been no new updates, so this number remains the most reliable picture of their assets.
Gamesquare Holdings recently entered the market with a purchase of Ethereum worth $5 million at a weighted average price of $2,749 per coin, totaling 1,818.84 ETH. The deal was announced on July 10, and although Gamesquare just closed an offering of $70 million with plans to buy more, nothing beyond the initial purchase has been confirmed.

Exodus Movement Inc. is at the bottom of the list with 2,729 ETH in its treasury, a number updated at the end of June. Vault Ventures PLC, on the other hand, increases with a recent purchase of 58.45 ETH, raising its total to 711.93 ETH as of July 18.

And finally, Mogo Inc. completes the list with a moderate 146 ETH, according to the June report. Recently, the company's focus has shifted to Bitcoin, leaving the game with ETH on pause. From roots in mining to staking empires, these companies are making Ethereum the foundation of their financial strategies. As institutional interest deepens, ETH becomes part of corporate strategy.