Publicly traded companies, including SharpLink Gaming, BTCS, and GameSquare Holdings, are intensifying their Ethereum (ETH) investments. This surge in institutional adoption highlights a growing confidence in ETH’s prospects.
Furthermore, this Ethereum-focused strategy has led to notable surges in the firms’ stock prices, with BTCS benefiting the most with a triple-digit rise.
Ethereum Treasuries Propel Stock Prices: SharpLink and BTCS Lead
In June, BeInCrypto reported that SharpLink Gaming became the largest publicly traded ETH holder after buying 176,271 ETH for approximately $463 million. The firm has now doubled down on its ETH strategy.
Yesterday, SharpLink revealed that between June 28 and July 4, it purchased approximately 7,689 ETH for about $19.2 million. The average purchase price was around $2,501 per ETH.
With this latest acquisition, SharpLink’s total holdings have increased to 205,634 ETH. The stack is valued at approximately $536.2 million.
“SharpLink raised approximately $64.0 million in net proceeds during the same period through its At-The-Market (“ATM”) facility, selling 5,499,845 shares of its common stock. Of these total net proceeds, approximately $37.2 million was raised on July 3, 2025, but has yet to be allocated to ETH purchases as of the close of business that same day. A large portion of this capital is expected to be deployed in the current week,” the press release read.
In addition, the company revealed that it committed 100% of its ETH holdings to staking and restaking protocols. This is a part of its ongoing efforts to optimize yield generation.
The firm confirmed that from June 28 to July 4, 2025, it earned around 100 ETH through staking rewards. This brings the total estimated reward yield to 322 ETH since the program’s launch on June 2.
“ETH-per-share (“ETH Concentration”) is up ~18.8% since June 13,” ShaprLink posted.
Following the disclosure, SharpLink Gaming’s stock, SBET, appreciated by double digits. Google Finance data showed that stock prices were up 28.57% at market close. Moreover, SBET saw another 4.36% appreciation in after-hours trading.
Meanwhile, BTCS, which previously announced its plans to invest $57.8 million in Ethereum, has also increased the target. In the latest X (formerly Twitter) post, the blockchain infrastructure tech firm’s CEO, Charles Allen, revealed that the firm now seeks to raise $100 million to power its ETH treasury.
“This multi-pronged flywheel utilizes ATM sales, convertible debt, on-chain Aave borrowing, staking rewards, and Builder+—our proprietary block-building platform—to grow ETH per share, drive revenue, and protect shareholder value by minimizing dilution,” Allen wrote.
The decision proved favorable for stock prices. According to market data, BTCS experienced a 111.07% gain. However, in after-hours trading, the stock dipped by 18.78%.
While the two players have strengthened their ETH holdings, a new competitor has also joined the ETH treasury race.
GameSquare Holdings has announced plans to establish a $100 million Ethereum treasury. The company will make investments gradually while maintaining enough working capital for its operations.
To kick off this strategy, GameSquare raised approximately $8 million through an underwritten public offering of 8.42 million shares of common stock for $0.95 per share. The majority of the proceeds will be allocated to accelerate the launch of its new Ethereum-based treasury strategy, which is supported by a strategic partnership with Dialectic.
According to a recent press release, the initiative aims to generate yields between 8% and 14%, significantly surpassing the Ethereum staking returns of 3-4%.
“This new treasury management strategy enhances our financial flexibility and allows us to support a defined capital allocation plan that is focused on pursuing additional ETH asset purchases, funding potential share repurchases and reinvesting in our growth initiatives,” GameSquare’s CEO Justin Kenna said.
The Ethereum treasury announcement triggered a 58.76% surge in GameSquare’s stock price, highlighting investor enthusiasm for the strategy. The positive sentiment continued in after-hours trading as GAME saw another 6.49% uptick.
These investments align with a broader corporate shift towards ETH, mirroring strategies previously adopted by firms like (Micro) Strategy with Bitcoin (BTC). Furthermore, the stock price increases reflect investor optimism about the potential of ETH as both a reserve asset and a yield-generating instrument.
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