Public Companies Race to Buy Ethereum

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 and catch up on the seismic shift in crypto treasuries as top publicly listed firms ditch Bitcoin (BTC) for Ethereum (ETH).

Crypto News of the Day: Public Firms Supercharge Ethereum with Over $1.5 Billion in New Holdings

A growing number of publicly listed companies are driving a major capital migration into Ethereum. This portfolio repurposing fuels renewed momentum behind the world’s second-largest cryptocurrency by market cap.

According to data on TradingView, Ethereum’s total market capitalization surged past $420 billion on Thursday, July 17, before a pullback.

With this, the largest altcoin by market cap metrics retested levels last seen on January 18, amid hype around President Trump’s second-term inauguration.

This time, however, the surge in Ethereum market cap draws tailwinds from bold treasury decisions by firms like BTC Digital Ltd (BTCT), BitMine Immersion (BMNR), and Bit Digital (BTBT), among others.

BTC Digital Ltd, also known as BTCT, formally announced a full strategic pivot away from Bitcoin. The firm revealed it would convert all existing and future Bitcoin holdings into ETH as part of a new growth strategy centered on Ethereum.

“Closed a $6 million financing round and added a new $1 million ETH position…by reallocating our digital reserve strategy toward ETH, we are positioning BTCT at the forefront of next generation on chain finance,” read an excerpt in a July 17 press release, which cited BTCT CEO Mr. Siguang Peng.

Elsewhere, BitMine Immersion reported Ethereum and ETH-equivalent holdings exceeding $1 billion. According to the firm, this is more than 300% above its initial $250 million private placement.

BitMine Immersion Targets 5% of Ethereum Supply

According to BitMine’s official release, the company now holds 300,657 ETH at $3,461.89 per Ethereum token, making it one of the largest corporate ETH treasuries in the world.

“Acquiring $1 billion of ETH is a clear signal of our conviction in Ethereum’s long-term value,” an official press release stated, citing Jonathan Bates, CEO of BitMine.

Echoing this sentiment, BitMine Chairman Tom Lee of Fundstrat said the firm was on the ramp to acquiring and staking 5% of the overall ETH supply.

The developments came only days after Bit Digital revealed it had sold off its Bitcoin holdings entirely, transitioning its treasury to Ethereum. BeInCrypto reported the acquisition of 100,603 ETH worth $254.8 million.

The wave of capital from listed entities suggests Ethereum is increasingly viewed as a strategic, yield-bearing treasury asset. Combined, these three firms have added over $1.5 billion in ETH.

It aligns with a recent US Crypto News publication, where Bitwise CIO Matt Hougan predicted a surge in institutional inflows, potentially fueling an explosive H2 for Ethereum ETFs in 2025.

These developments highlight growing institutional conviction in Ethereum’s role as the foundation of decentralized finance (DeFi). With billions now flowing into ETH, the move signals a growing conviction in Ethereum’s long-term value, utility in DeFi, and role in the future of on-chain finance.

Amid the fray, other institutions are also exploring a DOGE treasury strategy, with Bit Origin securing $500 million in equity and debt facilities to launch a Dogecoin treasury.

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