SharpLink Gaming Stakes $1.33B Ethereum, Leads Public Firms – Will Others Follow?

SharpLink Gaming has emerged as the top public company holding Ethereum, with 360,807 ETH valued at approximately $1.33 billion, according to the latest data from analytics platform CoinGecko.

The firm reports that over 95% of this ETH is actively staked or deployed via liquid staking platforms, forming the foundation of SharpLink’s treasury strategy. By turning its ETH holdings into a yield-generating reserve, the company is positioning Ethereum as a long-term cornerstone of its balance sheet.

Never stop stacking $ETH pic.twitter.com/BU97GnmNIl

— SharpLink (SBET) (@SharpLinkGaming) July 23, 2025

Close behind is BitMine Immersion, a crypto mining company with 300,657 ETH currently worth around $1.11 billion. Chaired by Fundstrat co-founder Tom Lee, BitMine plans to eventually control 5% of all Ethereum in circulation, equating to a target of 6 million ETH.

This ambition shows the company’s belief in Ethereum’s role as a digital commodity and financial infrastructure backbone, reports CoinGecko.

On Wednesday, BitMine Immersion Technologies announced that its common stock is now trading on the New York Stock Exchange. The new listing is trading under the ticker symbol BMNR.

Coinbase and Bit Digital Diversify Exposure

Coinbase Global, Inc. ranks third with 137,300 ETH, translating to $507.34 million in value. Once the largest holder of ETH among public firms, Coinbase has been surpassed in scale but remains a major institutional holder. Its ETH exposure represents around 13.7% of all ETH held by publicly listed entities.

Bit Digital, known primarily for Bitcoin mining, has also leaned heavily into Ethereum staking. With 120,306 ETH valued at $444.54 million, the company has redirected part of its mining and treasury operations to support Ethereum’s proof-of-stake model, reports CoinGecko.

Smaller Players Build Strategic Reserves

BTCS Inc. has continued to deepen its Ethereum position, increasing its holdings to 55,788 ETH—worth $206.14 million—following a recent 22,935 ETH acquisition. The company relies on its ETH holdings to power staking and node validation services, enhancing its role in blockchain infrastructure.

GameSquare Holdings, a Nasdaq-listed media firm, holds 10,170 ETH and has doubled its digital asset authorization from $100 million to $250 million. The company is also developing a new NFT yield strategy, indicating further capital deployment into Ethereum-based ecosystems.

Other companies rounding out the top 10 include Intchains Group (7,023 ETH), KR1, Exodus, and BTC Digital. These firms collectively hold just over 10,000 ETH and have shown relatively stable positions throughout 2025.

Ethereum Gains Ground as a Treasury Asset

According to the analysis, Ethereum’s growing role in public company treasuries reflects increasing confidence in its utility and store-of-value potential. As of July 2025, only twelve public companies report Ethereum holdings, collectively holding 1,002,666 ETH—worth $3.70 billion. That figure represents just 0.83% of the total ETH supply, but momentum is building.

Volatility has impacted valuations, with ETH rebounding from a low near $1,383 in April 2025 to $3,700 by late July. This price recovery has pushed SharpLink’s unrealized gains to 29% and BitMine’s to 13.7%. While gains vary by entry price, all top 10 holders are currently in profit.

Still, over two-thirds of all publicly disclosed ETH remains concentrated in just two companies: SharpLink and Bitmine. Despite its limited corporate penetration compared to Bitcoin, Ethereum is gradually making its way into more boardroom strategies—and its influence is expanding.