Ethereum is once again in the spotlight—this time, not just for its token price, but for the booming performance of stocks tied to companies with strong Ethereum exposure. On July 2nd, a series of Ethereum-backed stocks experienced double-digit percentage gains, signaling a renewed wave of investor confidence in Ethereum’s long-term potential. Behind this bullish breakout is a blend of growing institutional adoption, spot ETF inflows, and a strategic pivot from Bitcoin to Ethereum across several firms.
The standout performer was BitMine Immersion Technologies (BMNR), traditionally a Bitcoin mining firm. In a bold shift, the company announced plans to replace Bitcoin with Ethereum as its primary treasury asset. That announcement sent its stock price soaring by 27.17% at market close. The move is part of a growing trend: companies are recognizing Ethereum not just as a speculative asset but as a foundational technology for decentralized finance (DeFi), tokenization, and on-chain infrastructure.
Adding fuel to the fire, SharpLink Gaming (SBET) also made headlines with its Ethereum holdings update. The company revealed it held 198,167 ETH in its treasury and had already earned 222 ETH in staking rewards since early June. On the same day, its stock price jumped 28%, underscoring how Ethereum-aligned corporate strategies are attracting bullish sentiment in traditional equity markets.
Another firm pivoting hard toward Ethereum is Bit Digital (BTBT). The publicly listed digital asset company recently announced its complete exit from Bitcoin mining to focus solely on Ethereum staking and treasury operations. It raised an impressive $162.9 million through a stock offering to fund this Ethereum acquisition. The result? A 13.85% gain in its stock price on July 2nd.
So, what’s driving this sudden surge in Ethereum and ETH-backed equities?
According to Devin Ryan, Head of Financial Technology Research at Citizens, Ethereum’s utility is finally coming into focus for institutional investors. “We’re finally at the point where real use cases are emerging,” he noted. Ryan emphasized that Ethereum’s core strengths—such as its support for stablecoins, tokenization of real-world assets, and smart contract infrastructure—are paving the way for the next era of financial applications.
The data supports Ryan’s view. Ethereum spot ETFs, once sluggish with investor demand, are now gaining momentum. According to Farside Investors, Ethereum spot ETFs saw $40.7 million in inflows on July 2nd alone. This stands in sharp contrast to Bitcoin ETFs, which ended a 15-day positive inflow streak on July 1st. For Ethereum, this marks a reversal from the negative ETF netflows seen in March and April—when some analysts feared the funds would fizzle out before gaining traction.
The resurgence of ETH ETFs, combined with companies anchoring their treasuries in ETH and exploring staking-based revenue models, paints a promising picture for Ethereum’s institutional future. Stocks like BMNR, SBET, and BTBT are being re-rated by investors as part of this broader Ethereum thesis. These companies are no longer just blockchain-curious—they are aligning their core strategies with Ethereum’s economic model, staking mechanics, and deflationary tokenomics.
The rally also aligns with efforts by the Ethereum Community Foundation (ECF), a recently established independent body aimed at strengthening the ecosystem. The ECF is focused on funding infrastructure that enhances ETH scarcity—such as technologies that burn ETH during use—and fixing inefficiencies in Ethereum’s blob space (data availability layer), both of which contribute to upward pressure on the token’s value.
At press time, ETH is up 8.1% over the past week, driven by this convergence of ETF flows, corporate treasury demand, and ecosystem upgrades. As ETH continues to evolve from a developer-centric platform to an institutional-grade financial network, its impact is extending well beyond crypto charts—into the balance sheets and share prices of publicly traded companies.
The message from markets is becoming clearer: Ethereum is no longer just a blockchain. It’s becoming a backbone for the next financial era—and Wall Street is taking notice.
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