Ethereum Finds Its Place on Corporate Balance Sheets
It’s not just Bitcoin grabbing attention in the world of corporate finance. Ethereum is becoming a treasury asset for a growing number of firms aiming to gain exposure to the blockchain’s infrastructure.
While large companies like MicroStrategy famously buy Bitcoin, smaller firms — and now some major players — are turning to Ethereum for its unique value proposition in decentralized finance (DeFi).
Coinbase Leads the Ethereum Treasury Trend
Coinbase Global (NASDAQ: COIN) has long been ahead of the curve. Back in 2021, the company announced plans to hold Ethereum alongside Bitcoin and other digital assets.
Today, Coinbase holds more than $440 million worth of Ethereum, according to CoinGecko. The move reinforced their belief that more corporations would eventually include Ethereum on their balance sheets.
Ethereum’s Utility Attracts Corporate Interest
Unlike Bitcoin, which is largely seen as a store of value, Ethereum offers smart contract functionality. It enables developers to create decentralized applications, launch tokens, and build ecosystems without intermediaries.
With more than 51% market share in DeFi infrastructure, Ethereum remains the dominant platform for peer-to-peer transactions, token creation, and digital economies.
Tokenization as Ethereum’s Killer Feature
Ray Youssef, CEO of crypto marketplace NoOnes, called tokenization Ethereum’s “killer app.” He emphasized how artists, influencers, or businesses can create their own tokens and communities using Ethereum.
This utility makes it more than just a speculative asset — it’s infrastructure. That’s a major reason why treasury-focused firms are embracing Ethereum as a long-term asset.
BitMine Goes All In on Ethereum
Crypto miner BitMine Immersion Technologies, chaired by Fundstrat’s Tom Lee, is among the most aggressive adopters of Ethereum. The company now holds over $1 billion in ETH — approximately 300,000 tokens.
BitMine has publicly positioned itself as a pure-play on Ethereum, believing the asset is key to the future of finance and tokenized economies.
Smaller Firms Join the Ethereum Treasury Wave
Beyond BitMine, companies like SharpLink Gaming have also begun raising capital specifically to acquire Ethereum. The trend mimics what happened with Bitcoin over the last few years, but now the focus is on ETH.
This movement shows that Ethereum’s role in business strategy is shifting — from speculative holding to core infrastructure asset.
Ethereum’s Price Surge Adds Momentum
Ethereum has climbed 60% in the past month, nearing $3,800 — its highest level since January. Although it hasn’t reclaimed its 2021 high above $4,600, momentum is clearly building.
However, volatility remains a risk. Ethereum prices dropped in April following President Trump’s “Liberation Day” tariff announcement. Still, institutional interest hasn’t cooled.
Ethereum Lags Bitcoin in Returns, But Offers Utility
Year to date, Ethereum has delivered a 14% return — less than Bitcoin’s 26%. But many firms see long-term potential in Ethereum’s broader functionality and real-world utility, especially in powering tokenized economies and DeFi.
For these companies, Ethereum is not just a bet on crypto — it’s a bet on the infrastructure of the next financial system.