Ethereum (ETH) is gaining attention as a new repository for institutional funds. Departing from the Bitcoin (BTC)-centric corporate strategy symbolized by MicroStrategy, some companies are actively purchasing Ethereum and implementing their own 'ETH Treasury strategy'.
Eric Conner, a former Ethereum developer, recently assessed on X (formerly Twitter) that "Ethereum is entering its own MicroStrategy era". He mentioned two companies that have adopted Ethereum as a core asset in their financial strategy: Tom Lee's BitMine and Joe Lubin's SharpLink.
BitMine recently recruited Tom Lee, co-founder of Fundstrat, as chairman, announcing a private fund raising of up to $250 million and ETH purchases. Following this announcement, BitMine's stock price surged nearly 400%, and the company plans to secure revenue through ETH staking and introduce an 'ETH per share' model reflecting weekly ETH holdings.
Tom Lee predicted that the on-chain transition of traditional finance will drive Ethereum demand. He emphasized that "Stablecoins are the 'ChatGPT' of the crypto industry, dramatically expanding adoption in finance and payment systems", and that "banks will stake Ethereum themselves and operate stablecoins based on this".
SharpLink is showing an even more aggressive approach. This game company founded by Joe Lubin has raised $425 million to purchase ETH, focusing on long-term holding and staking strategies. Eric Conner analyzed that these two companies will be leaders of a new ETH Treasury era, stating that "companies are now awakening to Ethereum's dual advantages of profitability and reserve asset".
However, market response remains limited. Based on Asian trading hours, ETH price dropped 2.3% from the previous day, falling below $2,400. Since breaking $2,200 in early May, there has been little movement, with investors complaining it's "like a stablecoin". Despite clear fundamentals of increasing corporate demand and staking returns, market enthusiasm has not immediately followed.
Nevertheless, experts are noting the potential expansion of Ethereum-based treasury models. This is interpreted as a signal that corporate financial strategies, previously Bitcoin-specific, are gradually shifting to Ethereum. Despite the weak market trend, Ethereum is establishing a long-term foundation through broader institutional use cases.
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