SharpLink Gaming, BTCS, and GameSquare Holdings, among other listed companies, are strengthening their Ethereum (ETH) investments. This increase in institutional adoption shows growing confidence in ETH's prospects.
This Ethereum-centered strategy has led to a surge in the companies' stock prices, with BTCS benefiting the most with a three-digit increase.
Ethereum Holdings Boost Stock Prices... SharpLink and BTCS Lead the Way
In June, BeInCrypto reported that SharpLink Gaming purchased 176,271 ETH for approximately $463 million, becoming the largest listed ETH holder. The company has now strengthened its ETH strategy.
Yesterday, SharpLink announced that it purchased approximately 7,689 ETH for about $19.2 million between June 28 and July 4. The average purchase price was around $2,501 per ETH.
With this latest purchase, SharpLink's total holdings increased to 205,634 ETH. The value of this stack is approximately $536.2 million.
"SharpLink earned approximately $64 million in net proceeds through the At-The-Market ('ATM') facility during the same period, selling 5,499,845 common shares. Of this total net proceeds, approximately $37.2 million was raised on July 3, 2025, but not allocated to ETH purchases by the end of business on the same day. A significant portion of this capital is expected to be deployed this week." – Press Release
SHARPLINK GAMING HAS NOW ACQUIRED OVER HALF A BILLION USD OF ETH
— Arkham (@arkham) July 8, 2025
SharpLink Gaming now holds $536.2M ETH, staked between Liquid Collective and Figment.
They hold $470M ETH staked as lsETH, and have sent 25,312 ETH to Figment validators, now worth $66.19M (not shown in entity,… pic.twitter.com/WKKVoDeXIa
Additionally, the company stated that 100% of its held ETH is dedicated to staking and re-staking protocols. This is part of an ongoing effort to optimize returns.
The company confirmed that it earned approximately 100 ETH in staking rewards from June 28 to July 4, 2025. This brings the total expected reward yield since the program's start to 322 ETH.
"The ETH-per-share ratio ('ETH concentration') has increased by approximately 18.8% since June 13." – SharpLink post
Following the announcement, SharpLink Gaming's stock, SBET, rose in double digits. According to Google Finance data, the stock price closed 28.57% higher. Additionally, SBET rose an extra 4.36% in after-hours trading.
Meanwhile, BTCS previously announced plans to invest $57.8 million in Ethereum and has increased its target. In a recent X (formerly Twitter) post, Charles Allen, CEO of the blockchain infrastructure technology company, stated that the company now aims to raise $100 million to strengthen its ETH Treasury.
"This multi-pronged flywheel leverages ATM sales, convertible notes, on-chain Aave borrowing, staking rewards, and Builder+—our proprietary block-building platform—to increase ETH per share, generate yield, and protect shareholder value by minimizing dilution." – Allen wrote
This decision had a positive impact on the stock price. Market data shows BTCS experienced a 111.07% increase. However, the stock price dropped 18.78% in after-hours trading.
As these two companies strengthen their ETH holdings, a new competitor has also joined the ETH Treasury race.
GameSquare Holdings announced plans to establish a $100 million Ethereum Treasury. The company will gradually invest while maintaining sufficient operating capital.
To initiate this strategy, GameSquare raised approximately $8 million by offering 8.42 million common shares at $0.95 per share. Most of the proceeds will be allocated to accelerating the launch of the new Ethereum-based Treasury strategy, supported by a strategic partnership with Dialectic.
According to a recent press release, this initiative aims to generate returns between 8% and 14%, significantly exceeding Ethereum staking yields of 3-4%.
"This new financial management strategy can support a clear capital allocation plan focused on strengthening our financial flexibility, pursuing additional Ethereum (ETH) asset purchases, supporting potential stock repurchases, and reinvesting in growth initiatives." – Justin Kenna, CEO of GameSquare said.
The Ethereum financial announcement boosted GameSquare's stock price by 58.76%, showing investors' enthusiasm for this strategy. The positive sentiment continued in after-hours trading, with GAME rising an additional 6.49%.
These investments align with the broader corporate transition to ETH. This reflects the strategy adopted by (Micro) Strategy along with BTC. Additionally, the stock price increase reflects investors' optimism about ETH's potential. This demonstrates ETH's possibility as a reserve asset and revenue-generating tool.
