Several publicly listed companies, including SharpLink Gaming, BTCS, and GameSquare Holdings, are significantly increasing their investments in Ethereum (ETH). This trend suggests a rising level of institutional belief in the future potential of ETH.
This focus on acquiring Ethereum has noticeably impacted the stock prices of these companies, with BTCS experiencing the most substantial increase, exceeding a 100% rise.
Ethereum Reserves Boost Stock Values: SharpLink and BTCS Leading the Way
As previously reported, SharpLink Gaming established itself as the largest publicly held ETH owner in June, acquiring 176,271 ETH at a cost of roughly $463 million. The company is now expanding its ETH holdings further.
Recently, SharpLink announced the purchase of approximately 7,689 ETH between June 28th and July 4th, at an approximate total cost of $19.2 million. The average cost per ETH was about $2,501.
Following this recent acquisition, SharpLink’s total ETH holdings now total 205,634 ETH. The current estimated value of these holdings is around $536.2 million.
According to a company statement, SharpLink generated about $64.0 million in net proceeds during this timeframe through its “ATM” (At-The-Market) facility by selling 5,499,845 shares of their common stock. Approximately $37.2 million of this total had not yet been used for ETH purchases as of close of business on July 3, 2025, but is intended to be allocated during the present week.
Furthermore, the company has reported that 100% of its ETH holdings are being used in staking and restaking programs as part of its overall strategy to maximize returns.
The company also reported earning approximately 100 ETH in staking rewards between June 28th and July 4th, 2025. This brings the total estimated reward yield to 322 ETH since the beginning of the program on June 2nd.
SharpLink stated that “ETH-per-share (“ETH Concentration”) is up approximately 18.8% since June 13.”
After the announcement, SharpLink Gaming’s stock, SBET, experienced a significant increase. Data from Google Finance indicates that the stock price increased by 28.57% by market close. Additionally, SBET saw another 4.36% increase in after-hours trading.
Meanwhile, BTCS, which had previously shared its intentions to invest $57.8 million in Ethereum, has now increased its target. In a recent post on X (formerly Twitter), the CEO of the blockchain infrastructure tech firm, Charles Allen, announced that the company now aims to raise $100 million to fund its ETH treasury.
Allen explained that this strategy utilizes ATM sales, convertible debt, on-chain Aave borrowing, staking rewards, and Builder+—their block-building platform—to enhance ETH per share, increase revenue, and safeguard shareholder value by reducing dilution.
This decision has been beneficial for the company’s stock price. According to market data, BTCS saw a 111.07% increase. However, after-hours trading resulted in a decrease of 18.78%.
Alongside the two established players growing their ETH reserves, a new participant has emerged in the ETH treasury trend.
GameSquare Holdings has announced intentions to establish a $100 million Ethereum treasury. The company plans to invest incrementally while retaining sufficient working capital for their regular operations.
As an initial step, GameSquare secured roughly $8 million through a public offering of 8.42 million shares of common stock at a price of $0.95 each. The majority of these funds are designated to accelerate the implementation of their new Ethereum-based treasury plan, which is backed by a partnership with Dialectic.
According to a statement, this initiative aims to generate returns between 8% and 14%, considerably exceeding the typical Ethereum staking returns of 3-4%.
GameSquare CEO Justin Kenna stated, “This new treasury management strategy improves our financial flexibility and allows us to implement a defined capital allocation plan focused on making additional ETH asset purchases, funding potential share repurchases, and reinvesting in our growth initiatives.”
The announcement of the Ethereum treasury led to a 58.76% surge in GameSquare’s stock price, reflecting strong investor interest in the strategy. The positive sentiment continued in after-hours trading, with GAME experiencing another 6.49% increase.
These investment decisions reflect a broader trend of corporations incorporating ETH into their financial strategies, similar to the prior adoption of Bitcoin (BTC) by companies like (Micro) Strategy. Furthermore, the increases in stock values indicate that investors are increasingly optimistic regarding the potential of ETH as both a reserve asset and a means of generating yield.
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