Analysts at Bernstein highlighted two drivers of Ethereum’s 55% rise over the past 30 days: record inflows into spot ETFs and the emergence of a new class of investor, The Block reported.
Companies have begun building corporate reserves in the world’s second-largest cryptocurrency to earn staking income.
Bernstein estimates that firms such as SharpLink Gaming, BitMine Immersion, Bit Digital and BTCS acquired about 876,000 ETH in July. Their combined share of the asset’s total supply reached 0.9%. They are raising capital on public markets and from private investors.
Corporate holders of Ethereum can earn staking yields currently around 3% per year. That is a key difference from bitcoin treasuries, where network fees accrue to miners rather than coin holders. By Bernstein’s calculations, a $1bn Ethereum treasury could generate $30m–$50m in annual income.
Unlike relatively liquid bitcoin reserves, ETH treasuries face delays when withdrawing coins from staking, which can last several days.
Bernstein cautioned that companies must also factor in smart-contract risks in DeFi and those stemming from restaking via platforms such as EigenLayer. The success of such firms depends on conservative balance-sheet and risk management.
Institutional demand and strategic aims
Corporate buying is occurring against the backdrop of growing spot ETH ETFs. Since the start of the year, inflows have totalled $6.7bn, with assets under management reaching $20.7bn.
Analysts noted that companies view Ethereum as a strategic asset because of its role in stablecoins and the tokenisation of real-world assets. More than 50% of the supply of dollar-pegged stablecoins circulates on the Ethereum network.
Bernstein argues that these factors, together with the fee-burning mechanism, could support further appreciation as network usage grows.
BitMine’s shares slump
BitMine (BMNR) shares fell by almost 27% despite a presentation laying out plans to accumulate Ethereum. Remarks by Fundstrat’s Tom Lee did not convince shareholders.
10/18
We asked several research firms to give us “replacement” value (of Wall Street) to value ETH— this is for illustrative purposes only
— implied value for ETH is $60,000
— ETH currently ~$3,800 pic.twitter.com/mXa5uCZukv— Bitmine BMNR (@BitMNR) July 28, 2025
The company launched a monthly series, The Chairman’s Message, to outline its crypto strategy. Lee set out plans to hold and stake 5% of Ethereum’s total supply. One slide projected the ETH price at $60,000, citing unnamed research firms.
The market nonetheless reacted negatively. BMNR fell 11% during the trading session and another 15% after hours.
That contrasts with the recent surge. After announcing plans to buy Ethereum, the stock soared by more than 3,000% to a 12-month high of $135.
Lee confirmed that BitMine holds 600,000 ETH worth more than $2.2bn.
He said that over the long term the company aims to become an “American validator network” with 100% of its operations in the United States. In his words, the firm seeks to be a participant in the Ethereum community to strengthen the ecosystem.
SharpLink and the corporate-treasury race
SharpLink chairman Joseph Lubin said the company intends to ramp up its Ethereum reserves as quickly as possible. He believes the firm can accumulate ETH per share faster than any other project.
According to Lubin, SharpLink is buying cryptocurrency daily via market placements. At the same time, the company is staking existing assets to generate additional income.
Lubin noted that SharpLink follows a conservative approach to risk. The company does not use leverage but is considering issuing convertible notes — a method that Strategy used to bolster its bitcoin reserves.
For now, BitMine leads the treasury race with 566,800 ETH, while SharpLink is second with 360,800 ETH.
The trend is seen as an active driver of demand for the cryptocurrency, supporting its rise. Over the past month ETH is up 56.9%, according to CoinGecko.
Analyst Wilson Ye called the phenomenon “institutional FOMO”. In his view, big players are racing to secure dominant positions ahead of any potential approval of spot ETFs, which would create even stronger demand pressure.
The institutional ETH accumulation race is heating up 🥷
Bitmine just crossed a major threshold — their ETH holdings now exceed 560,000 tokens, valued at over $2 billion. This massive position breaks their previous tie with Sharplink and positions them as a serious contender for…
— Wilson Ye 🥷 (@wilsonye2025) July 28, 2025
Earlier, Santiment experts noted a worrying signal for Ethereum — a spike in the cryptocurrency’s mentions on social media. The metric reached an “extreme euphoria” level, signalling a risk of correction.