Ethereum-Linked Stocks Surge as Traders Bet on ETH Strategies
Wednesday was a good day for companies leaning into Ethereum. Stocks tied to ETH strategies jumped, riding a wave of fresh interest in stablecoins and tokenization—two areas where Ethereum still dominates. It wasn’t just crypto traders paying attention. Traditional investors seemed to perk up, too.
BitMine Immersion Technologies, a bitcoin miner that recently shifted its treasury reserves to Ethereum, led the charge with shares up nearly 20%. That’s on top of an already wild 1,000% climb since the announcement. SharpLink Gaming, another firm adding ETH to its balance sheet, rose over 11%. And Bit Digital, which abandoned bitcoin mining last week to focus on Ethereum staking, gained 6%. Not bad for a midweek slump.
Why Ethereum’s Gaining Ground
The moves suggest something bigger might be happening. Ethereum’s been stuck in a rut for months, but now there are signs it’s finding new utility—or at least, people are remembering why it matters. Devin Ryan, a fintech researcher at Citizens, put it simply: “Stablecoins were the first real use case at scale, but they’re just the start. Tokenization’s next, and Ethereum’s the place where that’s happening.”
Meanwhile, crypto ETFs told a split story. Bitcoin funds saw their 15-day inflow streak snap on Tuesday. But Ethereum ETFs? They pulled in $40 million, with BlackRock’s iShares Ethereum Trust taking the lion’s share. Funny how things change—just a month ago, those same funds were written off as “zombies.”
Ethereum itself climbed 5% Wednesday, though it’s still down 24% this year. The network’s struggled since its last major upgrade failed to lift revenue, and rivals like Solana keep nipping at its heels. Plus, with global markets jittery over geopolitics, nothing’s a sure bet.
Stablecoins and Tokenization Keep ETH Relevant
Even so, Ethereum’s role in tokenization is hard to ignore. Tom Lee from Fundstrat called it the “backbone” of stablecoins, and he’s not wrong. Tether and USD Coin, the two biggest stablecoins, both live on Ethereum. BlackRock’s tokenized money market fund, BUIDL, launched there before expanding elsewhere.
Tokenization—turning real-world assets into blockchain tokens—isn’t just theoretical anymore. Robinhood just announced it’ll let European users trade tokenized U.S. stocks and ETFs. And stablecoins are back in the spotlight after Circle’s IPO plans and the GENIUS Act clearing a Senate hurdle.
Ethereum turns ten this July. It’s miles below its all-time high, and the road ahead isn’t smooth. But with stocks tied to ETH surging and more companies swapping bitcoin for Ethereum in their treasuries, it’s clear the conversation isn’t over. Whether that’s enough to turn things around? Well, that’s the question everyone’s asking.
