Ethereum-Linked Stocks Surge as Traders Bet on New ETH Strategies
Wednesday was a good day for companies tied to Ethereum. Stocks linked to ETH strategies jumped sharply, catching traders’ attention as chatter around stablecoins and tokenization flared up again. BitMine Immersion Technologies led the pack—a bitcoin miner that just decided to make Ethereum its main treasury asset. Its shares shot up nearly 20% in a single day.
SharpLink Gaming, a betting company that also added ETH to its reserves, climbed over 11%. Then there’s Bit Digital, which recently dropped bitcoin mining entirely to focus on Ethereum staking and treasury holdings. Its stock rose more than 6%. Not bad for a midweek slump.
Why the Sudden Interest?
It’s not just hype—though there’s plenty of that. Ethereum’s been quietly finding new uses, even while struggling with price drops and competition. Devin Ryan, a fintech researcher at Citizens, put it this way: “Stablecoins were the first real proof that this could work at scale. Now we’re seeing tokenization take off, and that’s where things get interesting.”
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 the same day, with BlackRock’s iShares Ethereum Trust grabbing most of it. Funny how things change—just a month ago, people were calling these funds “zombies.” Now they’re back in the game.
Ethereum itself gained 5% on Wednesday, though it’s still down 24% this year. The network’s latest upgrade didn’t do much to boost revenue, and rivals like Solana keep nipping at its heels. Plus, with global tensions running high, investors are jumpy. But none of that stopped ETH-linked stocks from rallying.
Tokenization and Stablecoins Keep ETH Relevant
Here’s the thing: Ethereum might not be the fastest or cheapest blockchain, but it’s still the go-to for stablecoins. Tether and USD Coin—the two biggest—both live on Ethereum. Tom Lee from Fundstrat called ETH “the backbone” of stablecoins, and he’s not wrong.
Then there’s tokenization. BlackRock’s BUIDL fund started on Ethereum before branching out. Robinhood just announced it’ll let European users trade tokenized stocks and ETFs. And after Circle’s IPO and the GENIUS Act vote in the Senate, stablecoins are back in the spotlight.
Ethereum turns ten this July. It’s miles below its all-time high, and the road ahead isn’t exactly smooth. But with companies shifting treasuries to ETH, and tokenization gaining steam, traders aren’t writing it off just yet. Whether it bounces back or not, Ethereum’s still part of the conversation—and right now, that’s enough to move markets.
