More and more small public companies are now putting their money into Ether, the second-largest cryptocurrency after Bitcoin. As of the end of July 2025, these companies held nearly $3.5 billion worth of Ether, according to data from recent filings. That’s a major jump from just under $400 million at the end of 2024.
So why are these firms turning to Ether instead of Bitcoin? One of the main reasons is that Ether offers more than just a chance for price increase. It can also be used for something called “staking.” This means companies can lock up their Ether to help run the Ethereum network and, in return, earn a reward. These staking rewards often range between 3% and 4%, giving businesses an extra source of income.
Ether is also seen as a safer bet than smaller crypto tokens but more affordable than Bitcoin. It finds a balance between being well-known and still having room to grow. Some business leaders say Ether is like owning oil in the digital world because it powers many tools and apps, such as trading platforms and lending services.
The growing excitement around Ether has caused stock prices of some companies to skyrocket. For example, when BitMine and GameSquare announced their plans to invest in Ether, their stock prices soared by more than 3,000% and 100%, respectively. This shows that many investors are eager to follow any company that’s betting on cryptocurrency.
Still, experts are warning that this could be risky. They say this kind of fast rise in stock prices reminds them of the meme stock craze that shook the market not too long ago. Cryptocurrency is still known for its ups and downs, and it doesn’t sit well with many board members who prefer safer and more predictable investments.
Another big concern is the unclear rules around crypto. Governments are still figuring out how to handle things like staking rewards, taxes, and whether companies that offer staking services should follow banking rules. Because of this, most companies still treat crypto as a small, test investment rather than part of their main financial strategy.
Even with all these risks, some firms are going all in. BitMine recently raised $182 million from ARK Invest to buy more Ether. GameSquare is also open to selling more shares to invest in the token.
In the end, while Ether may not be ready to replace cash for most companies, it’s clear that smaller firms see it as a valuable new tool with strong future potential. Crypto industry players like RIOT Platforms Inc. (NASDAQ: RIOT) will be watching these trends and reaffirming their belief that crypto is here to stay as it gains more mainstream applications.
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