Why Fortune 500 Giants Are Ditching Cash for Ethereum Treasuries in 2025

Corporate balance sheets are getting a blockchain facelift—and Wall Street can't decide whether to yawn or panic.

The DeFi dividend play

Blue-chips now park up to 9% of reserves in ETH, lured by staking yields that crush 0.01% Treasury bills. Microsoft's CFO recently quipped: 'Our Azure servers mine more value than our money market accounts.'

Transparency as a weapon

On-chain accounting slashes audit costs by 40% while infuriating legacy auditors. JP Morgan analysts grumble about 'self-referential crypto economics'—as their own repo desks quietly open MetaMask wallets.

The cynical kicker

Nothing accelerates enterprise adoption faster than CFOs realizing they can't expense strip club visits with Bitcoin anymore.

GameSquare holdings commences $100 Million ETH treasury plan

According to a July 8 press statement, GameSquare Holdings announced the launch of an ETH-based treasury strategy, against the backdrop of a partnership with crypto capital management firm Dialectic. 

The news took the company’s stock 0.57% upwards of its Tuesday closing session price, now changing hands at $1.54, according to Google Finance data.

GameSquare’s Board has approved a total ETH allocation of up to $100 million, which will be deployed in stages while providing liquidity for ongoing operations.

The ETH-focused treasury is built on Dialectic’s proprietary Medici platform, which integrates machine learning, automated optimization, and risk management systems. GameSquare is targeting annual yields of 8-14%, well above the current staking benchmarks of 3-4%.

To help fund the Ether acquisitions, GameSquare launched a public offering of over 8.4 million shares at $0.95 per share to raise approximately $8 million. The offering was filed under a registration statement declared effective by the SEC on June 4 and is expected to close by July 9.

SharpLink acquires over $533 million in ETH

Another Media and Sports betting technology company, SharpLink Gaming, disclosed on Tuesday that it now holds 205,634 ETH, valued at more than $533 million, bought between June 28 and July 4. 

NEW: SharpLink now holds ~205,634 ETH

Between June 28 and July 4, SharpLink acquired ~7,689 ETH for ~$19.2M at an average price of ~$2,501 per ETH

During that same period, the company raised an additional ~$64.2M through its ATM facility, selling ~5.4M shares

SharpLink has… pic.twitter.com/bhS0K1ZBul

— SBET (SharpLink Gaming) (@SharpLinkGaming) July 8, 2025

During that period, SharpLink purchased 7,689 ETH for over $19 million at an average price of $2,501 per token.

As reported by Cryptopolitan, SharpLink’s stock rallied 7% after announcing a $30 million Ether purchase on June 25, bringing its holdings to 188,000 ETH. The company has committed all of its Ether holdings to staking and restaking protocols, earning 322 ETH in rewards, worth roughly $848,750, since June 2.

SharpLink raised $64 million in net proceeds to fund the ETH investments, by selling more than 5.4 million shares. In May, it filed plans to sell up to $1 billion in common stock, with the bulk of the proceeds earmarked for more ETH acquisitions.

Lubin, who is SharpLink’s chairman, said the strategy is rooted in financial discipline and transparency. “Our sustained success is a direct result of SharpLink’s disciplined execution of its ETH-centric treasury management strategy,” he remarked. 

Lubin explained that adding ETH to corporate treasuries helps to reduce excess Ether supply and could eventually create positive price pressure.

Bit Digital goes all-in on Ethereum

Meanwhile, earlier this week, Nasdaq-listed Bit Digital has completely exited its Bitcoin holdings in favor of Ethereum. The company sold all of its BTC assets, raising $172 million in the process, and used the funds to acquire more than 100,000 ETH. 

After buying Ethereum, Bit Digital is reportedly one of the largest corporate Ethereum treasury firms globally.

“We believe Ethereum has the ability to rewrite the entire financial system.” CEO Sam Tabar told reporters earlier this week. “We are starting with exposure to over 100K ETH for now, but we intend to aggressively add more so we become the preeminent ETH holding company in the world.”

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