Ether-Linked Stocks Surge Amid Renewed Interest in Stablecoins and Tokenization
Stocks connected to Ethereum (ETH) rose sharply on Wednesday, reflecting renewed enthusiasm for the cryptocurrency as interest in stablecoins and asset tokenization grows.
BitMine Immersion Technologies, which recently announced it will make ETH its primary treasury reserve asset, jumped nearly 20%—marking a staggering 1,000% gain since the announcement. SharpLink Gaming, which has also adopted an ETH-focused treasury strategy, saw an 11% rise, while Bit Digital, which exited bitcoin mining last week to shift its focus to Ethereum staking and reserves, gained over 6%.
“We’re finally at the point where real use cases are emerging,” said Devin Ryan, head of financial technology research at Citizens. “Stablecoins have proven to be the first large-scale application, and they’re paving the way for wider adoption of tokenized assets and new digital financial models.”
Interest in ETH-based exchange-traded funds (ETFs) is also growing. On Tuesday, ETH ETFs recorded $40 million in inflows, led by BlackRock’s iShares Ethereum Trust, breaking a 15-day inflow streak for bitcoin ETFs. Ether ETFs, once feared to be on the decline, have regained momentum since June.
Despite a recent 5% price gain, ETH remains down 24% year-to-date, according to Coin Metrics. Ethereum continues to face challenges, including reduced revenue post-upgrade, competition from faster chains like Solana, and broader market volatility driven by global uncertainty.
Nonetheless, Ethereum’s strength lies in its smart contract functionality, which powers a wide range of tokenized assets, including major stablecoins like Tether (USDT) and USD Coin (USDC). Fundstrat’s Tom Lee called Ethereum “the backbone and architecture” behind the stablecoin ecosystem.
Lee, recently named chairman of BitMine Immersion Technologies, also highlighted Ethereum’s role in major institutional projects like BlackRock’s tokenized money market fund BUIDL, initially launched on Ethereum before expanding to other chains.
Tokenization—the creation of blockchain-based representations of traditional assets—is gaining traction. While holders of these digital tokens don’t directly own the underlying assets, the model represents a growing shift in financial infrastructure.
This surge in ETH interest was further boosted by Robinhood’s recent announcement to enable trading of tokenized U.S. stocks and ETFs in Europe. This comes amid a wave of attention following Circle’s IPO and the Senate’s approval of the GENIUS Act, a proposed stablecoin regulation bill.
As Ethereum approaches its 10-year anniversary at the end of July, it trades about 75% below its all-time high, yet continues to evolve at the heart of the digital finance revolution.
