Ethereum-related stocks jumped by huge margins. This increase was fueled equally by strategic moves by companies such as SharpLink Gaming and Bit Digital and Ethereum’s 8.1% increase in value. SharpLink Gaming announced its plan for maintaining its Ethereum treasury. At the same time, Bit Digital said it is leaving the Bitcoin mining business to focus on Ethereum staking. This perfect storm has driven unprecedented interest from investors and historic price surges in associated equities.

SharpLink Gaming, trading under the penny stock ticker SBET, saw its stock price increase by 28% on Wednesday. This rally came in the wake of the company publishing its Ethereum treasury strategy with an impressive 198,167 ETH treasury. SharpLink Gaming just announced an incredible 222 ETH yield in staking rewards accumulated since launching on June 2. That following success underscores the financial success of its Ethereum-centric model.

The Canada-based company has added $162.9 million in proceeds from a share offering earmarked for purchasing Ethereum. This strategic investment is a further reflection of the deep belief we have in the long-term potential of Ethereum and its ecosystem.

Ethereum itself had an impressive 8.1% day, with ETH price rocketing to $2601. This price increase continued to build overall investor confidence in assets related to Ethereum.

Bit Digital, which trades under the ticker BMNR, enjoyed a massive increase. As a result, its stock price shot up — rising 27.17% by market close on Wednesday. Prior to announcing that strategic pivot, Bit Digital had one other notable disclosure. Their plan is to exit Bitcoin mining entirely and to transition to being a pure-play Ethereum staking and treasury company.

The performance of all these stocks further highlights the increasing embrace of cryptocurrencies by mainstream institutional trading desks and capital markets. The most recent jump has been driven by the growing popularity of stablecoins. Widespread real-world asset tokenization is currently mostly happening on the Ethereum blockchain.

Devin Ryan, head of financial technology research, pointed to what he calls the emergence of real utility around cryptocurrencies. In particular, he highlighted the increasing importance of stablecoins and tokenization. This sort of real-world utility is pulling in institutional and retail investors, creating a voracious demand for Ethereum and Ethereum-adjacent assets.

The cryptocurrency market is getting a big bullish wave, led on the charge by Ethereum movement. This wave is precisely what is feeding the rapid growth of stocks connected to it. As Ethereum continues to mature and discover novel use-cases, the market expects more appreciation and continued integration with TradFi.