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The influence of Ethereum treasury companies on ETH’s price could be unfolding faster than expected. According to Ethereum co-founder and Sharplink Gaming president Joseph Lubin, ETH’s market capitalization could overtake Bitcoin’s as early as 2026.
The bold forecast suggests Ethereum could see a fivefold increase in value starting in the second half of 2025.
Corporate ETH Accumulation Accelerates
Over the past few months, companies that had only just begun building their ETH treasuries have significantly ramped up purchases. Three corporate treasuries, Bitmine Immersion Tech, Sharplink Gaming, and Ether Machine, now each hold over $1 billion worth of ETH.
Their strategy is straightforward: buy as much ETH as possible and stake their entire holdings. The accumulation race isn’t limited to corporations—ETH exchange-traded funds (ETFs) are buying at a similar pace and scale, creating intense competition for Ethereum’s limited token supply.
Lubin’s Case for Ethereum’s Rise
Speaking to CNBC, Lubin argued that institutional adoption of Ethereum isn’t just speculative, it’s a scramble to control a scarce resource that could underpin the financial system of the future.
He believes Ethereum ticks every box for mass adoption, from scalability and utility to improving regulatory clarity. Based on his projections, ETH could match Bitcoin’s market cap within just one year.
Currently, Bitcoin’s market capitalization stands at $2.375 trillion, while Ethereum’s is around $540 billion. For ETH to catch up, it would need to increase nearly fivefold, pushing its price to at least $22,000.
ETH is currently trading at approximately $4,480, up 4.28% in the past 24 hours, potentially signaling the early stages of the bullish trend Lubin describes.
Ethereum: The “Digital Oil”
While Bitcoin is often dubbed “digital gold,” Ethereum is increasingly seen as “digital oil” for its role in powering decentralized finance and smart contracts. The network is a fertile ground for innovation, offering faster, safer, and more efficient transactions.
The current wave of adoption coincides with the rollout of ambitious Ethereum-based projects, including large-scale asset tokenization initiatives by major traditional finance players.
Examples include Coinbase’s integration of all Zora tokens into its decentralized exchange (DEX) protocol, and the rapid growth of stablecoins on Ethereum, which collectively channel billions of dollars into the network.
