I logged every corporate crypto-treasury 8-K filed this past month: 6 companies added ether, 5 added bitcoin, and ether went nowhere

I track the SEC EDGAR 8-K feed for corporate crypto-treasury disclosures every day and cross-check each one against on-chain flows and ETF flows. Here is what the last 30 days look like for ether versus bitcoin, with the numbers and the caveats.

By distinct filer (SEC CIK), 6 public companies referenced ether treasury activity in the last 30 days, against 5 for bitcoin. Bitcoin still had slightly more total filings, 11 to 10, because a couple of its holders file often. For most of the last two years bitcoin was the default corporate reserve and ether an afterthought, so the ether names catching up is the new part.

The scale sits with two of them. BitMine reports about 5.77 million ether, close to 4.8 percent of all supply, and roughly 11.3 billion dollars in crypto and cash. SharpLink reports 886,725 ether and stakes almost all of it. In the same stretch, BitMine was buying ether while Strategy, the original bitcoin-treasury company, was trimming bitcoin.

The reason ether and not bitcoin is fairly simple: staked ether pays a native yield, so it earns a return on the balance sheet that bitcoin cannot, and the US regulatory framework for holding it cleared this year.

Now the part that complicates it. Ether barely moved. It sat near 1,786 dollars, up about 1 percent on the week, while all this buying happened. Two things absorbed it: ether's own ETFs saw a small net outflow on July 13, and the largest tracked wallets were net depositors to exchanges on 9 of the last 12 days. Coins moving toward exchanges is the opposite of the hoarding pattern.

Two honest caveats. First, concentration: BitMine is most of the ether being bought, and a demand base leaning on one stock-financed buyer is fragile, since that buying can reverse if the stock's premium to its holdings fades. Second, an 8-K reference is not a confirmed purchase. The on-chain confirmation flag is false on all of these and most disclose no dollar amount, which is why the size rests on the two holders whose totals are independently reported.

So: more companies chose ether than bitcoin this month, but the dollars are concentrated and the price did not follow. Curious whether people here read the concentration as healthy adoption or as single-point fragility.

data + full method: https://kresmion.com/daily-brief/2026-07-14?ref=reddit