Betting on Ethereum's Latest Surge

It’s hard for me to remember another time in the past couple years that the velocity around Ethereum has felt this palpable. 

Yes, I do work at Bankless — and yes, the price action this week hasn’t exceeded the ETH ETF reversal pump (yet), but it feels like there's something quite unique about this momentum for the world computer.

On Wednesday, we saw a sharp, intraday spike for our favorite ticker followed by numbers that showed Ethereum nearly flipped Bitcoin for the most inflows of the day.

When you take in everything that’s going on for Ethereum right now, this upward movement makes perfect sense. Between robust network fundamentals (ETH staking reaching all-time highs), an ever-growing appetite from Wall Street (yield-generating and a play for stablecoins), and the renewed militancy of its holder base, Ethereum truly feels like a runaway train leaving the station.

Given this backdrop, if you’re bullish on ETH, just buying spot may not be enough. For those willing to take on more risk, previous downstream trends arising from periods of ETH outperformance, coupled with the current institutional momentum, highlight three distinct avenues worth exploring for amplifying exposure — and crucially, all three are already showing strong momentum, marking them as the leaders likely to continue their runs.

🔵 Base Tokens

When ETH catches fire, Base tends to be ground zero for ETH-adjacent tokens unleashing explosive moves.

As the most popular Ethereum arena, the chain has emerged as a chosen environment for speculation and experimentation — as established by previous periods when ETH outperformed, like on the ETH ETF reversal news in May 2024 and then later, post-election, as excitement around ETH staking ETFs began to heat up.

With this context, betting on tokens here can be a reliable move, particularly when we focus on coins that immediately moved alongside ETH during its intraday spike on Wednesday. Here are tokens and areas to watch:

Morpho (MORPHO)

This DeFi lending protocol has emerged as one of the clearest beneficiaries of renewed ETH strength, jumping double digits on the day alongside ETH.

With its TVL hitting all-time highs, its integration with Coinbase to operate a “DeFi Mullet,” and its status as a fresher token (having only launched in December), Morpho feels primed to continue its run if ETH holds up as expected. I cite the token’s youth here because younger tokens tend to be more susceptible to hype, lacking entrenched holders looking to exit as price climbs, in turn leaving more room for growth.

Also, anecdotally, if there was one protocol I heard the most about at EthCC, it was Morpho.

Aerodrome (AERO)

Base's premier DEX has also appreciated alongside ETH, albeit less dramatically than Morpho. But, given its central place in the ecosystem, it remains a strong contender for continued outperformance.

As the largest DEX on Base with backing from Base's Ecosystem Fund, if Base does receive the majority of flows from ETH’s outperformance, the DEX with the lion's share of that volume sits well-positioned to benefit.

AI Tokens

As always, AI remains one of the hottest narratives in crypto, making it a natural destination for speculation. This thinking is reinforced by price action for AI Base tokens alongside ETH’s jump since Wednesday. AI-powered analytics platform COOKIE, EVM AI collective’s REI, and, of course, flagship AI platform VIRTUAL have all posted huge, double-digit moves.

Given the sector's momentum and the fact that these tokens are already front-running the broader market, they're positioned to amplify any continued ETH strength. For those willing to dig a bit deeper, Virtuals' Genesis launchpad offers a prime hunting ground for early-stage opportunities. You can learn more about it and how to best navigate it here. Similarly, the Farcaster ecosystem continues to be a fruitful place for identifying gems.

Genesis: How to Use Virtuals’ New Token Launcher on Bankless

Virtuals’ Genesis has seen its early token launches soar, spotlighting fresh token-launch design possibilities ahead.

BanklessDavid C May 2, 2025 • 5 min read

💰 Ethereum Treasury Companies

For those who want to look outside tokens, the rapidly growing momentum around ETH corporate treasuries, with four announced as of now, may be an avenue to explore.

Be warned, though — you’ll likely face the same volatility as crypto, but with the “benefit” of more potential action for your assets, given these stocks’ publicly listed status. 

SharpLink Gaming (SBET)

Announced a $425M deal on May 27th led by Ethereum developer, Consensys, to purchase ETH and hold it as its primary treasury asset. Led by CEO Rob Phythian and backed by Ethereum co-founder Joseph Lubin, the Nasdaq-listed online marketing firm currently holds over 205K ETH, which it has staked to earn yield on. 

BitMine Immersion Technologies (BMNR)

A publicly traded Bitcoin miner which closed a $250M private funding round in April from heavyweight investors including Founders Fund, Pantera, and Galaxy Digital to build an Ethereum treasury and replace their Bitcoin holdings. With the top-ranked Wall Street Analyst Thomas Lee serving as chairman, the company is pivoting entirely toward ETH as its primary reserve asset — which he views as a stablecoin play, emphasizing Ethereum's role as the settlement layer for stablecoins. Beyond that, the company is actively staking their holdings and exploring DeFi opportunities to maximize yield.

Bit Digital (BTBT)

Another publicly traded Bitcoin miner which has amassed ~100,603 ETH after completely transitioning from Bitcoin, as its reserve asset, to Ethereum, selling 280 BTC and raising $172M to buy ETH.

GameSquare Holdings (GAME)

Started its ETH journey with a $5M purchase of ETH, the first phase of its planned $100M treasury allocation. Managed by CEO Justin Kenna, they're targeting 8-14% annual returns through yield strategies.

Keep an eye on underperforming publicly traded Bitcoin mining companies. Seeing the performance of BMNR and BTBT may cause lagging companies to pivot to ETH treasuries in the hopes of catching a similar bid.

🤡 ETH-Related Memes

While all these options come with more volatility than just stacking ETH, for those with nerves of steel, ETH-related memes offer another option for increasing ETH exposure.

“Blue-chip” ETH memes like SPX, MOG, $BITCOIN, and PEPE have all shown sharp repricings since Wednesday, all posting double-digit gains ranging from 25% (PEPE) to 50%+ (MOG). If you want to go down this path, it’s best to look at tokens which have their own PFPs as well as this acts as a litmus test for the strength of their holder base.

Finally, another tip would be looking at memes within the Base ecosystem, which tend to be particularly reactive to ETH momentum.

Overall, the confluence of factors driving Ethereum right now — record staking, institutional treasury pivots, and Wall Street's awakening to stablecoins as financial infrastructure — creates a uniquely bullish setup for everything ETH. 

Across Base tokens, corporate treasuries, and meme plays, the early movers have revealed themselves. Morpho and Aerodrome are capturing DeFi flows, AI tokens are riding dual narratives, companies like BitMine and SharpLink are staking nine-figure ETH positions, and memes are posting 50%+ moves. In other words, the market’s identifying where ETH beta lives.

In crypto, the first movers in a rally tend to keep moving. With Ethereum evolving from speculative asset to essential infrastructure for a multi-trillion dollar future, those already showing strength are likely just warming up. The train's leaving the station — and the leaders have already claimed their seats.