The history of corporate Ethereum adoption follows a different narrative from Bitcoin. While Bitcoin is seen as "digital gold," Ethereum is often viewed as "digital oil"—a productive asset essential for powering the decentralized web (Web3).

• Early Exploration (Pre-2021): In the early days, corporate interest in Ethereum was largely experimental, driven by enterprise blockchain initiatives and proof-of-concepts. Companies were more interested in building on private versions of Ethereum than holding ETH on their balance sheets.
• The DeFi & NFT Catalyst (2021): The boom in Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) in 2021 was a major turning point. Companies began to see Ethereum not just as a technology, but as a financial ecosystem. Firms started acquiring ETH to participate in DeFi protocols, provide liquidity, or launch their own NFT projects.
• The Merge & Staking (2022-Present): The transition to Proof-of-Stake (The Merge) in 2022 transformed ETH into a yield-bearing asset. This introduced a new incentive for corporate adoption: staking. Companies could now hold ETH as a productive treasury asset, earning staking rewards while contributing to network security. This marked a shift from passive holding to active participation.

The evolution of corporate Ethereum strategy is multifaceted, moving beyond a simple store-of-value thesis. Companies hold ETH for its utility and productive capacity.

Initially, the strategy was about gaining exposure to the Web3 ecosystem. As the market matured, the focus shifted to more sophisticated use cases. Staking became a popular strategy, allowing companies to generate a return on their treasury assets, analogous to earning interest in a traditional finance setting. This makes ETH a more "active" asset compared to the "passive" holding strategy typical for Bitcoin.

Furthermore, companies in the technology, gaming, and financial sectors acquire ETH to directly power their operations, pay for transaction fees (gas) on the Ethereum network, or interact with other decentralized applications. This utility-driven demand creates a different kind of market dynamic compared to the inflation-hedge narrative of Bitcoin.

The entry of corporations into the Ethereum market significantly impacts its supply dynamics. When companies stake their ETH, those tokens are locked up in smart contracts, effectively removing them from the liquid, tradable supply. This staking lock-up can create a "supply shock" similar to Bitcoin's, where reduced available supply can lead to upward price pressure.

This active participation in network security and governance also strengthens the ecosystem's long-term health. Corporate demand for ETH as a utility token (for gas fees, DeFi, etc.) provides a consistent buying pressure that is less correlated with pure speculative sentiment. The validation of Ethereum as a foundational technology layer by corporations boosts investor confidence and encourages further development and adoption.