What stocks have ETH on their books ahead of The Merge?

Mark O'Donnellon 30/08/2022|
2 min read

Ethereum’s long-awaited “Merge” is expected to occur around Sept. 15, and is heralding fresh  interest for the platform as it transitions to proof of stake from proof of work. 

The Merge is considered as the most significant upgrade in Ethereum’s history that is expected  to reduce the platform’s energy consumption by 99.95%. 

Considering the benefits and the risks associated with the upgrade, a lot of cryptocurrency and  stock investors are cautiously waiting its implementation. 

The Benefits vs The Risks  

The Merge will is expected to eliminate the need for energy-intensive mining and instead  secures the network using staked Ether, the platform’s signature currency and the second-most  valuable digital asset after Bitcoin. 

The process is tipped to pave the way for scaling upgrades and help solve Ethereum’s biggest  problems, which is the substantial fees required to use the network. 

Unfortunately, along with the benefits come the dangers of proceeding with The Merge.  

What Ethereum is attempting is a complicated process, which is probably why it has been  delayed for years since it was unveiled more than eight years ago. Crypto venture investor  Christopher Calicott said “any time you’re making changes to a complex system, there must  necessarily arise unintended consequences.” 

Chandler Guo, a crypto industry veteran who leads a group opposing The Merge noted that “it’s  very difficult. It’s very dangerous.” According to some crypto experts, a change of this scale  could also make Ethereum vulnerable to hacks or other disruptions. 

Public Interest 

There are 12 public companies with Ethereum on their balance sheets, holding a combined  212,513 Ether (current market value = US $325,994,942). 

However, most of these entities are not on major recognisable exchanges. The exceptions  being Coinbase Global (NASDAQ: COIN), BTCS (NASDAQ: BTCS), Meitu (HKG: 1357), Galaxy  Digital Holdings (TSE: GLXY), and Mogo (TSE: MOGO). 

The remaining seven entities, which can be found in over-the-counter or smaller exchanges  focused on promoting black-swan type firms, include: Neptune Digital Assets (CVE: NDA), Ether 

Capital (OTCMKTS: DTSRF), HIVE Blockchain Technologies (CVE: HIVE), BIGG Digital Assets  (CNSX: BIGG), Digihost Technology (CVE: DGHI), FRMO (OTCMKTS: FRMO) and  Cypherpunk Holdings (CNSX: HODL). 

Considering the scale of The Merge, it could either make or break some of these small cap  companies, as well as retail users. Failure of the upgrade could imperil thousands of crypto  applications that operate using Ethereum, which collectively handle more than $50 billion user funds. 

Because the process is surrounded in much uncertainty, a lot of the predictions for what will  happen once the upgrade is started are rooted from speculations. Regardless of the result, The  Merge brings about plenty of attention to Ethereum and some traders are expecting the lead-up  to the upgrade will see Ether prices rise in the short-term to between $1,850 to $2,000,  Blockworks reported


Ether has already outperformed bitcoin in the past few weeks due to hype surrounding the  upgrade. The number two crypto is up around 47% over a 50-day period to about $1,500 on  spot markets, while bitcoin remains relatively flat, trading near $20,000.