Ethereum’s meteoric rise has once again propelled co-founder Vitalik Buterin into the billionaire ranks, as the cryptocurrency enjoys a powerful trifecta of bullish catalysts. 
Historically, Bitcoin leads the early stages of a bull market, only for Ethereum to seize momentum as the cycle matures, before altcoins surge across the board. This time is proving no different.
One major driver is the surge in spot Ethereum ETFs, which have now amassed over 5.43 million ETH according to Coinglass. With the U.S. SEC expected to permit these ETFs to offer staking yields, investors could soon enjoy improved returns without additional risk. The regulator has also approved in-kind creation and redemption for crypto ETPs, enabling asset transfers without cash conversions, reducing friction in the process.
Meanwhile, publicly traded companies like Bitmine Immersion Technologies (BMNR) are embracing a crypto treasury strategy – raising capital to acquire ETH and stake it for yield. Others, such as GameSquare Holdings, BTCS, BitDigital, The Ether Machine, and ETHZilla, are going a step further, deploying their ETH into DeFi protocols to chase higher returns than standard staking. According to Standard Chartered, the top ten Ethereum treasury companies have already secured around 1% of all ETH in circulation, with projections suggesting they could control up to 10% in the future. Their ability to participate in DeFi gives them an edge over ETFs, which remain restricted from such activities.
The third tailwind comes from Washington’s evolving crypto-friendly environment. In June, President Trump signed the GENIUS Stablecoin Act – the first major U.S. crypto law – into effect. Additionally, the House has passed the anti-CBDC Act and the Clarity Act, which splits crypto oversight between the SEC and CFTC while improving consumer protections. Both bills now await Senate consideration. In a further boost, Trump signed an executive order allowing retirement 401(k) plans to invest in crypto, private equity, real estate, and other alternative assets.
With Ethereum reclaiming the $4,000 mark for the first time in eight months, Vitalik Buterin’s net worth has surged back into the billions, cementing ETH’s place at the center of this latest crypto bull run.