Briefly
- Publicly traded firms at the moment are racing to build up Ethereum.
- Corporations with strategic ETH reserves now account for greater than 5% of all the ETH provide.
- The highest holders embrace BitMine Immersion Applied sciences, SharpLink Gaming, and Coinbase.
The development of publicly traded firms adopting crypto treasury methods might have began with Bitcoin, nevertheless it has since expanded to all kinds of digital property—together with the second-largest crypto asset by market cap, Ethereum.
Now the race to build up ETH is on, led by key figures like Fundstrat’s Tom Lee and Ethereum co-founder Joe Lubin, who’re championing public corporations as they rally round Ethereum and its future.
Per StrategicETHReserve.xyz, public entities with Ethereum treasuries keep greater than 6.7 million ETH valued at $20 billion, as of this writing, and greater than 5.5% of all the provide. These are the largest holders as of this writing.
1. BitMine Immersion Applied sciences
Led by crypto bull and Fundstrat CIO Tom Lee, BitMine Immersion Applied sciences burst onto the scene on the finish of July when the agency detailed plans for an Ethereum treasury.
Previously targeted on Bitcoin mining, BitMine (BMNR) first secured a $250 million personal funding in public fairness (PIPE) fundraising spherical to start its ETH purchases.
Since that point, it hasn’t regarded again, buying 3,967,210 ETH, value round $11.8 billion value as of this writing. The pile has grown so giant at BitMine that the agency now ranks because the second-largest crypto treasury of any variety, trailing solely Bitcoin behemoth Technique (previously MicroStrategy) with its $59 billion stash.
The aggressive shopping for spree has coincided with Lee’s seemingly unfathomable ETH value predictions, which embrace requires $60,000 ETH. That’s a large a number of of the present value.
After planning a elevate of $4.5 billion to build up the asset, Lee and firm upsized their providing by $20 billion in August as BitMine goals to develop its already industry-leading Ethereum treasury. The agency is squarely targeted on accumulating 5% of the circulating ETH provide—it holds round 3.2% at current time.
2. SharpLink Gaming
Playing marketer turned Ethereum treasury firm SharpLink Gaming holds the second-largest publicly traded ETH treasury.
The agency maintains 863,424 ETH or $2.55 billion—round 86% of the best way to its first acknowledged purpose of accumulating 1 million ETH.
Whereas SharpLink’s present enterprise didn’t have speedy ties to crypto, it introduced on direct ties to Ethereum when it formed its board of administrators. The agency’s chairman Joe Lubin is the co-founder of Ethereum itself, and founder and CEO of Ethereum software program firm, Consensys, the maker of common crypto pockets, MetaMask.
(Disclaimer: Consensys is considered one of 22 buyers in an editorially impartial Decrypt)
Lubin and firm have adopted BitMine in a relentless pursuit of Ethereum, elevating funds in quite a lot of methods together with a latest $400 million direct providing, plus plans to gather as much as $6 billion by way of inventory gross sales.
In July, the agency added BlackRock’s former head of digital asset technique Joseph Chalom as its newly appointed CEO. Later, it accepted a $1.5 billion share buyback for situations wherein the agency’s market cap traded at a reduction to its web asset worth. By mid-September, it had purchased again round $32 million value of SBET.
In October it introduced it will put $200 million value of ETH into DeFi protocols on Consensys-incubated layer-2 scaling community, Linea. The agency additionally sits on the Linea Consortium, a gaggle of corporations that assist drive adoption and distribute tokens from the community’s ecosystem fund.
3. The Ether Machine
There’s no questioning the enterprise of The Ether Machine, a agency that shall be made public by way of a merger of The Ether Reserve, LLC and blank-check firm Dynamix.
The third-largest treasury on the record, The Ether Machine at the moment holds 496,735 ETH, or $1.47 billion at in the present day’s ETH costs.
Funded with startup capital and roughly 170,000 ETH from co-founder and chairman Andrew Keys, the Ether Machine acknowledged a mandate to place its ETH to work on-chain or create a “machine” to develop its stash, differentiating it from extra passive accumulation automobiles.
On August 27, Dynamix moved on from its authentic DYNX ticker to ETHM in public markets. The Ether Machine stated on September 16 that it filed an S-4 with the SEC for approval to finish the merger.
It introduced its first main staking income in October, producing round 1,350 ETH or $5.5 million to advance its treasury. In November, Keys reiterated the agency’s mission to maximise ETH technology per share, including that the pullback in ETH costs offers “more healthy entry ranges aligned with long-term worth creation.
4. Bit Digital
Bitcoin miner Bit Digital shaped an Ethereum treasury technique throughout Q2 2025. In just some brief months, it’s rapidly added to its stash, leaping from 30,663 ETH on the finish of June to 154,398 ETH as of November 30—now valued at round $458 million.
As a part of its transition, the agency is ending its Bitcoin mining operations and redeploying funds in direction of ETH accumulation. Whereas the technique briefly resulted in share value positive aspects, BTBT was just lately buying and selling at $2.23—a virtually 24% decline year-to-date.
The agency is at the moment staking round 90% of its ETH and has earned round 328 ETH or $975,000 in staking rewards so far.
5. Coinbase
Main American crypto alternate Coinbase maintains an funding of round $442 million or 148,715 ETH primarily based on its newest 10-Q submitting. That’s greater than 30,000 ETH higher than it ended 2024 with, when it held 115,700 ETH primarily based on an finish of yr 10-Ok submitting.
The agency additionally holds greater than 14,000 Bitcoin as an funding, putting it among the many high publicly traded holders of the biggest crypto asset, as properly.
First hitting the general public markets in 2021, shares in Coinbase made a brand new all-time excessive in July 2025 as crypto corporations continued a streak of success alongside conventional equities.
6. ETHZilla
Biotech agency 180 Life Sciences rebranded its firm to ETHZilla, because it shifted focus to a digital property treasury centered on Ethereum.
The agency raised $425 million in late July to kickstart its treasury and rapidly jumped up the holder rankings. A number of weeks later, shares in ETHZilla rapidly tripled after it was revealed that billionaire tech investor Peter Thiel and associated entities had bought a 7.5% stake within the firm.
The agency made headlines in October when it offered ETH and purchased again round $40 million in shares of ETHZ as a method to profit shareholders. Previous to the transfer, the corporate had introduced plans to purchase again as much as $250 million value of inventory.
It additionally introduced it will endure a 1-10 reverse inventory cut up and start to share extra frequent updates on its treasury operations to fulfill shareholder suggestions.
ETHZilla now holds about 93,790 ETH, or $279 million value. As for its distinctive identify? Chairman of the board McAndrew Rudisil instructed Decrypt in July that it “comes from our focus to be one of many largest holders of ETH on this planet.”
7. BTCS Inc.
Blockchain Expertise Consensus Options (BTCS) holds 70,322 ETH, value round $209 million.
The agency boasts a proactive technique to accumulate extra Ethereum, placing its ETH to work on-chain utilizing what’s described as a “highly effective DeFi/TradFi monetary mannequin” to generate worth for shareholders.
Along with buying ETH, the agency additionally bolstered its treasury with three Ethereum-based Pudgy Penguins NFTs in August.
BTCS has joined the Pudgy Get together!
We're now the proud proprietor of three @pudgypenguins.
Who’s your favourite? 👇 pic.twitter.com/6rSSl5bdMJ
— BTCS Inc. (Nasdaq: BTCS) (@NasdaqBTCS) August 11, 2025
Differentiating itself from different treasury corporations, BTCS is paying shareholders a “Bividend,” paying $0.05 per share in Ethereum to shareholders. An extra bonus of $0.35 per share is on the market to those that switch their shares to the agency’s switch agent and maintain them there till January 26, 2026.
Editor's notice: This story was initially revealed on August 17, 2025 and final up to date with new particulars on December 20.
