Institutions Pile Into Ethereum Treasuries Worth $17.6 Billion

Fresh data reveals that nearly 70 organizations now collectively hold over 4.1 million ETH in their treasuries, an amount valued at roughly $17.6 billion.

According to figures from StrategicETHReserve, these holdings account for about 3.39% of the total circulating supply of Ethereum, underscoring its rising appeal as a long-term store of value alongside Bitcoin.

BitMine Leads With Billions in ETH

Among the largest holders is BitMine Immersion Technologies, which has pivoted its core business strategy away from Bitcoin mining and toward building a massive Ethereum treasury. The company currently controls about 1.5 million ETH — valued at $6.6 billion — making it the largest single corporate holder of ETH.

SharpLink Gaming follows in second place, reporting roughly 740,800 ETH worth $3.2 billion. Other notable holders include The Ether Machine with 345,400 ETH and the Ethereum Foundation itself, which manages around 231,600 ETH to fund development and ecosystem growth.

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Growing Role of Digital Asset Treasuries

Digital asset treasuries (DATs) have become a key trend across the industry, with more companies adopting crypto as part of their balance sheets. Cumulative ETH treasury holdings by public companies alone have now reached 2.6 million ETH, equivalent to $10.9 billion, according to data from The Block.

At the same time, institutional demand continues to flow through financial products. U.S. spot Ethereum ETFs currently hold about 6.7 million ETH, representing nearly 5.5% of the entire supply.

This combination of corporate treasuries and ETFs has significantly reduced circulating liquidity, potentially amplifying Ethereum’s price movements in future market cycles.

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