Ethereum Treasuries Cross $17B: 69 Entities Accumulate 4M+ ETH

• Publicly traded companies like BitMine Immersion Technologies and SharpLink Gaming have been following the Strategy Playbook.
• Currently, 69 different entities have accumulated a combined total of over 4.1 million ETH, with an estimated value of $17.6 billion. 

Not long ago, corporate treasuries first dipped their toes into crypto through Bitcoin (BTC). Companies like MicroStrategy, Tesla, and Block have been stacking billions in BTC, framing it as “digital gold” and a hedge against inflation.

That playbook is now repeating, but this time, with Ethereum (ETH). Only now, the motivation goes beyond just store-of-value.

According to data from StrategicETHReserve, a growing number of companies are building exposure to Ethereum. Right now, about 4.1 million ETH is sitting in the treasuries of 69 different entities, each of which holds more than 100 ETH.

To put that in perspective, these corporate treasuries now account for roughly 3.4% of Ethereum’s total circulating supply, which hovers around 120 million ETH.

Who Holds ETH?

The biggest holder by far is BitMine Immersion Technologies, with roughly 1.5 million ETH worth around $6.6 billion. The company has even gone on record saying it wants to acquire and stake 5% of Ethereum’s entire supply, a pretty bold move that, if successful, could give it a huge influence in the ecosystem.

As CNF has previously reported, SharpLink Gaming comes in second on the leaderboard, holding roughly 740,800 ETH, about $3.2 billion worth. What’s interesting is that SharpLink has staked nearly all of its holdings, earning around 1,326 ETH in rewards so far.

Other holders include The Ether Machine, with 345,400 ETH, The Ethereum Foundation, which controls 231,600 ETH, and Coinbase, one of the largest crypto exchanges in America, with about 136K. Altogether, public companies now hold roughly 2.6 million ETH in their treasuries, valued at around $10.9 billion.

What sets Ethereum apart from Bitcoin in these corporate treasuries is staking. Instead of just sitting on coins, companies can actually earn yield while holding ETH long-term. On top of that, Ethereum’s deflationary burn mechanism and staking lockups create a supply dynamic that looks very different from Bitcoin’s fixed issuance schedule.

That said, Ethereum’s growing corporate treasury boom isn’t without challenges. Traditional finance giants are increasingly building private blockchain infrastructure that could sidestep public networks altogether, setting up a new kind of competition.

Even so, Ethereum’s on-chain activity remains strong. Its total value locked (TVL) sits at about $88.9 billion, while the stablecoin market cap on Ethereum has climbed to $143 billion. The two largest stablecoins, Tether (USDT) and USD Coin (USDC), are both primarily issued on Ethereum, with USDT alone commanding a 48% dominance on the network.

Ethereum has had an impressive run: it’s up 65% over the past year and another 16% just in the last month. In the last 14 days, ETH has surged 16%, bringing it close to its 2021 all-time high of $4,891. Right now, ETH is trading around $4,288, with daily volumes near $46 billion and a market cap of about $519 billion.

With buying pressure still strong, analysts see more upside ahead. As we noted earlier, Standard Chartered has suggested ETH could reach $7,500 by the end of the year.