In brief
- Publicly traded companies are now racing to accumulate Ethereum.
- Firms with strategic ETH reserves now account for more than 5% of the entire ETH supply.
- The top holders include BitMine Immersion Technologies, SharpLink Gaming, and Coinbase.
The trend of publicly traded companies adopting crypto treasury strategies may have started with Bitcoin, but it has since expanded to a wide variety of digital assets—including the second-largest crypto asset by market cap, Ethereum.
Now the race to accumulate ETH is on, led by key figures like Fundstrat’s Tom Lee and Ethereum co-founder Joe Lubin, who are championing public firms as they rally around Ethereum and its future.
Per StrategicETHReserve.xyz, public entities with Ethereum treasuries maintain more than 6.7 million ETH valued at $20 billion, as of this writing, and more than 5.5% of the entire supply. These are the biggest holders as of this writing.
1. BitMine Immersion Technologies
Led by crypto bull and Fundstrat CIO Tom Lee, BitMine Immersion Technologies burst onto the scene at the end of July when the firm detailed plans for an Ethereum treasury.
Formerly focused on Bitcoin mining, BitMine (BMNR) first secured a $250 million private investment in public equity (PIPE) fundraising round to begin its ETH purchases.
Since that time, it hasn’t looked back, acquiring 3,967,210 ETH, worth around $11.8 billion worth as of this writing. The pile has grown so large at BitMine that the firm now ranks as the second-largest crypto treasury of any kind, trailing only Bitcoin behemoth Strategy (formerly MicroStrategy) with its $59 billion stash.
The aggressive buying spree has coincided with Lee’s seemingly unfathomable ETH price predictions, which include calls for $60,000 ETH. That’s a sizable multiple of the current price.
After planning a raise of $4.5 billion to accumulate the asset, Lee and company upsized their offering by $20 billion in August as BitMine aims to expand its already industry-leading Ethereum treasury. The firm is squarely focused on accumulating 5% of the circulating ETH supply—it holds around 3.2% at present time.
2. SharpLink Gaming
Gambling marketer turned Ethereum treasury company SharpLink Gaming holds the second-largest publicly traded ETH treasury.
The firm maintains 863,424 ETH or $2.55 billion—around 86% of the way to its first stated goal of accumulating 1 million ETH.
While SharpLink’s existing business did not have immediate ties to crypto, it brought on direct ties to Ethereum when it shaped its board of directors. The firm’s chairman Joe Lubin is the co-founder of Ethereum itself, and founder and CEO of Ethereum software company, Consensys, the maker of popular crypto wallet, MetaMask.
(Disclaimer: Consensys is one of 22 investors in an editorially independent Decrypt)
Lubin and company have followed BitMine in a relentless pursuit of Ethereum, raising funds in a variety of ways including a recent $400 million direct offering, plus plans to collect up to $6 billion via stock sales.
In July, the firm added BlackRock’s former head of digital asset strategy Joseph Chalom as its newly appointed CEO. Later, it approved a $1.5 billion share buyback for instances in which the firm’s market cap traded at a discount to its net asset value. By mid-September, it had bought back around $32 million worth of SBET.
In October it announced it would put $200 million worth of ETH into DeFi protocols on Consensys-incubated layer-2 scaling network, Linea. The firm also sits on the Linea Consortium, a group of firms that help drive adoption and distribute tokens from the network’s ecosystem fund.
3. The Ether Machine
There’s no questioning the business of The Ether Machine, a firm that will be made public via a merger of The Ether Reserve, LLC and blank-check company Dynamix.
The third-largest treasury on the list, The Ether Machine currently holds 496,735 ETH, or $1.47 billion at today’s ETH prices.
Funded with startup capital and approximately 170,000 ETH from co-founder and chairman Andrew Keys, the Ether Machine stated a mandate to put its ETH to work on-chain or create a “machine” to grow its stash, differentiating it from more passive accumulation vehicles.
On August 27, Dynamix moved on from its original DYNX ticker to ETHM in public markets. The Ether Machine said on September 16 that it filed an S-4 with the SEC for approval to complete the merger.
It announced its first major staking revenue in October, generating around 1,350 ETH or $5.5 million to advance its treasury. In November, Keys reiterated the firm’s mission to maximize ETH generation per share, adding that the pullback in ETH prices provides “healthier entry levels aligned with long-term value creation.
4. Bit Digital
Bitcoin miner Bit Digital formed an Ethereum treasury strategy during Q2 2025. In just a few short months, it’s quickly added to its stash, jumping from 30,663 ETH at the end of June to 154,398 ETH as of November 30—now valued at around $458 million.
As part of its transition, the firm is ending its Bitcoin mining operations and redeploying funds towards ETH accumulation. While the strategy briefly resulted in share price gains, BTBT was recently trading at $2.23—a nearly 24% decline year-to-date.
The firm is currently staking around 90% of its ETH and has earned around 328 ETH or $975,000 in staking rewards to date.
5. Coinbase
Leading American crypto exchange Coinbase maintains an investment of around $442 million or 148,715 ETH based on its latest 10-Q filing. That is more than 30,000 ETH greater than it ended 2024 with, when it held 115,700 ETH based on an end of year 10-K filing.
The firm also holds more than 14,000 Bitcoin as an investment, placing it among the top publicly traded holders of the largest crypto asset, as well.
First hitting the public markets in 2021, shares in Coinbase made a new all-time high in July 2025 as crypto firms continued a streak of success alongside traditional equities.
6. ETHZilla
Biotech firm 180 Life Sciences rebranded its company to ETHZilla, as it shifted focus to a digital assets treasury centered on Ethereum.
The firm raised $425 million in late July to kickstart its treasury and quickly jumped up the holder rankings. A few weeks later, shares in ETHZilla quickly tripled after it was revealed that billionaire tech investor Peter Thiel and related entities had purchased a 7.5% stake in the company.
The firm made headlines in October when it sold ETH and bought back around $40 million in shares of ETHZ as a way to benefit shareholders. Prior to the move, the company had announced plans to buy back up to $250 million worth of stock.
It also announced it would undergo a 1-10 reverse stock split and begin to share more frequent updates on its treasury operations to satisfy shareholder feedback.
ETHZilla now holds about 93,790 ETH, or $279 million worth. As for its unique name? Chairman of the board McAndrew Rudisil told Decrypt in July that it “comes from our focus to be one of the largest holders of ETH in the world.”
7. BTCS Inc.
Blockchain Technology Consensus Solutions (BTCS) holds 70,322 ETH, worth around $209 million.
The firm boasts a proactive strategy to acquire more Ethereum, putting its ETH to work on-chain using what is described as a “powerful DeFi/TradFi financial model” to generate value for shareholders.
In addition to acquiring ETH, the firm also bolstered its treasury with three Ethereum-based Pudgy Penguins NFTs in August.
Differentiating itself from other treasury firms, BTCS is paying shareholders a “Bividend,” paying $0.05 per share in Ethereum to shareholders. An additional bonus of $0.35 per share is available to those who transfer their shares to the firm’s transfer agent and hold them there until January 26, 2026.
Editor’s note: This story was originally published on August 17, 2025 and last updated with new details on December 20.
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