The adoption of cryptocurrency as a treasury reserve asset has been gaining momentum for years now. While Bitcoin has traditionally been the go-to option for companies looking to diversify into digital assets, Ethereum (ETH) has surged in popularity, becoming the focus of attention for many publicly traded firms. In this article, we’ll explore the largest Ethereum treasury holders, the strategies driving their accumulation, and their influence on the broader crypto ecosystem.
Ethereum’s Rising Role as a Treasury Asset
Publicly traded companies are now racing to accumulate Ethereum, pulling billions of dollars worth of ETH into their treasuries. As of 2025, these firms collectively account for over 6.7 million ETH, valued at approximately $20 billion and representing more than 5.5% of Ethereum’s total circulating supply. Why the interest? Ethereum’s robust ecosystem, fueled by innovations like decentralized finance (DeFi) and non-fungible tokens (NFTs), makes it a compelling long-term investment.
Top Public Ethereum Treasury Holders
1. BitMine Immersion Technologies
Leading the charge is BitMine Immersion Technologies, which has acquired a staggering 3,967,210 ETH, valued at $11.8 billion. Formerly a Bitcoin-only mining outfit, BitMine shifted focus in 2025 following a $250M fundraising round. With Tom Lee’s optimistic ETH price projection of $60,000, the company aims to hold 5% of all Ethereum, staking its claim as the second-largest crypto treasury worldwide.
2. SharpLink Gaming
Second in line is SharpLink Gaming, boasting 863,424 ETH (approximately $2.55 billion). Though originally focused on marketing, SharpLink has pivoted to Ethereum under the leadership of Joe Lubin, co-founder of Ethereum. The company has integrated itself deeply into the ETH ecosystem, even allocating $200M in ETH to DeFi protocols on the Consensys-incubated Linea platform.
3. The Ether Machine
At number three is The Ether Machine, formed via a merger between The Ether Reserve, LLC and blank-check company Dynamix. Currently holding 496,735 ETH ($1.47 billion), this firm distinguishes itself by generating staking revenue and actively increasing its Ethereum reserves.
4. Bit Digital
Bit Digital started as a Bitcoin miner but has recently embraced Ethereum. As of late 2025, the firm holds 154,398 ETH valued at $458M. Over 90% of its ETH holdings are staked, generating consistent returns for the treasury.
5. Coinbase
The popular American crypto exchange Coinbase is also a significant Ethereum investor, holding 148,715 ETH (valued at $442M). Coinbase continues to strategically accumulate both ETH and Bitcoin, maintaining its position as one of the strongest players in the cryptocurrency market.
6. ETHZilla
Biotech firm turned Ethereum giant, ETHZilla, rebranded in 2025 to reflect its new focus on Ethereum. It has rapidly acquired 93,790 ETH ($279M) and attracted high-profile investors such as Peter Thiel.
7. BTCS
BTCS, often referred to as the “Blockchain Technology Consensus Solutions,” holds 70,322 ETH, worth about $209M. The firm stands out by leveraging a mix of DeFi strategies and traditional finance principles to maximize shareholder value. Notably, BTCS also offers its shareholders a unique ‘Bividend,’ paying dividends in Ethereum.
Why Companies Are Betting Big on Ethereum
The allure of Ethereum for these firms lies in its programmable blockchain, which offers unparalleled utility in the realms of DeFi, NFTs, and enterprise smart contracts. By staking ETH, companies also unlock passive income, making it a dual-benefit asset in their portfolios.
How to Join the Ethereum Bandwagon
Interested in Ethereum’s potential for both institutional and individual investors? Begin by exploring user-friendly wallets like MetaMask, developed by Consensys, for secure ETH storage and easy staking. Additionally, you can consider accumulating ETH using exchanges like Coinbase, which simplifies the buying process for newcomers.
The Future of Ethereum in Corporate Treasuries
As Ethereum prepares for future upgrades, corporate participation is likely to intensify. With staking and DeFi providing lucrative opportunities, ETH’s role as a strategic treasury reserve asset appears set to grow. Whether you’re a crypto enthusiast or a business leader, Ethereum’s trajectory is one to watch closely.
