Public companies are vying to accumulate Ethereum: seven major institutions hold over 3.7 million ETH, worth 17 billion dollars.

The strategy for publicly traded companies to allocate encrypted asset reserves has expanded from Bitcoin to Ethereum (ETH). Currently, the Ethereum reserves held by publicly listed entities have surpassed 3.7 million coins, valued at nearly $17 billion, accounting for over 3% of the total ETH supply. This article will review the ETH holdings strategies of seven major institutions, including BitMine and SharpLink Gaming, analyze their on-chain asset management models and price expectations, and reveal the trend of traditional capital accelerating its influx into the Ethereum ecosystem.

Public Company ETH Holdings Trend Explodes:

The strategy for publicly listed companies to allocate encryption assets to their treasury began with Bitcoin and has now expanded to include various digital assets, including the second-largest encryption asset, Ethereum (ETH). Currently, driven by key figures such as Fundstrat's Chief Investment Officer Tom Lee and Ethereum co-founder Joe Lubin, publicly listed companies are competing to increase their holdings of ETH. According to data from StrategicETHReserve.xyz, as of the time of writing, publicly listed companies holding the Ethereum treasury have a total of over 3.7 million ETH, worth nearly 17 billion USD, accounting for more than 3% of the total ETH supply. Below are the current largest holding institutions:

1. BitMine Immersion Technologies: Aggressive acquisitions target a price of 60,000 ETH.

Led by crypto bull and Fundstrat Chief Investment Officer Tom Lee, BitMine Immersion Technologies rapidly emerged after announcing its Ethereum treasury plan at the end of July. The company, which originally focused on Bitcoin mining (stock code: BMNR), initially raised $250 million through a private equity investment (PIPE) to kickstart its ETH acquisitions. Since then, it has continued to increase its holdings, having purchased 1,150,263 ETH, worth over $5 billion, as of the time of writing. Its aggressive acquisitions align with Lee's bullish target price of $60,000 for ETH. After planning to raise $4.5 billion to acquire assets, BitMine expanded its financing scale to $20 billion in August, aiming to expand its already industry-leading ETH reserves.

2. SharpLink Gaming: The Million ETH Program Led by Ethereum Co-Founder

SharpLink Gaming, which has transformed from a gambling marketer to an Ethereum treasury company, holds the second largest listed company ETH reserves. The company's latest announcement shows it holds 728,804 ETH (worth $3.2 billion), having completed 73% of its first target of accumulating 1 million ETH. Although SharpLink's original business is not directly related to encryption, it introduced a direct link to Ethereum when forming its board of directors—company chairman Joe Lubin is one of the co-founders of Ethereum and the founder and CEO of Consensys, the well-known Ethereum software company that develops the MetaMask wallet. (Disclaimer: Consensys is one of the 22 investors in the independent media Decrypt) Lubin and his team have followed BitMine's example by continuously purchasing ETH, financing through various means, including a recent direct sale of $400 million, and planning to raise up to $6 billion through stock sales. In July of this year, the company appointed Joseph Chalom, former head of digital asset strategy at BlackRock, as the new CEO.

3. The Ether Machine: An active asset management model driven by on-chain operations.

The Ether Machine (merged with a special purpose acquisition company (SPAC) by The Ether Reserve, LLC earlier this year) has a clear business direction. It currently holds 345,362 ETH (valued at $1.5 billion at current prices), ranking third on the list. The company was launched with approximately 170,000 ETH provided by initial funding and co-founder and chairman Andrew Keys, with the mission of expanding reserves by operating its ETH on-chain or creating a 'growth machine,' which differs from a passive accumulation model. Recently, it used previously established private placement funds to acquire approximately $40 million worth of ETH. At its inception, it expected to raise about $1.6 billion in total revenue to purchase ETH.

4. Coinbase: The dual encryption asset allocation of the exchange giant

The American cryptocurrency exchange Coinbase disclosed in its latest 10-Q filing that it holds approximately 13,678.2 ETH, with an investment value of about $602 million. This represents an increase of over 20,000 ETH compared to the 115,700 ETH holdings disclosed in its 2024 year-end 10-K filing. The company also holds over 11,000 Bitcoins as investments, making it one of the largest publicly traded Bitcoin holders. Coinbase went public in 2021, and its stock reached an all-time high in July 2025, continuing the trend of cryptocurrency companies strengthening in tandem with traditional stocks.

5. Bit Digital: Rapid Increase in Holdings of ETH by Mining Companies

Bitcoin mining company Bit Digital formulated an Ethereum treasury strategy in the second quarter of 2025. In just a few months, its holdings surged from 30,663 ETH at the end of June to 121,076 ETH on August 11 (currently valued at over $530 million). As part of its transformation, the company is ending its Bitcoin mining business and reallocating funds to ETH acquisitions. The public market has reacted lukewarmly to this strategic shift, with its stock (BTBT) only up 2.63% year-to-date.

6. ETHZilla: The ETH accumulation giant backed by Peter Thiel

Biotechnology company 180 Life Sciences has rebranded itself as "ETHZilla" and is shifting its focus to an Ethereum-centric digital asset treasury. The company raised $425 million in late July to launch its treasury and quickly ranked among the top holders — as of August 12, it has purchased 82,186 ETH (approximately $362 million at current prices). A few weeks later, when it was revealed that billionaire tech investor Peter Thiel and related entities had acquired a 7.5% stake in the company, ETHZilla stock (ATNF) quickly tripled. As for its unique name? Chairman McAndrew Rudisil told Decrypt in July that it "comes from our focused goal of becoming one of the largest ETH holders in the world."

7. BTCS Inc.: DeFi Empowered On-Chain Asset Operation Strategy for ETH

Blockchain Technology Consensus Solutions Company (BTCS) holds 70,140 ETH, valued at approximately $309 million as of mid-August. The company adopts an aggressive strategy to increase its ETH holdings and operates its ETH on-chain through what it describes as a "powerful DeFi/Traditional Finance (TradFi) financial model" to create value for its shareholders. In addition to acquiring ETH, the company also enhanced its treasury in August by purchasing three Ethereum-based Pudgy Penguins NFTs. BTCS set a revenue record of $2.77 million in the second quarter, a year-on-year increase of 394%. Its stock has risen nearly 90% year-to-date.

Conclusion

The establishment of over $17 billion in ETH reserves by seven major listed companies marks the deep involvement of institutional capital in the Ethereum ecosystem. The transition from mining enterprises, the crossover of traditional industries to the self-holding of exchanges, and the entry of diverse entities not only boosts the institutional holdings ratio of ETH, but their on-chain asset management innovations and massive financing plans are likely to reshape the supply and demand structure of the ETH market, injecting strong expectations into future price trends.