Seven Largest Publicly Traded Ethereum Treasury Firms Hold Over 6.7 Million ETH Worth $20 Billion
Publicly traded entities collectively hold more than 6.7 million ETH, valued at approximately $20 billion, representing over 5.5% of the total ETH supply according to StrategicETHReserve.xyz.
BitMine Immersion Technologies stands as the largest crypto treasury outside MicroStrategy, holding 3,967,210 ETH worth around $11.8 billion. The firm aims to acquire 5% of circulating ETH and recently raised $250 million via private equity, along with plans to upscale funding by an additional $20 billion announced in August.
SharpLink Gaming holds 863,424 ETH, about 86% of its targeted 1 million ETH, valued roughly at $2.55 billion. Led by chairman Joseph Lubin, SharpLink conducted a $400 million direct offering with potential stock sales up to $6 billion. The company also approved a $1.5 billion buyback program and allocated $200 million ETH to DeFi activities on Linea.
The Ether Machine, a merger between Ether Reserve, LLC and Dynamix with the ticker ETHM, holds 496,735 ETH valued at around $1.47 billion. It recorded its first major staking revenue in October, earning approximately 1,350 ETH worth $5.5 million. The firm filed an S-4 on September 16 seeking merger approval.
Bit Digital, holding 154,398 ETH valued at about $458 million, is transitioning from Bitcoin mining to Ethereum. Around 90% of its ETH is staked, yielding approximately 328 ETH in staking rewards to date.
Coinbase holds about 148,715 ETH worth $442 million along with over 14,000 BTC. Coinbase increased its ETH holdings since the end of 2024 when it held 115,700 ETH. The company has been publicly listed since 2021 and experienced a notable crypto equities all-time high in July 2025.
ETHZilla, formerly known as 180 Life Sciences, controls approximately 93,790 ETH valued at $279 million. The company raised $425 million in late July to build its ETH treasury. It includes a notable Peter Thiel-related stake of about 7.5%. In October, ETHZilla sold some ETH and conducted a $40 million buyback, with plans to repurchase up to $250 million. It also implemented a 1-for-10 reverse stock split and committed to more frequent treasury updates.
BTCS Inc. holds 70,322 ETH worth $209 million and offers a "Bividend" of $0.05 per share in ETH, plus an extra $0.35 per share for transfers to the transfer agent by January 26, 2026. In August, BTCS purchased three Pudgy Penguins NFTs.
Together, these seven firms highlight the significant accumulation of Ethereum among publicly traded entities within the cryptocurrency ecosystem.
