The type of publicly traded corporations adopting crypto treasury solutions can even fair savor started with Bitcoin, but it has since expanded to a gigantic amount of digital sources—including the 2nd-greatest crypto asset by market cap, Ethereum.
Now the flee to obtain $ETH is on, led by key figures like Fundstrat’s Tom Lee and Ethereum co-founder Joe Lubin, who’re championing public corporations as they rally around Ethereum and its future.
Per StrategicETHReserve.xyz, public entities with Ethereum treasuries sustain extra than 7.3 million $ETH valued at extra than $16 billion, as of this writing, and over 6% of the total provide. 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 on the discontinue of July 2025 when the firm detailed plans for an Ethereum treasury. (Disclosure: Lee is opinion to be one of several angel investors in prediction market Myriad, which is operated by Decrypt’s guardian company, Dastan.)
Previously centered on Bitcoin mining, BitMine (BMNR) first secured a $250 million non-public investment in public fairness (PIPE) fundraising spherical to launch its $ETH purchases.
Since that time, it hasn’t looked aid, buying 4,595,562 $ETH, rate around $10 billion as of this writing. The pile has grown so immense at BitMine that the firm now ranks as the 2nd-greatest crypto treasury of any type, trailing greatest Bitcoin behemoth Scheme (beforehand MicroStrategy) with its almost $54 billion stash.
The aggressive having a take a look at out spree has coincided with Lee’s seemingly unfathomable $ETH rate predictions, which include calls for $60,000 $ETH. That’s a astronomical extra than opinion to be one of many most contemporary rate.
After planning a elevate of $4.5 billion to obtain the asset, Lee and company upsized their providing by $20 billion in August as BitMine objectives to expand its already replace-main Ethereum treasury. The firm is squarely centered on accumulating 5% of the circulating $ETH provide—it holds around 3.8% as of this writing.
Though it continues to relentlessly aquire Ethereum, in total on a weekly foundation, the firm sits on unrealized losses of extra than $7 billion, essentially based on crypto analytics platform DropsTab.
2. Sharplink
Playing marketer became Ethereum treasury company Sharplink (beforehand SharpLink Gaming) holds the 2nd-greatest publicly traded $ETH treasury.
The firm maintains 869,154 $ETH or $1.86 billion rate—around 87% of the sort to its first acknowledged purpose of accumulating 1 million $ETH.
Whereas Sharplink’s existing replace did no longer savor fast ties to crypto, it triggered disclose ties to Ethereum when it shaped its board of directors. The firm’s chairman Joe Lubin is the co-founding father of Ethereum itself, and founder and CEO of Ethereum instrument company, Consensys, the maker of standard crypto pockets, MetaMask.
(Disclaimer: Consensys is opinion to be one of many investors in an editorially self sustaining Decrypt)
Lubin and company savor adopted BitMine in a relentless pursuit of Ethereum, elevating funds in quite quite quite lots of programs including a latest $400 million disclose providing, plus plans to get as much as $6 billion by stock gross sales.
In July 2025, the firm added BlackRock’s broken-down head of digital asset approach Joseph Chalom as its newly appointed CEO. Later, it accredited a $1.5 billion fragment buyback for cases right by which the firm’s market cap traded at a gash rate to its obtain asset rate. By mid-September, it had bought aid around $32 million rate of SBET.
In October, Sharplink launched it would possibly set $200 million rate of $ETH into DeFi protocols on Consensys-incubated layer-2 scaling community, Linea. The firm also sits on the Linea Consortium, a neighborhood of corporations that aid force adoption and distribute tokens from the community’s ecosystem fund.
Whereas other Ethereum treasury corporations savor looked to other sources and initiatives to try to generate shareholder returns, in January 2026, Chalom told Decrypt that his firm would stay strictly centered on $ETH and generating prolonged-duration of time rate for shareholders.
3. The Ether Machine
There’s no questioning the replace of The Ether Machine, a firm that will be made public by a merger of The Ether Reserve, LLC and blank-test company Dynamix.
The third-greatest treasury on the list, The Ether Machine held 498,600 $ETH—or $1.07 billion rate as of this writing—on the conclusion of November, the most contemporary amount detailed in its investor updates.
Funded with startup capital and approximately 170,000 $ETH from co-founder and chairman Andrew Keys, the Ether Machine acknowledged a mandate to set its $ETH to work on-chain or create a “machine” to develop its stash, differentiating it from extra passive accumulation vehicles.
On August 27, Dynamix moved on from its licensed DYNX ticker to ETHM in public markets. The Ether Machine acknowledged on September 16 that it filed an S-4 with the SEC for approval to full the merger.
It launched its first predominant staking earnings 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 fragment, including that the pullback in $ETH costs affords “extra healthy entry ranges aligned with prolonged-duration of time rate creation.”
As of its January investor replace, the firm had aloof no longer cleared all regulatory hurdles in talk about in self assurance to invent the Ether Machine a public entity, even whether it is a ways expected to be carried out by the discontinue of Q1.
4. Bit Digital
Bitcoin miner Bit Digital shaped an Ethereum treasury approach right by Q2 2025. Since then it has boosted its stash to 155,434 $ETH as of February 28—now valued at around $333 million.
As allotment of its transition, the firm ended its Bitcoin mining operations and redeployed funds towards $ETH accumulation and AI compute by its majority ownership in publicly traded firm WhiteFiber (WYFI).
Grand like other digital asset treasuries, Bit Digital’s $ETH acquisitions had been underwater for the rationale that 2nd greatest crypto asset has plunged from its August all-time excessive of $4,946.
BTBT’s moderate acquisition rate is $3,045 per $ETH essentially based on its latest replace, this capacity that it is down about $140 million on its purchases on the time of writing.
5. Coinbase
Prominent American crypto replace Coinbase maintains an investment of around $324 million, or 151,175 $ETH essentially based on its latest 10-Q filing. That is extra than 35,000 $ETH increased than it ended 2024 with, when it held 115,700 $ETH essentially based on an discontinue of 365 days 10-Okay filing.
The firm also holds extra than 14,000 Bitcoin as an investment, placing it amongst the high publicly traded holders of the greatest crypto asset, as wisely.
First hitting the final public markets in 2021, shares in Coinbase made a brand new all-time excessive in July 2025 as crypto corporations persevered a recede of success alongside veteran equities.
6. BTCS Inc.
Blockchain Technology Consensus Alternatives (BTCS) holds 70,322 $ETH as of its closing replace, rate around $151 million.
The firm boasts a proactive system to operate extra Ethereum, placing its $ETH to work on-chain the spend of what is described as a “extremely efficient DeFi/TradFi financial mannequin” to generate rate for shareholders.
As wisely as to buying $ETH, the firm also bolstered its treasury with three Ethereum-essentially based Paunchy Penguins NFTs in August.
BTCS has joined the Paunchy Birthday celebration!
We’re now the proud owner of three @pudgypenguins.
Who’s your favourite? 👇 pic.twitter.com/6rSSl5bdMJ
— BTCS Inc. (Nasdaq: BTCS) (@NasdaqBTCS) August 11, 2025
Differentiating itself from other treasury corporations, BTCS is paying shareholders a “Bividend,” paying $0.05 per fragment in Ethereum to shareholders. An additional bonus of $0.35 per fragment is on hand to folk who transfer their shares to the firm’s transfer agent and retain them there till January 26, 2026.
7. Forum
Biotech firm 180 Existence Sciences rebranded its company to ETHZilla in July 2025, because it shifted focal level to a digital sources treasury centered on Ethereum. However it absolutely has already shifted gears again since then.
The firm raised $425 million in slack July to kickstart its treasury and fast jumped up the holder rankings. A few weeks later, shares in ETHZilla fast tripled after it turn out to be printed that billionaire tech investor Peter Thiel and linked entities had purchased a 7.5% stake within the company.
However it absolutely’s been a scuttle since then.
ETHZilla made headlines in October when it bought $ETH and acquired aid around $40 million in shares of ETHZ as a capacity to earnings shareholders. It also launched it would possibly endure a 1-10 reverse stock split, and launch to fragment extra frequent updates on its treasury operations to fulfill shareholder solutions.
Most surprisingly, even when, in pursuit of providing shareholders rate, the firm opted to lean into tokenizing proper-world sources, providing tokenized web admission to to profits from leased jet engines. That shift in focal level ended in a full rebrand, transferring beyond its distinctive establish in February 2026 to plug by Forum in its effect. Around that time it turn out to be found that Thiel had offloaded his shares within the firm right by Q4.
Forum, beforehand ETHZilla, now holds 61,650 $ETH rate about $132 million.
Editor’s show: This memoir turn out to be initially printed on August 17, 2025 and closing up as much as now with new particulars on March 21, 2026.
