The 7 Largest Publicly Traded Ethereum Treasury Firms

The development of publicly traded firms adopting crypto treasury methods could have began with Bitcoin, nevertheless it has since expanded to all kinds of digital belongings—together with the second-largest crypto asset by market cap, Ethereum.

Now the race to build up 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 round Ethereum and its future.

Per StrategicETHReserve.xyz, public entities with Ethereum treasuries preserve greater than 6.7 million ETH valued at $20 billion, as of this writing, and greater than 5.5% of the whole provide. These are the most important holders as of this writing.

1. BitMine Immersion Applied sciences

Led by crypto bull and Fundstrat CIO Tom Lee, BitMine Immersion Applied sciences burst onto the scene on the finish of July when the agency detailed plans for an Ethereum treasury.

Previously targeted on Bitcoin mining, BitMine (BMNR) first secured a $250 million non-public funding in public fairness (PIPE) fundraising spherical to start its ETH purchases.

Since that point, it hasn’t seemed again, buying 3,967,210 ETH, price round $11.8 billion price as of this writing. The pile has grown so massive at BitMine that the agency now ranks because the second-largest crypto treasury of any sort, trailing solely Bitcoin behemoth Technique (previously MicroStrategy) with its $59 billion stash.

The aggressive shopping for spree has coincided with Lee’s seemingly unfathomable ETH value predictions, which embody requires $60,000 ETH. That’s a large a number of of the present value.

After planning a increase of $4.5 billion to build up the asset, Lee and firm upsized their providing by $20 billion in August as BitMine goals to broaden its already industry-leading Ethereum treasury. The agency is squarely targeted on accumulating 5% of the circulating ETH provide—it holds round 3.2% at current time.

2. SharpLink Gaming

Playing marketer turned Ethereum treasury firm SharpLink Gaming holds the second-largest publicly traded ETH treasury.

The agency maintains 863,424 ETH or $2.55 billion—round 86% of the best way to its first acknowledged objective of accumulating 1 million ETH.

Whereas SharpLink’s current enterprise didn’t have speedy ties to crypto, it introduced on direct ties to Ethereum when it formed its board of administrators. The agency’s chairman Joe Lubin is the co-founder of Ethereum itself, and founder and CEO of Ethereum software program firm, Consensys, the maker of fashionable crypto pockets, MetaMask.

(Disclaimer: Consensys is one in all 22 buyers in an editorially unbiased Decrypt)

Lubin and firm have adopted BitMine in a relentless pursuit of Ethereum, elevating funds in quite a lot of methods together with a latest $400 million direct providing, plus plans to gather as much as $6 billion through inventory gross sales.

In July, the agency added BlackRock’s former head of digital asset technique Joseph Chalom as its newly appointed CEO. Later, it accepted a $1.5 billion share buyback for situations by which the agency’s market cap traded at a reduction to its web asset worth. By mid-September, it had purchased again round $32 million price of SBET.

In October it introduced it might put $200 million price of ETH into DeFi protocols on Consensys-incubated layer-2 scaling community, Linea. The agency additionally sits on the Linea Consortium, a gaggle of corporations that assist drive adoption and distribute tokens from the community’s ecosystem fund.

3. The Ether Machine

There’s no questioning the enterprise of The Ether Machine, a agency that will likely be made public through a merger of The Ether Reserve, LLC and blank-check firm Dynamix.

The third-largest treasury on the record, The Ether Machine at present holds 496,735 ETH, or $1.47 billion at in the present day’s ETH costs.

Funded with startup capital and roughly 170,000 ETH from co-founder and chairman Andrew Keys, the Ether Machine acknowledged a mandate to place its ETH to work on-chain or create a “machine” to develop its stash, differentiating it from extra passive accumulation autos.

On August 27, Dynamix moved on from its unique DYNX ticker to ETHM in public markets. The Ether Machine stated on September 16 that it filed an S-4 with the SEC for approval to finish the merger.

It introduced its first main staking income in October, producing round 1,350 ETH or $5.5 million to advance its treasury. In November, Keys reiterated the agency’s mission to maximise ETH era per share, including that the pullback in ETH costs supplies “more healthy entry ranges aligned with long-term worth creation.

4. Bit Digital

Bitcoin miner Bit Digital shaped an Ethereum treasury technique throughout Q2 2025. In only a few quick months, it’s rapidly added to its stash, leaping from 30,663 ETH on the finish of June to 154,398 ETH as of November 30—now valued at round $458 million.

As a part of its transition, the agency is ending its Bitcoin mining operations and redeploying funds in direction of ETH accumulation. Whereas the technique briefly resulted in share value good points, BTBT was lately buying and selling at $2.23—a virtually 24% decline year-to-date.

The agency is at present staking round 90% of its ETH and has earned round 328 ETH or $975,000 in staking rewards so far.

5. Coinbase

Main American crypto alternate Coinbase maintains an funding of round $442 million or 148,715 ETH based mostly on its newest 10-Q submitting. That’s greater than 30,000 ETH higher than it ended 2024 with, when it held 115,700 ETH based mostly on an finish of yr 10-Okay submitting.

The agency additionally holds greater than 14,000 Bitcoin as an funding, inserting it among the many high publicly traded holders of the most important crypto asset, as nicely.

First hitting the general public markets in 2021, shares in Coinbase made a brand new all-time excessive in July 2025 as crypto corporations continued a streak of success alongside conventional equities.

6. ETHZilla

Biotech agency 180 Life Sciences rebranded its firm to ETHZilla, because it shifted focus to a digital belongings treasury centered on Ethereum.

The agency raised $425 million in late July to kickstart its treasury and rapidly jumped up the holder rankings. A number of weeks later, shares in ETHZilla rapidly tripled after it was revealed that billionaire tech investor Peter Thiel and associated entities had bought a 7.5% stake within the firm.

The agency made headlines in October when it bought ETH and purchased again round $40 million in shares of ETHZ as a option to profit shareholders. Previous to the transfer, the corporate had introduced plans to purchase again as much as $250 million price of inventory.

It additionally introduced it might endure a 1-10 reverse inventory break up and start to share extra frequent updates on its treasury operations to fulfill shareholder suggestions.

ETHZilla now holds about 93,790 ETH, or $279 million price. As for its distinctive identify? Chairman of the board McAndrew Rudisil informed Decrypt in July that it “comes from our focus to be one of many largest holders of ETH on the planet.”

7. BTCS Inc.

Blockchain Expertise Consensus Options (BTCS) holds 70,322 ETH, price round $209 million.

The agency boasts a proactive technique to amass extra Ethereum, placing its ETH to work on-chain utilizing what’s described as a “highly effective DeFi/TradFi monetary mannequin” to generate worth for shareholders.

Along with buying ETH, the agency additionally bolstered its treasury with three Ethereum-based Pudgy Penguins NFTs in August.

Differentiating itself from different treasury corporations, BTCS is paying shareholders a “Bividend,” paying $0.05 per share in Ethereum to shareholders. An extra bonus of $0.35 per share is out there to those that switch their shares to the agency’s switch agent and maintain them there till January 26, 2026.

Editor’s observe: This story was initially printed on August 17, 2025 and final up to date with new particulars on December 20.