Ethereum’s Elite: Top 7 Public Treasury Holders

The movement of publicly traded companies incorporating crypto assets into their financial holdings
might have originated with Bitcoin, but it has since expanded to include a broader array of digital currencies.
Notably, this includes Ethereum, the second-largest cryptocurrency by market capitalization.

A rush to accumulate Ethereum is underway. Figures such as Fundstrat’s Tom Lee and Ethereum
co-creator Joe Lubin are advocating for publicly held firms to embrace Ethereum’s potential.

According to data from StrategicETHReserve.xyz, public companies’ Ethereum reserves hold over
3.7 million ETH, which is currently valued near $17 billion. This accounts for more than 3% of Ethereum’s
circulating supply. The largest holders are listed below.

1. BitMine Immersion Technologies

Spearheaded by Tom Lee, BitMine Immersion Technologies made waves in July when they publicized
intentions for a large-scale Ethereum treasury strategy.

Previously engaged in Bitcoin mining, BitMine (BMNR) secured $250 million through a private investment to
begin acquiring ETH.

Since then, BitMine has amassed 1,150,263 ETH, currently valued at over $5 billion.

This aggressive purchasing aligns with Lee’s optimistic Ethereum price forecasts, including predictions of ETH
reaching $60,000 per coin.

Initially planning a $4.5 billion raise for ETH, Lee and his team increased their offering by $20 billion in
August, aiming to expand BitMine’s already substantial Ethereum holdings.

2. SharpLink Gaming

SharpLink Gaming, transitioning from gambling marketing to an Ethereum treasury firm, holds the
second-largest publicly traded ETH reserve.

The company possesses 728,804 ETH, valued at $3.2 billion in their latest update. This achievement places
them at approximately 73% of their initial target of acquiring 1 million ETH.

While SharpLink’s core business initially lacked direct links to crypto, the appointment of Joe Lubin as
chairman significantly altered their direction. Lubin is a co-founder of Ethereum and CEO of Consensys, the
creator of the widely used crypto wallet, MetaMask.

(Disclaimer: Consensys is one of 22 investors in Decrypt, which operates with editorial independence.)

Following BitMine’s lead, Lubin and his team have actively pursued Ethereum accumulation, raising funds
through methods such as a $400 million direct offering and plans for stock sales potentially generating up to
$6 billion.

In July, SharpLink welcomed Joseph Chalom, former head of digital asset strategy at BlackRock, as their new
CEO.

3. The Ether Machine

The Ether Machine’s core focus is clear: the company was formed through a merger of The Ether Reserve, LLC
and a special purpose acquisition company (SPAC) earlier in the year.

Currently holding the third-largest Ethereum treasury, The Ether Machine possesses 345,362 ETH, valued at
$1.5 billion based on current market prices.

Funded with initial capital and approximately 170,000 ETH from co-founder Andrew Keys, The Ether Machine aims
to actively utilize its ETH holdings on-chain and create methods of growing its investment.

The Ether Machine recently acquired approximately $40 million worth of ETH using funds from a prior private
placement, which had projected total proceeds of around $1.6 billion for future Ethereum purchases.

4. Coinbase

Coinbase, a leading cryptocurrency exchange in the United States, holds approximately $602 million, equivalent
to 136,782 ETH, as per their most recent 10-Q filing. This is a significant increase from the 115,700 ETH held
at the end of 2024, according to their year-end 10-K filing.

The company also holds over 11,000 Bitcoin as an investment, solidifying their position among the top
publicly traded holders of the largest cryptocurrency.

Coinbase first entered the public market in 2021, and their stock reached an all-time high in July 2025 as
crypto companies saw sustained success alongside traditional markets.

5. Bit Digital

Bitcoin miner Bit Digital initiated its Ethereum treasury strategy during the second quarter of 2025. In a short
timeframe, they rapidly increased their holdings from 30,663 ETH at the end of June to 121,076 ETH as of
August 11, currently valued at over $530 million.

The firm is transitioning away from Bitcoin mining and reallocating resources towards Ethereum accumulation.
However, public markets have not responded strongly to this shift in strategy, with shares of BTBT gaining only
2.63% year-to-date.

6. ETHZilla

Biotech company 180 Life Sciences rebranded to “ETHZilla” to reflect its strategic shift towards an Ethereum
treasury focus.

ETHZilla raised $425 million in late July to establish its treasury and quickly became a major holder,
acquiring 82,186 ETH by August 12, valued at approximately $362 million at the current ETH price.

Subsequently, shares of ETHZilla (ATNF) experienced a threefold increase after the disclosure that tech
investor Peter Thiel and related entities had purchased a 7.5% stake in the firm.

Regarding the unique company name, McAndrew Rudisil, Chairman of the board, told Decrypt in July
that it stems from their goal of becoming one of the largest ETH holders globally.

7. BTCS Inc.

Blockchain Technology Consensus Solutions (BTCS) holds 70,140 ETH, valued at around $309 million as of
mid-August.

BTCS intends to proactively increase its Ethereum holdings and utilize them on-chain, implementing a DeFi/TradFi
financial model to generate shareholder value.

Furthermore, BTCS has added three Ethereum-based Pudgy Penguins NFTs to its treasury in August.

BTCS announced record revenues of $2.77 million for the second quarter, marking a 394% year-over-year
increase. Shares are up nearly 90% year-to-date.