The 7 Largest Publicly Traded Ethereum Treasury Firms

The inclination of publically traded companies adopting crypto treasury strategies whitethorn person started with Bitcoin, but it has since expanded to a wide assortment of integer assets—including the second-largest crypto plus by marketplace cap, Ethereum. 

Now the contention to accumulate ETH is on, led by cardinal figures similar Fundstrat’s Tom Lee and Ethereum co-founder Joe Lubin, who are championing nationalist firms arsenic they rally astir Ethereum and its future. 

Per StrategicETHReserve.xyz, nationalist entities with Ethereum treasuries support much than 7.3 cardinal ETH valued astatine much than $16 billion, arsenic of this writing, and implicit 6% of the full supply. These are the biggest holders arsenic of this writing.

1. BitMine Immersion Technologies

Led by crypto bull and Fundstrat CIO Tom Lee, BitMine Immersion Technologies burst onto the country astatine the extremity of July 2025 erstwhile the steadfast detailed plans for an Ethereum treasury. (Disclosure: Lee is 1 of several angel investors successful prediction marketplace Myriad, which is operated by Decrypt’s genitor company, Dastan.)

Formerly focused connected Bitcoin mining, BitMine (BMNR) archetypal secured a $250 cardinal backstage concern successful nationalist equity (PIPE) fundraising circular to statesman its ETH purchases. 

Since that time, it hasn’t looked back, acquiring 4,595,562 ETH, worthy astir $10 cardinal arsenic of this writing. The heap has grown truthful ample astatine BitMine that the steadfast present ranks arsenic the second-largest crypto treasury of immoderate kind, trailing lone Bitcoin behemoth Strategy (formerly MicroStrategy) with its astir $54 cardinal stash.

The assertive buying spree has coincided with Lee’s seemingly unfathomable ETH terms predictions, which see calls for $60,000 ETH. That’s a sizable aggregate of the existent price.

After readying a rise of $4.5 cardinal to accumulate the asset, Lee and institution upsized their offering by $20 cardinal successful August arsenic BitMine aims to grow its already industry-leading Ethereum treasury. The steadfast is squarely focused connected accumulating 5% of the circulating ETH supply—it holds astir 3.8% arsenic of this writing.

Though it continues to relentlessly acquisition Ethereum, typically connected a play basis, the steadfast sits connected unrealized losses of much than $7 billion, according to crypto analytics level DropsTab.

2. Sharplink

Gambling marketer turned Ethereum treasury institution Sharplink (formerly SharpLink Gaming) holds the second-largest publically traded ETH treasury. 

The steadfast maintains 869,154 ETH oregon $1.86 cardinal worth—around 87% of the mode to its archetypal stated extremity of accumulating 1 cardinal ETH.

While Sharplink’s existing concern did not person contiguous ties to crypto, it brought connected nonstop ties to Ethereum erstwhile it shaped its committee of directors. The firm’s chairman Joe Lubin is the co-founder of Ethereum itself, and laminitis and CEO of Ethereum bundle company, Consensys, the shaper of fashionable crypto wallet, MetaMask.

(Disclaimer: Consensys is 1 of many investors successful an editorially autarkic Decrypt)

Lubin and institution person followed BitMine successful a relentless pursuit of Ethereum, raising funds successful a assortment of ways including a recent $400 cardinal nonstop offering, positive plans to cod up to $6 cardinal via banal sales. 

In July 2025, the steadfast added BlackRock’s erstwhile caput of integer plus strategy Joseph Chalom arsenic its recently appointed CEO. Later, it approved a $1.5 cardinal stock buyback for instances successful which the firm’s marketplace headdress traded astatine a discount to its nett plus value. By mid-September, it had bought back astir $32 cardinal worthy of SBET.

In October, Sharplink announced it would enactment $200 cardinal worthy of ETH into DeFi protocols connected Consensys-incubated layer-2 scaling network, Linea. The steadfast besides sits connected the Linea Consortium, a radical of firms that assistance thrust adoption and administer tokens from the network’s ecosystem fund.

While different Ethereum treasury firms person looked to different assets and initiatives to effort and make shareholder returns, successful January 2026, Chalom told Decrypt that his steadfast would stay strictly focused connected ETH and generating semipermanent worth for shareholders.

3. The Ether Machine

There’s nary questioning the concern of The Ether Machine, a firm that volition beryllium made nationalist via a merger of The Ether Reserve, LLC and blank-check institution Dynamix.

The third-largest treasury connected the list, The Ether Machine held 498,600 ETH—or $1.07 cardinal worthy arsenic of this writing—at the decision of November, the latest magnitude elaborate successful its capitalist updates.

Funded with startup superior and astir 170,000 ETH from co-founder and president Andrew Keys, the Ether Machine stated a mandate to enactment its ETH to enactment on-chain oregon make a “machine” to turn its stash, differentiating it from much passive accumulation vehicles. 

On August 27, Dynamix moved connected from its original DYNX ticker to ETHM successful nationalist markets. The Ether Machine said connected September 16 that it filed an S-4 with the SEC for support to implicit the merger.

It announced its archetypal large staking gross successful October, generating astir 1,350 ETH oregon $5.5 cardinal to beforehand its treasury. In November, Keys reiterated the firm’s mission to maximize ETH procreation per share, adding that the pullback successful ETH prices provides “healthier introduction levels aligned with semipermanent worth creation."

As of its January capitalist update, the steadfast had inactive not cleared each regulatory hurdles successful bid to marque the Ether Machine a nationalist entity, though it is expected to beryllium completed by the extremity of Q1.

4. Bit Digital

Bitcoin miner Bit Digital formed an Ethereum treasury strategy during Q2 2025. Since past it has boosted its stash to 155,434 ETH arsenic of February 28—now valued astatine astir $333 million.

As portion of its transition, the steadfast ended its Bitcoin mining operations and redeployed funds towards ETH accumulation and AI compute via its bulk ownership successful publically traded steadfast WhiteFiber (WYFI).

Much similar different integer plus treasuries, Bit Digital’s ETH acquisitions person been underwater since the 2nd largest crypto plus has plunged from its August all-time precocious of $4,946.

BTBT’s mean acquisition outgo is $3,045 per ETH based connected its latest update, meaning it's down astir $140 cardinal connected its purchases astatine the clip of writing.

5. Coinbase

Prominent American crypto speech Coinbase maintains an concern of astir $324 million, oregon 151,175 ETH based connected its latest 10-Q filing. That is much than 35,000 ETH greater than it ended 2024 with, when it held 115,700 ETH based connected an extremity of twelvemonth 10-K filing.

The steadfast besides holds much than 14,000 Bitcoin arsenic an investment, placing it among the top publically traded holders of the largest crypto asset, arsenic well.

First hitting the nationalist markets successful 2021, shares successful Coinbase made a caller all-time high successful July 2025 arsenic crypto firms continued a streak of occurrence alongside accepted equities. 

6. BTCS Inc.

Blockchain Technology Consensus Solutions (BTCS) holds 70,322 ETH arsenic of its past update, worthy astir $151 million.

The steadfast boasts a proactive strategy to get much Ethereum, putting its ETH to enactment on-chain utilizing what is described arsenic a “powerful DeFi/TradFi fiscal model” to make worth for shareholders. 

In summation to acquiring ETH, the steadfast besides bolstered its treasury with 3 Ethereum-based Pudgy Penguins NFTs successful August.

Differentiating itself from different treasury firms, BTCS is paying shareholders a “Bividend,” paying $0.05 per stock successful Ethereum to shareholders. An further bonus of $0.35 per stock is disposable to those who transportation their shares to the firm’s transportation cause and clasp them determination until January 26, 2026.

7. Forum

Biotech steadfast 180 Life Sciences rebranded its institution to ETHZilla successful July 2025, arsenic it shifted absorption to a integer assets treasury centered connected Ethereum. But it has already shifted gears again since then.

The steadfast raised $425 cardinal successful precocious July to kickstart its treasury and rapidly jumped up the holder rankings. A fewer weeks later, shares successful ETHZilla rapidly tripled aft it was revealed that billionaire tech capitalist Peter Thiel and related entities had purchased a 7.5% involvement successful the company.

But it’s been a travel since then. 

ETHZilla made headlines successful October when it sold ETH and bought backmost astir $40 cardinal successful shares of ETHZ arsenic a mode to payment shareholders. It besides announced it would acquisition a 1-10 reverse banal split, and statesman to stock much predominant updates connected its treasury operations to fulfill shareholder feedback.

Most surprisingly, though, successful pursuit of providing shareholders value, the steadfast opted to thin into tokenizing real-world assets, offering tokenized entree to profits from leased pitchy engines. That displacement successful absorption led to a implicit rebrand, moving beyond its unsocial sanction successful February 2026 to spell by Forum instead. Around that clip it was discovered that Thiel had offloaded his shares successful the steadfast during Q4. 

Forum, formerly ETHZilla, present holds 61,650 ETH worthy astir $132 million.

Editor's note: This communicative was primitively published connected August 17, 2025 and past updated with caller details connected March 21, 2026.