The 7 Largest Publicly Traded Ethereum Treasury Corporations

The development of publicly traded firms adopting crypto treasury methods could have began with Bitcoin, but it surely 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 keep greater than 7.3 million ETH valued at greater than $16 billion, as of this writing, and over 6% of your entire provide. These are the largest 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 2025 when the agency detailed plans for an Ethereum treasury. (Disclosure: Lee is certainly one of a number of angel traders in prediction market Myriad, which is operated by Decrypt’s mother or father firm, Dastan.)

Previously centered 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 4,595,562 ETH, price round $10 billion as of this writing. The pile has grown so giant at BitMine that the agency now ranks because the second-largest crypto treasury of any type, trailing solely Bitcoin behemoth Technique (previously MicroStrategy) with its almost $54 billion stash.

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

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 develop its already industry-leading Ethereum treasury. The agency is squarely centered on accumulating 5% of the circulating ETH provide—it holds round 3.8% as of this writing.

Although it continues to relentlessly buy Ethereum, usually on a weekly foundation, the agency sits on unrealized losses of greater than $7 billion, based on crypto analytics platform DropsTab.

2. Sharplink

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

The firm maintains 869,154 ETH or $1.86 billion price—round 87% of the way in which to its first said purpose of accumulating 1 million ETH.

Whereas Sharplink’s present enterprise didn’t have rapid 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 well-liked crypto pockets, MetaMask.

(Disclaimer: Consensys is certainly one of many traders 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 current $400 million direct providing, plus plans to gather as much as $6 billion by way of inventory gross sales. 

In July 2025, 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 wherein the agency’s market cap traded at a reduction to its internet asset worth. By mid-September, it had purchased again round $32 million price of SBET.

In October, Sharplink introduced it could 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 bunch of corporations that assist drive adoption and distribute tokens from the community’s ecosystem fund.

Whereas different Ethereum treasury corporations have seemed to different belongings and initiatives to try to generate shareholder returns, in January 2026, Chalom informed Decrypt that his agency would stay strictly centered on ETH and producing long-term worth for shareholders.

3. The Ether Machine

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

The third-largest treasury on the checklist, The Ether Machine held 498,600 ETH—or $1.07 billion price as of this writing—on the conclusion of November, the newest quantity detailed in its investor updates.

Funded with startup capital and roughly 170,000 ETH from co-founder and chairman Andrew Keys, the Ether Machine said 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 mentioned 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 technology per share, including that the pullback in ETH costs offers “healthier entry levels aligned with long-term value creation.”

As of its January investor update, the firm had still not cleared all regulatory hurdles in order to make the Ether Machine a public entity, though it is expected to be completed by the end of Q1.

4. Bit Digital

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

As part of its transition, the firm ended its Bitcoin mining operations and redeployed funds towards ETH accumulation and AI compute via its majority ownership in publicly traded firm WhiteFiber (WYFI).

Much like other digital asset treasuries, Bit Digital’s ETH acquisitions have been underwater since the second largest crypto asset has plunged from its August all-time high of $4,946.

BTBT’s average acquisition cost is $3,045 per ETH based on its latest update, meaning it’s down about $140 million on its purchases at the time of writing.

5. Coinbase

Prominent American crypto exchange Coinbase maintains an investment of around $324 million, or 151,175 ETH based on its latest 10-Q filing. That is more than 35,000 ETH greater than it ended 2024 with, when it held 115,700 ETH based on an end of year 10-K filing.

The firm also holds more than 14,000 Bitcoin as an investment, placing it among the top publicly traded holders of the largest crypto asset, as well.

First hitting the public markets in 2021, shares in Coinbase made a new all-time high in July 2025 as crypto firms continued a streak of success alongside traditional equities. 

6. BTCS Inc.

Blockchain Technology Consensus Solutions (BTCS) holds 70,322 ETH as of its last update, worth around $151 million.

The firm boasts a proactive strategy to acquire more Ethereum, putting its ETH to work on-chain using what is described as a “powerful DeFi/TradFi financial model” to generate worth for shareholders. 

In addition to acquiring ETH, the firm also bolstered its treasury with three Ethereum-based Pudgy Penguins NFTs in August.

Differentiating itself from other treasury firms, BTCS is paying shareholders a “Bividend,” paying $0.05 per share in Ethereum to shareholders. An additional bonus of $0.35 per share is available to those who transfer their shares to the firm’s transfer agent and hold them there until January 26, 2026.

7. Discussion board

Biotech firm 180 Life Sciences rebranded its company to ETHZilla in July 2025, as it shifted focus to a digital assets treasury centered on Ethereum. But it has already shifted gears again since then.

The firm raised $425 million in late July to kickstart its treasury and quickly jumped up the holder rankings. A few weeks later, shares in ETHZilla quickly tripled after it was revealed that billionaire tech investor Peter Thiel and related entities had purchased a 7.5% stake in the company.

However it’s been a journey since then. 

ETHZilla made headlines in October when it sold ETH and bought back around $40 million in shares of ETHZ as a way to benefit shareholders. It also announced it would undergo a 1-10 reverse stock split, and start to share extra frequent updates on its treasury operations to fulfill shareholder suggestions.

Most surprisingly, though, in pursuit of providing shareholders value, the firm opted to lean into tokenizing real-world assets, offering tokenized access to profits from leased jet engines. That shift in focus led to a complete rebrand, moving beyond its unique name in February 2026 to go by Forum instead. Around that time it was discovered that Thiel had offloaded his shares in the firm during Q4. 

Discussion board, previously ETHZilla, now holds 61,650 ETH price about $132 million.

Editor’s word: This story was initially revealed on August 17, 2025 and final up to date with new particulars on March 21, 2026.