Top 7 Largest Ethereum Treasury Holders Ranked by ETH Holdings

Key takeaways

• Companies aren’t just holding ETH; they are staking and restaking to generate steady onchain income.

• Mega-holders like BitMine (1.5 million ETH) can sway liquidity, validator distribution and even upgrade dynamics.

• Weekly ETH disclosures from firms like SharpLink give investors real-time insight into accumulation and staking rewards.

• Coinbase sets the benchmark by clearly splitting ETH “held for operations” from ETH “held for investment.”

Corporate Ether treasuries have become a defining trend in balance sheet strategies of public companies. As of mid-2025, a growing number of firms are switching to Ether (ETH) as a primary treasury reserve instead of just holding cash or Bitcoin (BTC).

What sets this ongoing trend apart is the approach. Instead of only buying ETH, companies are staking for yield, restaking for higher returns and publishing regular investor updates.

For traditional investors, this trend offers a new and regulated way to gain ETH exposure through equities without the complexity of self-custody.

This article discusses the seven largest Ether treasury companies as of August 2025.

1. BitMine Immersion (NYSE: BMNR)

According to BitMine’s 8-K exhibit filed with the US Securities and Exchange Commission on Aug. 18, 2025, the company’s Ether stash jumped to 1,523,373 ETH as of Aug. 17, part of a $6.6-billion crypto position that also includes a small amount of BTC and cash on hand. 

But why does it matter?

BitMine has become the largest corporate holder of ETH, positioning itself as the “Strategy of Ether.” The scale alone (well over 1 million ETH) means its treasury moves and staking policies can influence market structure and liquidity.

2. SharpLink Gaming (Nasdaq: SBET)

SharpLink’s investor update on Aug. 19, 2025, stated the company purchased 143,593 ETH in the prior week. This brought its total holdings to 740,760 ETH as of Aug. 17, 2025, with staking rewards continuing to accumulate.

SharpLink matters because it is the fastest riser in the ETH-treasury cohort. Weekly disclosures show an aggressive accumulation schedule funded through at-the-market (ATM) and direct offerings, coupled with staking to generate onchain yield.

Did you know? At-the-Market (ATM) issuance lets public companies sell new shares directly into the open market at prevailing prices. In 2025, firms like SharpLink and Bit Digital have used ATM programs to quickly raise cash and convert it into ETH for their growing treasuries.

3. Coinbase (Nasdaq: COIN)

Coinbase’s Q2 2025 Form 10-Q details 136,782 ETH classified as “crypto assets held for investment” as of Jun. 30, 2025 (fair value $339.5 million). Separately, the filing shows 11,195 ETH under “crypto assets held for operations.” For this ranking, the investment bucket was used to reflect true treasury reserves, consistent with major trackers.

Coinbase’s position is unique, as it holds ETH both to operate its business (validators, network fees) and as a long-term investment. The clear breakdown in an SEC filing provides one of the cleanest looks at a public company’s ETH accounting.

4. Bit Digital (Nasdaq: BTBT)

Bit Digital announced on Jul. 18, 2025, that it had purchased 19,683 ETH through a registered direct offering, bringing total holdings to about 120,306 ETH. Management called ETH “foundational” to its onchain yield and infrastructure strategy. 

The company pairs treasury accumulation with validator operations, earning native ETH yield while compounding reserves — a model many 2025 entrants now follow.

5. ETHZilla (Nasdaq: ETHZ)

ETHZilla’s SEC filing on Aug. 18, 2025 (Exhibit 99.1), shows the company accumulated 94,675 ETH at an average price of $3,902.20, along with $187 million in cash equivalents. 

The filing highlights ETHZilla’s high-profile shift to an ETH treasury model, starting with a sizable initial stake and plans for onchain yield programs managed by external asset specialists.

6. BTCS (Nasdaq: BTCS)

BTCS reported on Aug. 14, 2025, that post-quarter, it increased Ether holdings to 70,140 ETH (valued at over $321 million on Aug. 12) while scaling its Ether “Builder+” and validator infrastructure.

The company positions itself as an “Ethereum-first” public company, emphasizing block building and staking alongside a growing treasury. It also uses ETH-backed decentralized finance borrowing to improve capital efficiency.

Did you know? Ether recently surpassed its November 2021 all-time high, climbing above $4,870 as the US Federal Reserve signaled a more dovish stance and institutional demand surged. Analysts now expect ETH to push well beyond $5,000 in 2025.

7. Fundamental Global/FG Nexus (Nasdaq: FGNX) 

Fundamental Global (branding its initiative as FG Nexus) disclosed on Aug. 11, 2025, that it now holds 47,331 ETH as of Aug. 10, 2025, after launching its ETH accumulation strategy. It also outlined plans to stake and restake to enhance ETH yield.

FG Nexus is a newcomer aiming to build “one of the largest” ETH treasuries. Its strategy centers on staking, restaking and the same playbook driving 2025’s corporate ETH wave.

Why Ether treasury reserves matter

When public companies buy and hold Ether as a treasury reserve, it does more than just add another asset to their balance sheet. It directly impacts the ETH market and ecosystem. 

Large corporate purchases reduce circulating supply, which then creates upward pressure on price, especially when combined with Ether’s deflationary tokenomics after Ethereum Improvement Proposal 1559. Staking these reserves compounds the effect by locking ETH out of liquid markets, which further tightens availability.

Beyond price, corporate treasuries also strengthen Ethereum’s network. By running validators, companies contribute to security and decentralization while earning staking rewards that grow their reserves. 

For investors, corporate adoption signals institutional confidence in ETH as a long-term store of value, not just a speculative asset.

In short, corporate ETH treasuries boost demand, restrict supply and reinforce the ecosystem, making them a powerful force in Ethereum’s future.

How corporate Ether holdings are reshaping the market

If you are tracking Ether adoption, corporate treasuries are now one of the biggest signals to watch. Here’s what the 2025 ETH wave means for you:

• Buy, stake and compound: Companies aren’t just buying ETH; they’re staking and restaking to generate steady onchain yield.

• Weekly updates build trust: Firms like SharpLink release weekly ETH reports, giving investors real-time transparency.

• Scale moves markets: With over 1.5 million ETH, BitMine Immersion proves corporate treasuries can influence validator sets and liquidity.

• Accounting matters: Coinbase sets the standard by clearly separating ETH held for investment vs. operations.

• Stocks as ETH exposure: Public companies offer regulated ways to gain ETH exposure, though shares may trade above or below net ETH value.

Key risks you should watch with corporate Ether treasuries

While corporate ETH reserves bring legitimacy and demand, they also introduce risks you should watch:

• Market volatility: ETH prices remain highly volatile. A sudden downturn can slash the value of corporate treasuries and trigger shareholder concerns.

• Regulatory uncertainty: Rules for digital assets are still evolving. Future regulation could impact how treasuries are reported, taxed or even allowed.

• Concentration risk: A few companies holding millions of ETH can distort liquidity. If a large holder sells, it may cause sharp price swings.

• Operational and custody risks: Running validators, securing private keys and managing staking contracts all introduce technical vulnerabilities.

• Equity exposure limits: For investors using stocks as ETH proxies, share prices can trade at steep premiums or discounts, creating mismatches with actual ETH value.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.