Ethereum Treasuries Smash $10B Benchmark—Institutional Holders Double Down

ETH vaults overflow as corporate and institutional treasuries quietly amass a war chest worth over $10 billion. The second-largest cryptocurrency isn't just sitting in wallets—it's being weaponized as a strategic reserve asset.

Who's hoarding all that ETH?

Treasury departments—once allergic to crypto—now stack Ethereum like it's the new T-bill. No press releases, no fanfare—just cold, accumulating wallets. Meanwhile, traditional finance still debates whether ETH is a security or a commodity. Spoiler: it's becoming money.

What does this tell us?

Smart money isn't waiting for regulatory clarity. They're building positions while Wall Street analysts argue about 'appropriate allocation percentages.' By the time the suits agree, the ETH train will have left the station—again.

Closing thought: Nothing screams 'store of value' like billion-dollar treasuries treating ETH like digital gold—while Bitcoin maxis seethe.

Companies looking to buy more ETH

Meanwhile, the amount of ETH held as reserve assets by various entities will likely keep increasing, especially as several public companies plan to continue buying more ETH. Standard Chartered’s report notes that public companies bought 1% of the ETH supply in June and will likely buy up to 10% of the supply over time.

Interestingly, Bitmine Ceo Tom Lee also confirmed this, stating that the company plans to buy and stake up to 5% of the ETH supply, which WOULD amount to around 6 million ETH. He disclosed that the company is actively working on strategies to achieve this.

However, the firm also recently approved plans to buy back $1 billion of its shares from the open market and negotiate transactions. This MOVE occurs when its stock value is below net asset value (NAV) and appears calculated to further boost share value before returning to ETH accumulation mode.

Not only is Bitmine taking a more measured approach to its accumulation, with Sharplink chairman Joe Lubin also stating that the company wants to buy more ETH, but it will be cautious to keep leverage in check. Sharplink is already considering issuing convertible notes similar to Strategy (formerly MicroStrategy)  to get the capital needed to increase its ETH holdings.

ETH steadies around $3,700 as journey to $4,000 stalls

Despite the accumulation frenzy, ETH has seen its price movement stall in the past few days. According to CoinMarketCap data, the token traded as high as $3,877 earlier today has now dropped to $3,774, representing a slight decline.

With this decline, investors expecting ETH to climb above $4,000 on the anniversary of its 10 years of existence have had their hopes dashed as the momentum that pushed it to gain more than 100% in three months appears to have subsided.

Nevertheless, on-chain data shows that Ethereum activity is still booming with over 680,000 active wallets on Wednesday, making it its second busiest day. ETH Mean value to realized value (MVRV) has also increased 38% in the past year and 15% in the past month.

Interestingly, ETH gains over the past month have happened independent of Bitcoin. According to crypto analyst Carmelo Aleman, ETH gains have not been due to any major capital rotation from bitcoin but new capital flowing into Ethereum.

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