Corporate ETH Treasuries Surpass $10B: Who’s Hoarding Ethereum in 2025?
- The $10B Corporate ETH Buying Spree
- Wall Street's ETH Playbook
- Why $4,000 ETH Remains Elusive
- FAQ: Corporate ETH Accumulation Explained
The $10B Corporate ETH Buying Spree
Move over, Bitcoin maximalists - there's a new institutional darling in crypto town. Publicly traded companies have amassed an astonishing $10 billion ethereum treasury reserve, equivalent to 2.27% of the total ETH supply. The buying spree has been particularly intense among three corporate giants:
- Bitmine Immersion Tech (625,000 ETH) - The new whale on the block with a $2.3 billion position
- Sharplink Gaming (438,200 ETH) - Aggressively accumulating since June
- The Ether Machine (334,800 ETH) - Built its stack in under 90 days
What's wild is that these companies essentially vacuumed up ETH faster than a DeFi yield farmer chasing the next hot pool. Bitmine's CEO Tom Lee dropped the bombshell that they're aiming to stake 5% of all ETH (about 6M coins) - a move that would make them bigger than the Ethereum Foundation's current 234,600 ETH stash.
Wall Street's ETH Playbook
The corporate ETH accumulation follows a familiar pattern we've seen with bitcoin treasuries, but with some spicy twists:
| Company | Strategy | Recent Move |
|---|---|---|
| Bitmine | Buyback shares + ETH accumulation | $1B stock buyback approved |
| Sharplink | Convertible debt financing | 77,000 ETH bought July 29 |
| Ether Machine | Aggressive spot buying | 334,800 ETH in |
Sharplink's chairman Joe Lubin (yes,Joe Lubin from ConsenSys fame) hinted they're exploring MicroStrategy-style convertible notes to fund more purchases. Meanwhile, Standard Chartered analysts predict public companies could eventually hold 10% of ETH's supply - up from just 1% in June.
Why $4,000 ETH Remains Elusive
Despite the institutional frenzy, ETH has been rangebound between $3,700-$3,900 this week. The token hit $3,877 before retreating to $3,774 at press time (per CoinMarketCap data). Some possible reasons for the stall:
- Profit-taking after 100% Q2 gains
- Options expiry volatility
- Market digestion of corporate buying news
On-chain data tells an interesting story though - Wednesday saw 680,000 active Ethereum addresses (the second-highest ever), while MVRV ratios show holders are still deeply profitable (+38% YoY). Crypto analyst Carmelo Aleman notes the ETH rally has been fueled bycapital rather than Bitcoin rotations.
FAQ: Corporate ETH Accumulation Explained
Which companies hold the most ETH?
The top three corporate ETH holders are Bitmine Immersion Tech (625K ETH), Sharplink Gaming (438K ETH), and The Ether Machine (335K ETH). Together they control about $5 billion worth.
Is the Ethereum Foundation still the biggest holder?
No - the EF's 234,600 ETH stash now ranks fourth after being overtaken by corporate buyers. They held the top spot as recently as June 2025.
Are governments holding ETH too?
Yes - 64 entities including the US government (60K ETH), Michigan State (4K ETH), and Bhutan's royal government (495 ETH) have ETH treasuries.
Why are companies buying ETH instead of Bitcoin?
ETH's staking yields (currently ~4.2%), DeFi integration potential, and upcoming protocol upgrades make it attractive for corporate treasuries seeking yield-plus-growth exposure.
