The total value of ether treasuries has exceeded $10 billion, reflecting a growing trend of companies incorporating the world’s second-largest cryptocurrency into their balance sheets.
According to data from SER, the total strategic ETH reserve value stands at $10.58 billion as of Thursday, accounting for 64 entities that hold over 100 ETH. This accounts for 2.26% of ether’s total supply, the data showed.
The combined value of $10 billion includes treasuries from publicly traded companies, cryptocurrency exchanges, DeFi protocols, non-profit organizations and federal governments.
Currently, the top holder of ether is Bitmine Immersion Tech, which shifted its main focus from bitcoin mining to the accumulation of ether. The company holds 625,000 ETH ($2.42 billion) under its belt, while its chairman Tom Lee previously said that it aims to acquire and stake 5% of Ethereum’s token supply.
Bitmine is then followed by Joseph Lubin’s SharpLink Gaming, which owns 438,200 ETH in its treasury. The Ether Machine announced Wednesday that it acquired 15,000 ETH to place itself on the third spot, with 334,800 ETH.
The three corporate Ether treasuries have now surpassed the long-held ETH reserves of the Ethereum Foundation, which plays a crucial role in overseeing and funding the core development, research, and ecosystem support for the Ethereum network. The foundation holds 234,600 ETH.
This signals a new era where corporate entities, driven by strategic asset diversification and yield opportunities, hold more of the world’s second-largest cryptocurrency than the very organization fundamental to the underlying network.
Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, predicted that ETH treasury firms could eventually hold up to 10% of the total supply, with ETH treasuries offering more upside potential compared to bitcoin counterparts due to their access to staking and other realms of DeFi.
While offering returns, ETH treasury models employing staking also introduce liquidity and smart contract risks, according to Bernstein analysts.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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