The 7 Largest Publicly Traded Ethereum Treasury Firms

The pattern of publicly traded firms adopting crypto treasury methods might 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 companies as they rally round Ethereum and its future. 

Per StrategicETHReserve.xyz, public entities with Ethereum treasuries preserve almost 5 million ETH valued at greater than $22 billion, as of this writing, and greater than 4% of your complete provide. These are the most important 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 when the agency detailed plans for an Ethereum treasury. 

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 appeared again, buying 2,151,676 ETH, round $9.65 billion price as of this writing. 

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

After planning a elevate 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. 

2. SharpLink Gaming

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

The agency maintains 838,152 ETH or $3.86 billion—round 83% of the best way to its first acknowledged purpose of accumulating 1 million ETH.

Whereas SharpLink’s current enterprise didn’t have fast 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 standard crypto pockets, MetaMask.

(Disclaimer: Consensys is one among 22 traders in an editorially impartial Decrypt)

Lubin and firm have adopted BitMine in a relentless pursuit of Ethereum, elevating funds in a wide range of methods together with a latest $400 million direct providing, plus plans to gather as much as $6 billion through inventory gross sales. 

In July, the agency added BlackRock’s former head of digital asset technique Joseph Chalom as its newly appointed CEO. 

3. The Ether Machine

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

The third-largest treasury on the checklist, The Ether Machine at present holds 495,362 ETH, or $2.22 billion at as we speak’s ETH costs.

Funded with startup capital and roughly 170,000 ETH from co-founder and chairman Andrew Keys, the Ether Machine acknowledged a mandate to place its ETH to work on-chain or create a “machine” to develop its stash, differentiating it from extra passive accumulation automobiles. 

On August 27, Dynamix moved on from its authentic DYNX ticker to ETHM in public markets. The Ether Machine stated on September 16 that it filed an S-4 with the SEC for approval to finish the merger.

4. Coinbase

Main American crypto change Coinbase maintains an funding of round $636 million or 136,782 ETH. That’s greater than 20,000 ETH larger than it ended 2024 with when it held 115,700 ETH primarily based on an finish of 12 months 10-Okay submitting.

The agency additionally holds greater than 11,000 Bitcoin as an funding, putting it among the many prime publicly traded holders of the most important crypto asset, as effectively.  

First hitting the general public markets in 2021, shares in Coinbase made a brand new all-time excessive in July 2025 as crypto companies continued a streak of success alongside conventional equities. 

5. Bit Digital

Bitcoin miner Bit Digital fashioned an Ethereum treasury technique throughout Q2 2025. In just some brief months, it’s rapidly added to its stash, leaping from 30,663 ETH on the finish of June to 121,252 ETH as of August 31—now valued at round $542 million.

As a part of its transition, the agency is ending its Bitcoin mining operations and redeploying funds in the direction of ETH accumulation. Public markets didn’t react strongly to the technique shift, as shares of BTBT have gained simply 2.51% year-to-date.

6. ETHZilla

Biotech agency 180 Life Sciences rebranded its firm to ETHZilla, because it shifted focus to a digital belongings treasury centered on Ethereum. 

The agency raised $425 million in late July to kickstart its treasury and rapidly jumped up the holder rankings, buying 102,246 ETH as of September 14, valued round $460 million at as we speak’s ETH costs.

A couple of weeks later, shares in ETHZilla rapidly tripled after it was revealed that billionaire tech investor Peter Thiel and associated entities had bought a 7.5% stake within the firm. ETHZ has largely given up these good points in latest weeks, nonetheless, with a giant drop after the corporate filed to supply 74.8 million convertible shares. The corporate additionally introduced plans to purchase again as much as $250 million price of inventory.

The agency is placing its holdings to work, managing round $100 million of its treasury in Ethereum DeFi protocol, Etherfi.

As for its distinctive title? Chairman of the board McAndrew Rudisil advised Decrypt in July that it “comes from our focus to be one of many largest holders of ETH on this planet.”

7. BTCS Inc.

Blockchain Know-how Consensus Options (BTCS) holds 70,140 ETH, price round $315 million as of September 17.

The agency boasts a proactive technique to amass extra Ethereum, placing its ETH to work on-chain utilizing what’s described as a “highly effective DeFi/TradFi monetary mannequin” to generate worth for shareholders. 

Along with buying ETH, the agency additionally bolstered its treasury with three Ethereum-based Pudgy Penguins NFTs in August.

BTCS posted report revenues in Q2 of $2.77 million, marking a 394% improve year-over-year. Shares are up 93% year-to-date.

Editor’s be aware: This story was initially revealed on August 17, 2025 and final up to date with new particulars on September 17.