Top 7 Ethereum Treasury Firms You Should Watch

The 7 Largest Publicly Traded Ethereum Treasury Firms

Publicly traded companies are increasingly adopting crypto treasury strategies that extend beyond Bitcoin and into other major digital assets, led by Ethereum. Data from StrategicETHReserve.xyz shows public entities with Ethereum treasuries collectively hold more than 6.7 million ETH, valued at about $20 billion, representing over 5.5% of Ether’s total supply as of this writing.

The largest publicly traded holder is BitMine Immersion Technologies, led by crypto bull and Fundstrat CIO Tom Lee. BitMine drew attention at the end of July when it outlined plans for an Ethereum treasury, and has since moved quickly to build what is now described as the industry’s leading public ETH reserve.

After initially planning to raise $4.5 billion to accumulate Ether, Lee and the company upsized the offering by $20 billion in August as BitMine aims to expand its already sizable position. The firm has publicly framed a specific accumulation target: 5% of the circulating ETH supply. It currently holds around 3.2%, according to the information provided.

BitMine’s Ethereum holdings have been cited at different points around the 3.8 million to 4 million ETH range, including a note that it surpassed 4 million ETH after a $40 million purchase. Another update says the firm’s ETH treasury alone is worth just over $12 billion, and that it kept $1 billion in cash unchanged over a week despite additional ETH buying.

The second-largest publicly traded Ethereum treasury belongs to SharpLink Gaming, described as a gambling marketer that has transitioned into an Ethereum treasury company. SharpLink is reported to hold 859,000 ETH valued at approximately $2.5 billion.

Beyond the top two, the broader category of crypto treasury firms continues to evolve. Some companies have begun selling portions of their crypto holdings, often framed as balance-sheet management. One example cited is ETHZilla, described as a top-five Ethereum treasury firm, which sold $74.5 million worth of ETH for debt repayment while retaining other holdings.

Executives in the space have also described a wider shift toward diversified corporate crypto treasuries. Jad Comair, cited in the provided material, said that as the broader crypto market often lags Bitcoin, firms that adopt a Bitcoin playbook frequently “extend the playbook” into other assets—an approach that has included Ethereum and, increasingly, tokens such as XRP and Solana.

For investors, the rise of Ethereum treasury companies highlights a straightforward reality: company performance can become closely linked to the underlying asset. The provided material notes that as Ether rises or falls, equity prices for ETH-focused treasury firms may move sharply as well, underscoring the question of whether markets value these companies purely by their ETH holdings or assign an additional premium for structure, strategy, or execution.

• BitMine Immersion Technologies leads publicly traded ETH treasuries, with holdings cited around 3.8–4.0 million ETH.
• SharpLink Gaming ranks second with 859,000 ETH (about $2.5 billion).
• Across public entities, Ethereum treasuries total more than 6.7 million ETH, worth about $20 billion and representing over 5.5% of supply.
• Some treasury firms have begun selling crypto holdings for balance-sheet reasons, including debt repayment.