The 7 Largest Publicly Traded Ethereum Treasury Firms

The trend of listed companies adopting cryptocurrency treasury strategies may have originated with Bitcoin, but it has since expanded to various digital assets - including the second-largest cryptocurrency asset by market capitalization - Ethereum.

Now, the race for Ether has begun, with leading figures such as Tom Lee of fund Stratechery and Ethereum co-founder Joe Lubin among those supporting listed companies, while also taking actions related to Ethereum and its future.

According to the website StrategicETHReserve.xyz, public institutions holding Ethereum reserves currently hold nearly 5 million Ether coins, worth over 22 billion US dollars, accounting for more than 4% of the total supply. This is the largest group of holders as of the current time point.

1. BitMine Immersion Technologies Inc.

Led by crypto bull and Fundstrat CIO Tom Lee, BitMine Immersion Technologies burst onto the scene at the end of July when the firm detailed plans for an Ethereum treasury. 

Formerly focused on Bitcoin mining, BitMine (BMNR) first secured a $250 million private investment in public equity (PIPE) fundraising round to begin its ETH purchases. 

Since that time, it hasn’t looked back, acquiring 2,151,676 ETH, around $9.65 billion worth as of this writing. 

The aggressive buying spree has coincided with Lee’s seemingly unfathomable ETH price predictions, which include calls for $60,000 ETH. That’s a sizable multiple of the current price.

After planning a raise of $4.5 billion to accumulate the asset, Lee and company upsized their offering by $20 billion in August as BitMine aims to expand its already industry-leading Ethereum treasury. 

2. SharpLink Gaming

Gambling marketer turned Ethereum treasury company SharpLink Gaming holds the second-largest publicly traded ETH treasury. 

The firm maintains 838,152 ETH or $3.86 billion—around 83% of the way to its first stated goal of accumulating 1 million ETH.

While SharpLink’s existing business did not have immediate ties to crypto, it brought on direct ties to Ethereum when it shaped its board of directors. The firm’s chairman Joe Lubin is the co-founder of Ethereum itself, and founder and CEO of Ethereum software company, Consensys, the maker of popular crypto wallet, MetaMask.

Lubin and company have followed BitMine in a relentless pursuit of Ethereum, raising funds in a variety of ways including a recent $400 million direct offering, plus plans to collect up to $6 billion via stock sales. 

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

3. The Ether Machine

There’s no questioning the business of The Ether Machine, a firm that will be made public via a merger of The Ether Reserve, LLC and blank-check company Dynamix.

The third-largest treasury on the list, The Ether Machine currently holds 495,362 ETH, or $2.22 billion at today’s ETH prices.

Funded with startup capital and approximately 170,000 ETH from co-founder and chairman Andrew Keys, the Ether Machine stated a mandate to put its ETH to work on-chain or create a “machine” to grow its stash, differentiating it from more passive accumulation vehicles. 

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

4. Coinbase Global, Inc.

Leading American crypto exchange Coinbase maintains an investment of around $636 million or 136,782 ETH. That is more than 20,000 ETH greater than it ended 2024 with when it held 115,700 ETH based on an end of year 10-K filing.

The firm also holds more than 11,000 Bitcoin as an investment, placing it among the top publicly traded holders of the largest crypto asset, as well.  

First hitting the public markets in 2021, shares in Coinbase made a new all-time high in July 2025 as crypto firms continued a streak of success alongside traditional equities. 

5. Bit Digital, Inc.

Bitcoin miner Bit Digital formed an Ethereum treasury strategy during Q2 2025. In just a few short months, it’s quickly added to its stash, jumping from 30,663 ETH at the end of June to 121,252 ETH as of August 31—now valued at around $542 million.

As part of its transition, the firm is ending its Bitcoin mining operations and redeploying funds towards ETH accumulation. Public markets didn’t react strongly to the strategy shift, as shares of BTBT have gained just 2.51% year-to-date.

6. ETHZilla

Biotech firm 180 Life Sciences rebranded its company to ETHZilla, as it shifted focus to a digital assets treasury centered on Ethereum. 

The firm raised $425 million in late July to kickstart its treasury and quickly jumped up the holder rankings, acquiring 102,246 ETH as of September 14, valued around $460 million at today’s ETH prices.

A few weeks later, shares in ETHZilla quickly tripled after it was revealed that billionaire tech investor Peter Thiel and related entities had purchased a 7.5% stake in the company. ETHZ has mostly given up those gains in recent weeks, however, with a big drop after the company filed to offer 74.8 million convertible shares. The company also announced plans to buy back up to $250 million worth of stock.

The firm is putting its holdings to work, managing around $100 million of its treasury in Ethereum DeFi protocol, Etherfi.

As for its unique name? Chairman of the board McAndrew Rudisil told Decrypt in July that it “comes from our focus to be one of the largest holders of ETH in the world.”

7. BTCS Inc.

Blockchain Technology Consensus Solutions (BTCS) holds 70,140 ETH, worth around $315 million as of September 17.

The firm boasts a proactive strategy to acquire more Ethereum, putting its ETH to work on-chain using what is described as a “powerful DeFi/TradFi financial model” to generate value for shareholders. 

In addition to acquiring ETH, the firm also bolstered its treasury with three Ethereum-based Pudgy Penguins NFTs in August.

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