The 7 Largest Publicly Traded Ethereum Treasury Corporations – Decrypt

The development of publicly traded corporations adopting crypto treasury methods could have began with Bitcoin, but it surely has since expanded to all kinds of digital property—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 corporations as they rally round Ethereum and its future. 

Per StrategicETHReserve.xyz, public entities with Ethereum treasuries keep greater than 3.7 million ETH valued at practically $17 billion, as of this writing, and greater than 3% of all the provide. These are the largest 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 targeted on Bitcoin mining, BitMine (BMNR) first secured a $250 million personal funding in public fairness (PIPE) fundraising spherical to start its ETH purchases. 

Since that point, it hasn’t seemed again, buying 1,150,263 ETH or greater than $5 billion price as of this writing.

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

After planning a increase of $4.5 billion to build up the asset, Lee and firm upsized their providing by $20 billion in August as BitMine goals to broaden 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 728,804 ETH, or $3.2 billion as of its newest launch—round 73% of the best way to its first acknowledged purpose of accumulating 1 million ETH. 

Whereas SharpLink’s present enterprise didn’t have quick 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 widespread crypto pockets, MetaMask.

(Disclaimer: Consensys is certainly one of 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 by way of 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 made public by way of a merger of The Ether Reserve, LLC and a blank-check firm earlier this 12 months. 

The third-largest treasury on the listing, The Ether Machine at the moment holds 345,362 ETH, or $1.5 billion at at present’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. 

It most lately acquired round $40 million price of ETH utilizing money from a beforehand established personal placement. On the time of inception, it anticipated to drag in round $1.6 billion in complete proceeds to make use of to fund Ethereum purchases.

4. Coinbase

Main American crypto trade Coinbase maintains an funding of round $602 million or 136,782 ETH, in line with its most up-to-date 10-Q submitting. That’s greater than 20,000 ETH higher 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, inserting it among the many prime publicly traded holders of the most important crypto asset, as properly.  

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

5. Bit Digital

Bitcoin miner Bit Digital fashioned an Ethereum treasury technique throughout Q2 2025. In only a few quick months, it’s rapidly added to its stash, leaping from 30,663 ETH on the finish of June to 121,076 ETH as of August 11—now valued at greater than $530 million. 

As a part of its transition, the agency is ending its Bitcoin mining operations and redeploying funds in direction of ETH accumulation. Public markets didn’t react strongly to the technique shift, as shares of BTBT have gained simply 2.63% year-to-date. 

6. ETHZilla

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

The agency raised $425 million in late July to kickstart its treasury and rapidly jumped up the holder rankings, buying 82,186 ETH as of August 12, valued round $362 million at at present’s ETH costs. 

A couple of weeks later, shares in ETHZilla (ATNF) rapidly tripled after it was revealed that billionaire tech investor Peter Thiel and associated entities had bought a 7.5% stake within the firm. 

As for its distinctive identify? 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 Expertise Consensus Options (BTCS) holds 70,140 ETH, price round $309 million as of mid-August.

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% enhance year-over-year. Shares are up practically 90% year-to-date.