Top Largest Ethereum Treasury Holders in 2025

Key Takeaways

• Companies aren’t just holding ETH; they are staking and restaking to generate steady onchain income.

• Mega-holders like BitMine (1.5 million ETH) can sway liquidity, validator distribution and even upgrade dynamics.

• Weekly ETH disclosures from firms like SharpLink give investors real-time insight into accumulation and staking rewards.

• Coinbase sets the benchmark by clearly splitting ETH “held for operations” from ETH “held for investment.”

Introduction

Corporate Ether (ETH) treasuries have become a defining theme in 2025, reshaping how public companies approach balance sheet management. Traditionally, treasuries leaned on cash reserves or Bitcoin. Today, a growing number of firms are pivoting to Ethereum, using it not just as a reserve asset but as a yield-generating tool.

What sets this wave apart is the depth of participation. Companies aren’t stopping at simply acquiring ETH — they are staking for yield, restaking for amplified rewards, and openly publishing updates for investors. This marks a significant departure from the early days of crypto adoption, where transparency and structured reporting were scarce.

For traditional investors, this trend offers an opportunity to gain exposure to ETH through regulated equities without the complexities of self-custody or direct staking. Below, we explore the seven largest Ethereum treasury holders as of August 2025, ranked by holdings.

Largest Ethereum Holders in 2025 Ranked By ETH Holdings

BitMine Immersion (NYSE: BMNR)

According to BitMine’s 8-K filing with the U.S. Securities and Exchange Commission (SEC) on Aug. 18, 2025, the company reported a treasury of 1,523,373 ETH as of Aug. 17. This is part of a $6.6-billion crypto position that also includes a small allocation of BTC and cash on hand.

Why it matters: BitMine has become the single largest corporate ETH holder, effectively branding itself as the “Strategy of Ether.” With holdings exceeding 1.5 million ETH, its treasury decisions, validator operations, and staking strategies directly shape market liquidity, validator distribution, and even Ethereum’s upgrade dynamics.

SharpLink Gaming (Nasdaq: SBET)

SharpLink’s Aug. 19, 2025, investor update revealed the company purchased 143,593 ETH in a single week, bringing total holdings to 740,760 ETH as of Aug. 17, 2025. Staking rewards are actively compounding, reflecting an aggressive expansion strategy.

Why it matters: SharpLink is the fastest-growing name in the ETH treasury sector. Weekly disclosures show relentless accumulation funded through at-the-market offerings and direct placements. Its combination of transparency and onchain yield generation makes it a standout example of how fast treasuries can scale in 2025.

Coinbase (Nasdaq: COIN)

In its Q2 2025 Form 10-Q, Coinbase reported 136,782 ETH categorized as “crypto assets held for investment” (fair value $339.5 million as of June 30, 2025). Additionally, the company disclosed 11,195 ETH held under “crypto assets for operations.” For treasury rankings, only the investment category is included.

Why it matters: Coinbase offers one of the cleanest disclosures in the space. By explicitly separating ETH for operational use (validators, fees) from ETH as an investment reserve, it provides investors with unmatched clarity. Its filings set the benchmark for corporate ETH accounting and transparency.

Bit Digital (Nasdaq: BTBT)

On July 18, 2025, Bit Digital announced the acquisition of 19,683 ETH through a registered direct offering, raising its total reserves to about 120,306 ETH. Management described ETH as “foundational” to the company’s onchain yield and infrastructure ambitions.

Why it matters: Bit Digital combines ETH treasury accumulation with validator operations. By earning native yield on reserves, the firm follows a sustainable model now being widely adopted in 2025, blending treasury management with direct network participation.

ETHZilla (Nasdaq: ETHZ)

ETHZilla’s Aug. 18, 2025 SEC filing (Exhibit 99.1) confirmed the accumulation of 94,675 ETH at an average price of $3,902.20, alongside $187 million in cash equivalents.

Why it matters: ETHZilla’s bold entry into the ETH treasury model signals a high-conviction bet. By starting with a sizable position and working with external managers to deploy staking and yield programs, ETHZilla demonstrates how new entrants can quickly position themselves as institutional-scale players in Ethereum’s ecosystem.

BTCS (Nasdaq: BTCS)

On Aug. 14, 2025, BTCS disclosed it had increased its Ether treasury to 70,140 ETH, valued at more than $321 million (as of Aug. 12, 2025). At the same time, the company scaled its Ether “Builder+” platform and validator operations.

Why it matters: BTCS brands itself as an “Ethereum-first” public company. Beyond treasury accumulation, it emphasizes block building, staking, and DeFi-enabled ETH borrowing to enhance capital efficiency. This hybrid approach positions BTCS as an innovator in treasury management and infrastructure.

Fundamental Global / FG Nexus (Nasdaq: FGNX)

On Aug. 11, 2025, FG Nexus disclosed holdings of 47,331 ETH as of Aug. 10, 2025, as part of its newly launched ETH accumulation initiative. The company also announced plans to stake and restake ETH to maximize yield.

Why it matters: Though a newcomer, FG Nexus has made clear its ambition to build “one of the largest” ETH treasuries over time. Its early adoption of staking and restaking strategies mirrors the broader 2025 playbook driving corporate ETH growth.

Why Corporate Ether Treasuries Matter

When public companies hold Ether as a treasury reserve, the effects extend far beyond balance sheet diversification. Large-scale corporate buying reduces circulating supply, placing upward pressure on ETH’s price. Combined with Ethereum’s deflationary tokenomics post-EIP-1559, this creates a reinforcing cycle of scarcity and value appreciation.

Staking compounds this effect. By locking ETH into validator networks, companies further restrict liquid supply while simultaneously strengthening Ethereum’s security and decentralization. For investors, such moves are a powerful signal of confidence, framing ETH as more than a speculative asset — it is a recognized store of value and yield-bearing digital commodity.

How Corporate Ether Holdings Are Reshaping the Market

• Buy, stake, compound: Companies are no longer passive holders — they are active participants, compounding returns through staking and restaking.

• Weekly updates build trust: SharpLink and similar firms issue real-time disclosures, providing investors with visibility into treasury growth and yield.

• Scale moves markets: With more than 1.5 million ETH, BitMine shows how large corporate treasuries can influence liquidity and validator distributions.

• Accounting transparency matters: Coinbase sets the industry standard for clear reporting, giving investors a reliable view of ETH reserves.

• Stocks as ETH exposure: Public equities holding ETH offer investors regulated exposure, though shares may deviate significantly from net ETH asset value.

Key Risks Investors Should Watch

While the rise of ETH treasuries is bullish, risks remain:

• Market volatility: ETH’s price swings can erode corporate treasuries, raising shareholder concerns during downturns.

• Regulatory uncertainty: Future policies could reshape reporting, taxation, or even the permissibility of ETH treasuries.

• Concentration risk: A handful of mega-holders could distort liquidity and destabilize markets if they offload assets.

• Custody and operational risks: Running validators and securing private keys introduces technical vulnerabilities.

• Equity valuation mismatches: Stocks tied to ETH treasuries can trade at premiums or discounts, creating divergence from underlying ETH value.

Conclusion

The corporate embrace of Ethereum is no longer a fringe experiment — it is a mainstream balance sheet strategy reshaping capital markets in 2025. From BitMine’s massive 1.5 million ETH reserve to SharpLink’s rapid-fire accumulation and Coinbase’s transparent accounting, public companies are showcasing different approaches to ETH adoption.

These treasuries don’t just impact balance sheets; they reduce supply, reinforce Ethereum’s network, and send strong signals of institutional confidence. For investors, watching corporate ETH moves is now as important as tracking ETF flows or macroeconomic signals. While risks exist, the trajectory is clear: Ethereum is becoming a core financial asset, and corporate treasuries are accelerating that shift.

Frequently Asked Questions

Why are companies choosing Ethereum over Bitcoin for treasuries?

While Bitcoin remains a popular treasury asset, Ethereum offers yield through staking and broader utility in decentralized finance. This dual role as both a store of value and income-generating asset makes ETH attractive to corporations.

How do companies generate yield from their ETH holdings?

Most firms stake ETH directly or through validator operations, earning rewards. Some also restake ETH into liquid staking protocols or DeFi strategies to amplify returns.

Which company currently holds the most ETH?

As of August 2025, BitMine Immersion is the largest holder, with over 1.52 million ETH in its treasury.

How do public disclosures affect ETH markets?

Weekly or quarterly updates, such as those from SharpLink or Coinbase, provide real-time transparency. These disclosures can influence market sentiment, especially when they reveal large purchases or staking activity.

What risks should investors consider with ETH treasury stocks?

Key risks include ETH’s volatility, regulatory changes, concentration of holdings among a few players, and discrepancies between stock prices and actual ETH value.