Top Public Companies Holding Ethereum

Which Public Companies Hold The Most Ethereum (ETH)?

Among public companies, SharpLink Gaming is the current leader, holding 360,807 ETH, at a current value of $1.33B. Over 95% of SharpLink’s ETH holding is deployed in staking and liquid staking platforms, generating yield for the organization, as well as solidifying its strategy of using ETH as its core treasury reserve asset.

Bitmine Immersion is the second largest holder, with 300,657 ETH, currently valued at $1.11B, making it the world’s largest publicly traded holder of ETH. The company is chaired by Fundstrat co-founder Tom Lee, and aims to hold 5% of all ETH, or 6.0 million ETH, at the current supply. 

Coinbase Global, Inc. comes in at a strong third place, holding 137,300 ETH with a current value of $507.34 million. This represents nearly 13.7% of all ETH held by public companies. Before SharpLink Gaming and Bitmine Immersion were set up, Coinbase had the largest holdings of ETH as a public company. 

Trailing Coinbase is Bit Digital, Inc., a company best known for its Bitcoin mining operations, but which has aggressively diversified into Ethereum staking. Bit Digital holds 120,306 ETH, valued at approximately $444.54 million. Much of this ETH is actively staked, allowing the company to earn additional yield and further cementing its commitment to Ethereum’s proof-of-stake ecosystem.

Next in the list comes BTCS Inc., a long-time crypto industry participant. As of July 2025, BTCS holds 55,788  ETH, recently boosted by a 22,935 ETH purchase. The company leverages its Ethereum holdings, currently valued at approximately $206.14 million, for staking and to support its blockchain infrastructure business, reinforcing its leadership in validator node operations and blockchain services. It has also issued convertible bonds in order to fund further purchases of ETH.

Following BTCS Inc. is GameSquare Holdings, with 10,170 ETH held. The Nasdaq-listed media and entertainment company recently increased its digital asset treasury management authorization from $100 million to $250 million. It also approved a new NFT yield strategy, which would allow the company to deploy capital into Ethereum-based assets and generate stablecoin yields. 

Intchains Group Limited is the seventh largest, with ETH holdings that are split between directly held ETH (6,347 ETH) and ETH staked via Coinbase (676 ETH), making a total of 7,023 ETH. The company’s ETH holdings are primarily intended as a strategic reserve and to support its broader Web3 and altcoin mining initiatives.

KR1, Exodus, and BTC Digital make up the rest of the top 10, holding a total of 10,150 ETH. All three companies haven’t actively accumulated ETH in the past quarter of 2025.

How Much Ethereum (ETH) Is Held By Public Companies?

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has steadily held its place as a core pillar of the industry. While Bitcoin has long dominated public company treasuries, a select group of companies have begun to embrace Ethereum as both a reserve asset and an operational tool. As of July 2025, only twelve publicly traded companies have officially disclosed Ethereum holdings on their balance sheets. These firms collectively hold 1,002,666 ETH, valued at approximately $3.70 billion as of July 23, 2025, representing 0.83% of all ETH in circulation.

How Are Publicly Traded Companies with Ethereum Holdings Performing Today?

Ethereum’s price journey over the past year has been marked by sharp swings and shifting sentiment. After reaching a cycle high above $4,100 in December 2024, ETH saw a steep decline, falling to a low near $1,383 in April 2025. By end-July, ETH has rebounded to the $3,700 range, stabilizing the value of these corporate treasuries. 

This volatility has directly impacted the value of public company ETH treasuries. For example, SharpLink’s ETH holdings, acquired at an entry value of $1.03 billion with an average entry price of $2,864, are now worth $1.33 billion, reflecting an unrealized gain of 29.0%. On the other hand, Bitmine’s ETH holdings of 300,657 ETH acquired for $977.3 million at an average price of $3,251 means it currently sits on an unrealized profit of 13.7%. 

Bit Digital’s ETH has appreciated at a much higher rate of 85.8%, from $239.3 million to $444.5 million. Exodus Movement sits on the most significant unrealized gain of 102.7%, but its holdings of 2,550 ETH pale in comparison to the top five. 

The top 10 public companies holding ETH are in profit on their ETH holdings, thanks in large part to the run-up in price throughout July. 

On the industry-wide side, Ethereum’s transition to proof-of-stake and the launch of spot ETH ETFs in 2024 have lowered the barriers for institutional exposure. However, compared to Bitcoin, the adoption of ETH as a corporate treasury asset remains highly concentrated and limited. Over 65.9% of all publicly disclosed ETH held by public companies sits with just two firms: SharpLink Gaming and Bitmine Immersion. The remaining companies hold only modest amounts. However, the landscape is quickly changing, with the launch of more firms dedicated to adding ETH to their balance sheets. 

Top 10 Largest Ethereum Treasuries Among Public Companies

The top 10 largest Ethereum (ETH) treasuries among public companies are as follows: 

Methodology

This study examines the top publicly listed companies with the biggest portfolios by amount of Ether (ETH) held, extracted from reported financial results (10-q, SEDAR filings, press releases, etc.), as of July 23, 2025.

The current ETH value taken is $3,695.11  as of July 23, 2025. All prices stated are in USD.

The number of ETH purchased by each public company is then multiplied by its price at the point of purchase and compared against the value of the current ETH holdings in July 2025.

Many companies do not disclose the exact date and time in which they execute their ETH purchases. Instead, they typically provide a range of about one or two weeks. Within this range, they could have either made one large purchase or several smaller purchases. For this reason, we have elected to find the average ETH price during this period, and multiply it by the total ETH purchased within this period, in order to get a reliable approximated entry price for the total purchase.

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Curious to find out more about our previous research studies? Check out this one we did on Bitcoin (BTC) Holdings of Countries.