The 7 Largest Publicly Traded Ethereum Treasury Firms

The trend of publicly traded companies adopting crypto-treasury strategies may have started with Bitcoin, but has since expanded to a wide range of digital assets, including the second largest crypto asset by market capitalization, Ethereum.

Now the race to acquire ETH is on, led by key figures like Fundstrat’s Tom Lee and Ethereum co-founder Joe Lubin, who are backing public companies as they rally around Ethereum and its future.

Per StrategicETHReserve.xyzAt the time of writing, public entities with Ethereum treasuries hold over 7.3 million ETH worth over $16 billion, and over 6% of the total supply. These are the largest holders at the time of writing.

1. BitMine Immersion Technologies

Led by crypto bull and Fundstrat CIO Tom Lee, BitMine Immersion Technologies burst onto the scene in late July 2025 when the company detailed plans for an Ethereum treasury. (Disclosure: Lee is one of several angel investors in the Myriad prediction market, which is operated by Declutterparent company Dastan.)

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

Since then it hasn’t looked back, acquiring 4,595,562 ETH, worth about $10 billion at the time of writing. The stack has grown so big at BitMine that the company is now the second-largest crypto treasury of any kind, trailing only Bitcoin giant. Strategy (formerly MicroStrategy) with its stock of nearly $54 billion.

The aggressive buying spree coincided with Lee’s seemingly inscrutable ETH price predictions, including asks for $60,000 ETH. That is a significant multiple of the current price.

After planning a $4.5 billion raise to amass the asset, Lee and company increased their capital $20 billion offering in August as BitMine looks to expand its already industry-leading Ethereum treasury. The company is completely focused on collecting 5% of the circulating ETH supply –at the time of writing it owns approximately 3.8%.

While the company continues to relentlessly buy Ethereum, usually weekly, the company is struggling with unrealized losses of more than than $7 billionaccording to crypto analytics platform DropsTab.

2. Sharplink

Gambling marketer turned Ethereum Treasury company Sharplink (formerly SharpLink Gaming) holds the second largest publicly traded ETH treasury.

The company maintains 869,154 ETH or $1.86 billion worth – about 87% of the way to the first stated goal: collecting 1 million ETH.

While Sharplink’s existing business had no direct ties to crypto, it established direct ties to Ethereum when it shaped its board of directors. The company’s Chairman Joe Lubin is the co-founder of Ethereum itself, and founder and CEO of Ethereum software company Consensys, creator of the popular crypto wallet, Metamask.

(Disclaimer: Consensys is one of many investors in an editorially independent company Decrypt)

Lubin and company have followed BitMine in a relentless pursuit of Ethereum, raising money in several ways, including a recent $400 million direct offeringplus plans to collect maximum $6 billion through stock sales.

In July 2025, the company added BlackRock’s former head of digital asset strategy Joseph Chalom as newly appointed CEO. Later, it approved a $1.5 billion stock buyback for example, cases where the company’s market capitalization traded at a discount to its intrinsic value. It was bought back in mid-September around $32 million in SBET.

In October, Sharplink announced it would do so $200 million worth of ETH in DeFi protocols on the Consensys-incubated Layer-2 scaling network, Linea. The company is also part of the Linea Consortium, a group of companies helping to drive adoption and distribute tokens from the network’s ecosystem fund.

While other Ethereum treasury companies have looked to other assets and initiatives to generate shareholder returns, Chalom told reporters in January 2026 Declutter that’s his company would remain strictly focused on ETH and generating long-term value for shareholders.

3. The Ether Machine

There are no doubts about the activities of The Ether Machine company that will be made public through a merger of The Ether Reserve, LLC and blank check company Dynamix.

The Ether Machine, the third-largest treasury on the list, held 498,600 ETH – or $1.07 billion worth at the time of writing – at the end of November, the last amount reported in the investor updates.

Funded with seed capital and approximately 170,000 ETH from co-founder and chairman Andrew Keys, the Ether Machine declared a mandate to operate its ETH on-chain or create a ‘machine’ to grow its supply, setting it apart from more passive accumulation vehicles.

On August 27, Dynamix departed original DYNX ticker to ETHM on public markets. The ether machine said on September 16 that it has filed an S-4 with the SEC for approval to complete the merger.

It announced its first major strike earnings in October, which generates approximately 1,350 ETH or $5.5 million to advance the treasury. In November, Keys reiterated the company’s mission to maximize ETH production per share, adding that the decline in ETH prices “provides healthier entry levels aligned with long-term value creation.”

As of the January investor update, the company has still not all regulatory hurdles have been cleared to make the Ether Machine a public entity, although this is expected to be completed by the end of the first quarter.

4. Bit digital

Bitcoin miner Bit Digital formed an Ethereum treasury strategy in the second quarter of 2025. It has since boosted its supply to 155,434 ETH on February 28 – now valued at around $333 million.

As part of the transition, the company ended its Bitcoin mining operations and spent money on ETH accumulation and AI computing through its majority stake in publicly traded company WhiteFiber (WYFI).

Like other digital asset treasuries, Bit Digital’s ETH purchases have been underwater since the second-largest crypto asset fell from an all-time high in August of $4,946.

BTBT’s average purchase cost is $3,045 per ETH based on the latest update, meaning purchases are approximately $140 million lower at the time of writing.

5. Coin base

Prominent US crypto exchange Coinbase maintains an investment of approximately $324 million, or 151,175 ETH based on the latest figures. 10-Q filing. That’s over 35,000 ETH more than it ended with in 2024, when it held 115,700 ETH based on a year-end 10-K filing.

The company also owns over 14,000 Bitcoin as an investment, making it one of the most valuable Bitcoins top listed holders of the largest crypto asset.

First which will hit the public markets in 2021shares in Coinbase achieved a new all-time high in July 2025, when crypto companies continued their successes alongside traditional stocks.

6. BTCS Inc.

Blockchain Technology Consensus Solutions (BTCS) owns 70,322 ETH, worth approximately $151 million, as of the last update.

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

In addition to the ETH acquisition, the company also strengthened its treasury with three Ethereum-based ones Pudgy penguins NFTs in August.

BTCS differentiates itself from other treasury companies and pays shareholders a ‘Bividend’, whereby $0.05 per share in Ethereum is paid to shareholders. An additional $0.35 per share bonus is available for those who transfer their shares to the company’s transfer agent and hold them until January 26, 2026.

7. Forum

Biotech company 180 Life Sciences rebranded its company as ETHZilla in July 2025 as it shifted focus to a digital asset treasury focused on Ethereum. But since then things have moved up a gear again.

The company raised $425 million at the end of July to get his coffers going and quickly jump up the holders’ rankings. A few weeks later, shares in ETHZilla quickly tripled after it was announced that billionaire tech investor Peter Thiel and related entities had purchased a 7.5% stake in the company.

But it’s been a journey since then.

ETHZilla made headlines in October when it sold ETH and repurchased approximately $40 million worth of ETHZ stock as a way to benefit shareholders. It too announced it would undergo a 1-10 reverse stock splitand are starting to share updates on its treasury operations more frequently to meet shareholder feedback.

What’s most surprising, however, is that in its quest to deliver shareholder value, the company chose to focus on tokenizing real-world assets, by offering tokenized access to profits from leased jet engines. That shift in focus led to a complete rebranding, moving away from the unique name in February 2026 and calling it Forum instead. About that time it was discovered that Thiel had sold its shares in the company during the fourth quarter.

Forum, formerly ETHZilla, now owns 61,650 ETH worth approximately $132 million.

Editor’s note: This story was originally published on August 17, 2025 and last updated with new details on March 21, 2026.