The 7 Largest Publicly Traded Ethereum Treasury Firms

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

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

Per StrategicETHReserve.xyz, public entities with Ethereum treasuries maintain more than 5.25 million ETH valued at more than $20.9 billion, as of this writing, and more than 4.3% of the entire supply. These are the biggest holders as of this writing.

1. BitMine Immersion Technologies

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 2,416,054 ETH, around $9.60 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 838,728 ETH or $3.33 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.

(Disclaimer: Consensys is one of 22 investors in an editorially independent Decrypt)

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. Later, it approved a $1.5 billion share buyback for instances in which the firm’s market cap traded at a discount to its net asset value. By mid-September, it had bought back around $32 million worth of SBET.

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 $1.95 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

Leading American crypto exchange Coinbase maintains an investment of around $540 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

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 $479 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 are down 0.68% 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 26, valued around $404 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. In late September, it raised another $350 million via convertible notes in order to purchase more Ethereum.

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 $277 million as of September 26.

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.

Differentiating itself from other treasury firms, BTCS is paying shareholders a “Bividend,” paying $0.05 per share in Ethereum to shareholders. An additional bonus of $0.35 per share is available to those who transfer their shares to the firm’s transfer agent and hold them there until January 26, 2026.

BTCS posted record revenues in Q2 of $2.77 million, marking a 394% increase year-over-year. Shares are up 78% year-to-date.

Editor’s note: This story was originally published on August 17, 2025 and last updated with new details on September 26.