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 7.3 million ETH valued at more than $16 billion, as of this writing, and over 6% of the entire supply. These are the biggest holders as of this writing.
Led by crypto bull and Fundstrat CIO Tom Lee, BitMine Immersion Technologies burst onto the scene at the end of July 2025 when the firm detailed plans for an Ethereum treasury. (Disclosure: Lee is one of several angel investors in prediction market Myriad, which is operated by Decrypt’s parent company, Dastan.)
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 4,595,562 ETH, worth around $10 billion as of this writing. The pile has grown so large at BitMine that the firm now ranks as the second-largest crypto treasury of any kind, trailing only Bitcoin behemoth Strategy (formerly MicroStrategy) with its nearly $54 billion stash.
Ethereum Price Hits 6-Week High as Tom Lee's BitMine Reveals Latest ETH Buy
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. The firm is squarely focused on accumulating 5% of the circulating ETH supply—it holds around 3.8% as of this writing.
Though it continues to relentlessly purchase Ethereum, typically on a weekly basis, the firm sits on unrealized losses of more than $7 billion, according to crypto analytics platform DropsTab.
Gambling marketer turned Ethereum treasury company Sharplink (formerly SharpLink Gaming) holds the second-largest publicly traded ETH treasury.
The firm maintains 869,154 ETH or $1.86 billion worth—around 87% 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 many investors in an editorially independent Decrypt)
How SharpLink Aims to Be the Most 'Focused, Disciplined' Ethereum Treasury in 2026
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 2025, 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.
In October, Sharplink announced it would put $200 million worth of ETH into DeFi protocols on Consensys-incubated layer-2 scaling network, Linea. The firm also sits on the Linea Consortium, a group of firms that help drive adoption and distribute tokens from the network’s ecosystem fund.
While other Ethereum treasury firms have looked to other assets and initiatives to try and generate shareholder returns, in January 2026, Chalom told Decrypt that his firm would remain strictly focused on ETH and generating long-term value for shareholders.
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 held 498,600 ETH—or $1.07 billion worth as of this writing—at the conclusion of November, the latest amount detailed in its investor updates.
'Ethereum Avengers' Firm to Generate ETH Using $1.5 Billion Stockpile
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.
It announced its first major staking revenue in October, generating around 1,350 ETH or $5.5 million to advance its treasury. In November, Keys reiterated the firm’s mission to maximize ETH generation per share, adding that the pullback in ETH prices provides “healthier entry levels aligned with long-term value creation."
As of its January investor update, the firm had still not cleared all regulatory hurdles in order to make the Ether Machine a public entity, though it is expected to be completed by the end of Q1.
Bitcoin miner Bit Digital formed an Ethereum treasury strategy during Q2 2025. Since then it has boosted its stash to 155,434 ETH as of February 28—now valued at around $333 million.
As part of its transition, the firm ended its Bitcoin mining operations and redeployed funds towards ETH accumulation and AI compute via its majority ownership in publicly traded firm WhiteFiber (WYFI).
Much like other digital asset treasuries, Bit Digital’s ETH acquisitions have been underwater since the second largest crypto asset has plunged from its August all-time high of $4,946.
BTBT’s average acquisition cost is $3,045 per ETH based on its latest update, meaning it's down about $140 million on its purchases at the time of writing.
The 10 Public Companies With the Biggest Bitcoin Portfolios
Prominent American crypto exchange Coinbase maintains an investment of around $324 million, or 151,175 ETH based on its latest 10-Q filing. That is more than 35,000 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 14,000 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.
Blockchain Technology Consensus Solutions (BTCS) holds 70,322 ETH as of its last update, worth around $151 million.
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.
Biotech firm 180 Life Sciences rebranded its company to ETHZilla in July 2025, as it shifted focus to a digital assets treasury centered on Ethereum. But it has already shifted gears again since then.
The firm raised $425 million in late July to kickstart its treasury and quickly jumped up the holder rankings. 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.
ETHZilla Drops Ethereum Treasury Label in Rebrand After Share Price Collapse
But it’s been a journey since then.
ETHZilla made headlines in October when it sold ETH and bought back around $40 million in shares of ETHZ as a way to benefit shareholders. It also announced it would undergo a 1-10 reverse stock split, and begin to share more frequent updates on its treasury operations to satisfy shareholder feedback.
Most surprisingly, though, in pursuit of providing shareholders value, the firm opted to lean into tokenizing real-world assets, offering tokenized access to profits from leased jet engines. That shift in focus led to a complete rebrand, moving beyond its unique name in February 2026 to go by Forum instead. Around that time it was discovered that Thiel had offloaded his shares in the firm during Q4.
Forum, formerly ETHZilla, now holds 61,650 ETH worth about $132 million.
Editor's note: This story was originally published on August 17, 2025 and last updated with new details on March 21, 2026.