The 7 Biggest Publicly Traded Ethereum Treasury Firms
What to Know
- 7.3 million ETH — total held by public Ethereum treasury firms, worth over $16 billion as of March 2026
- BitMine Immersion Technologies leads with 4,595,562 ETH (~$10.5B), making it the second-largest crypto treasury of any kind
- SharpLink holds 869,154 ETH ($1.86B) under chairman Joe Lubin, Ethereum's own co-founder
- Forum Markets (formerly ETHZilla) has pivoted away from ETH toward tokenized real-world assets
Publicly traded Ethereum treasury firms now control more than 7.3 million ETH — roughly 6% of the entire circulating supply — valued at over $16 billion as of late March 2026, according to data from StrategicETHReserve.xyz. What started as a Bitcoin-only corporate treasury movement has spilled squarely into Ethereum, with boardrooms from Las Vegas to New York racing to stack the asset. Some are buying aggressively. Some are putting ETH to work in DeFi. And one already walked away. The race to accumulate publicly traded Ethereum treasury positions is being championed by names like Fundstrat's Tom Lee and Ethereum co-founder Joe Lubin — but the scoreboard looks very different depending on whether you measure by ETH held, dollars invested, or strategic intent. Here's where each of the seven biggest public ETH holders actually stands right now.
BitMine Immersion Technologies — The Undisputed Leader
Nobody is even close. BitMine Immersion Technologies (BMNR) holds 4,595,562 ETH — worth roughly $10.5 billion at current prices — and that gap over the rest of the field keeps widening week after week. This is the firm that Fundstrat CIO Tom Lee has championed publicly, and it arrived at the ETH treasury game fast: the company announced its pivot in late July 2025 after locking down a $250 million private investment in public equity (PIPE) round to seed purchases, as detailed in BitMine's SEC filing. BitMine was formerly a Bitcoin mining firm. That era is over.
The speed of accumulation has been staggering. BitMine added 60,999 ETH — roughly $138 million worth — in just the last week as ETH climbed to its highest price in nearly six weeks, recently trading around $2,288. The firm now sits only behind Strategy (formerly MicroStrategy) in total crypto treasury size, trailing that near-$54 billion Bitcoin stash — every other treasury company, of any coin, ranks below BitMine. A new all-time high for the portfolio is plausible if ETH continues its recovery.
The stated target is 5% of the entire circulating ETH supply. BitMine currently holds about 3.8% and isn't slowing down — the firm upsized a planned $4.5 billion capital raise by $20 billion in August to keep buying at scale. Lee's price calls have grown increasingly bold as the pile has grown: he's publicly predicted $60,000 ETH, a roughly 26x multiple from where prices trade today. There is one uncomfortable number embedded in all of this: despite its relentless accumulation, BitMine is carrying unrealized losses of more than $7 billion based on its average acquisition cost, per analytics platform DropsTab. Buying aggressively at above-market averages tends to produce that kind of math — and it's a risk that rarely gets the same airtime as the bull case.
BitMine has slightly increased the pace of ETH buys in each subsequent period.
— BitMine Immersion Technologies statement
SharpLink — The One With Ethereum's Own Co-Founder in the Chair
SharpLink (SBET) holds 869,154 ETH worth $1.86 billion — the second-largest publicly traded ETH treasury by a wide margin over the firms below it. The company was originally a gambling marketing firm with zero connection to crypto. That changed fast when it recruited Joe Lubin, Ethereum's own co-founder and the founder of Consensys (maker of MetaMask), as chairman of the board. Having the man who helped invent Ethereum sitting in your boardroom is more than a branding move — it's direct access to the protocol's inner architecture.
SharpLink has raised capital through multiple channels, including a $400 million direct offering, and has plans to collect up to $6 billion via ongoing stock sales. The firm brought in Joseph Chalom, BlackRock's former head of digital asset strategy, as CEO in July 2025. A $1.5 billion share buyback program was also approved for periods when the firm's market cap trades at a discount to net asset value; by mid-September the company had repurchased around $32 million in SBET shares. In October 2025, the firm deployed $200 million worth of ETH into DeFi protocols on Linea — the Consensys-incubated layer-2 network — and joined the SharpLink ETH dashboard Linea Consortium, which governs ecosystem fund distribution.
What distinguishes SharpLink philosophically is the deliberate restraint. They are not trying to be BitMine, and Chalom has been explicit about that in public statements. The firm is targeting long-term shareholder value over raw accumulation velocity — a distinction that sounds like PR until you realize it directly implies different capital allocation choices.
We're not going to be the people who are prioritizing accumulation over everything. 2026 is really different.
— Joseph Chalom, CEO of SharpLink
The Ether Machine — Still Racing to Go Fully Public
The Ether Machine held 498,600 ETH — just over $1.07 billion — as of its November investor update, ranking it third on this list even though the company wasn't technically fully public at that point. It is being formed through a merger between The Ether Reserve, LLC and blank-check company Dynamix Corporation, which traded under DYNX before switching its ticker to ETHMi on August 27, 2025. Dynamix shares jumped 36% to $14.20 on the day the merger announcement came through.
Co-founder and chairman Andrew Keys seeded the firm with approximately 170,000 ETH from his own holdings, and the mandate from day one has been active ETH generation — staking, DeFi, on-chain yield strategies — rather than passive storage. The firm generated around 1,350 ETH (roughly $5.5 million) in its first disclosed staking revenue in October. Keys has framed the ETH price pullback as a long-term feature rather than a short-term problem, describing the environment as offering "healthier entry levels aligned with long-term value creation."
As of the January 2026 investor update, The Ether Machine had still not cleared all regulatory hurdles needed to complete the merger into a fully public entity, though management expected to wrap the process by the end of Q1 2026. The S-4 registration statement filed with the SEC in September was a key part of that approval process. The firm also separately announced its Nasdaq debut with an initial $1.5 billion ETH stockpile — beginning operations with 400,000 Ethereum — with plans to grow the treasury through a combination of staking returns and DeFi deployment.
Bit Digital — The Bitcoin Miner That Switched Sides
Bit Digital (BTBT) made a deliberate break from its Bitcoin mining past during Q2 2025 and redirected substantial capital toward Ethereum accumulation. By February 28, the firm had grown its stash to 155,434 ETH — now worth around $333 million. It also redeployed mining infrastructure capital toward AI compute exposure through its majority stake in publicly traded firm WhiteFiber (WYFI), giving investors a dual thesis they won't find at most single-mandate treasury firms.
Like nearly every firm on this list, Bit Digital is sitting on paper losses. Its average acquisition cost is $3,045 per ETH based on its most recent update, which means the company is down roughly $140 million on its position at current prices. ETH hit an all-time high of $4,946 in August 2025 and has pulled back significantly since. These are the numbers long-term accumulators accept as the cost of entry — either the multi-year thesis plays out, or it doesn't. Bit Digital hasn't wavered publicly.
The dual-track approach — Ethereum treasury combined with AI infrastructure exposure through WhiteFiber — does provide a differentiation angle that purely ETH-focused peers can't offer. Whether the market prices that combination at a premium is the open question. For now, Bit Digital is in the middle of the pack by ETH holdings, but arguably one of the more interesting strategic setups on the list.
Is Coinbase Really an Ethereum Treasury Firm?
Technically, Coinbase holds ETH on its balance sheet — 151,175 ETH worth around $324 million, per its latest 10-Q filing. That's more than 35,000 ETH above what it reported at the end of 2024, when the 10-K showed 115,700 ETH on the books. The firm also holds more than 14,000 Bitcoin as an investment, placing it among the top publicly traded BTC holders as well.
But calling Coinbase an "Ethereum treasury firm" misses the point entirely. It's an exchange. ETH sits on the Coinbase balance sheet the way foreign currency sits on a bank's books — as an operational and investment asset, not as the core business thesis. Nobody buys COIN shares because they want Ethereum exposure. Shares in Coinbase hit a new all-time high in July 2025 as crypto firms rode a broader wave of success, so however you categorize the holding, the positioning has been rewarding for shareholders.
For context on just how different the accumulation profiles look: BitMine's ETH buying pace grew from zero to over four million ETH in roughly eight months, while Coinbase's treasury grew by about 35,000 ETH over a full year. Same asset, completely different intent.
BTCS — Smallest on the List, Most Creative Strategy
BTCS Inc. (Nasdaq: BTCS) holds 70,322 ETH worth around $151 million — the smallest pure-play ETH treasury position on this list. What the firm lacks in raw size it attempts to compensate for in structural creativity. BTCS has deployed a "Bividend" — paying shareholders $0.05 per share in Ethereum rather than cash dividends — and offered an additional $0.35 per share bonus for shareholders who transferred their stock to the firm's transfer agent and held it there until January 26, 2026.
The company describes its broader approach as a "powerful DeFi/TradFi financial model" designed to generate on-chain yield from its ETH holdings while managing shareholder returns through traditional market mechanisms. The August 2025 purchase of three Pudgy Penguins NFTs was eccentric even by crypto standards, but it fit within the same brand-building playbook — BTCS wants to be seen as a firm that participates in the full Ethereum ecosystem, not just the price of the token.
When the ETH treasury space eventually matures and companies compete on yield generation rather than raw accumulation, BTCS's DeFi-first strategy could look prescient. Right now it mostly just looks small. The gap between BTCS's position and SharpLink's is not a gap — it's a canyon.
Forum Markets — The Ethereum Treasury That Changed Its Mind
The last entry on this list comes with the most eventful backstory. What is now called Forum Markets started 2025 as a biotech company named 180 Life Sciences, pivoted to an ETH treasury strategy in July 2025 under the name ETHZilla, raised $425 million to fund that treasury, and watched its shares triple after billionaire Peter Thiel and related entities disclosed a 7.5% stake. For about two months, it was one of the most talked-about names in the ETH treasury space.
Then the unwinding began. Shares peaked at $107 on August 13, 2025. ETHZilla sold ETH to finance a roughly $40 million share buyback in October, then announced a 1-for-10 reverse stock split. By February 2026, the company had rebranded entirely to Forum Markets — pivoting toward tokenized real-world assets, including tokenized access to profits from leased jet engines. Thiel had already sold his entire stake in Q4.
Forum now holds 61,650 ETH worth about $132 million — a substantial reduction from its peak allocation. The firm has moved on philosophically, which is its right. But it's a clear reminder that "Ethereum treasury company" isn't a permanent identity — it can be a phase, a trade, or a headline grab that eventually runs its course.
For context on how BitMine manages custody at this scale, reports of ETH moving through Coinbase Prime illustrate the operational complexity behind running a $10 billion position. Forum's retreat from that kind of commitment says something about how difficult it actually is to maintain an ETH treasury thesis when the price goes the wrong direction.
Frequently Asked Questions
What is the largest publicly traded Ethereum treasury firm?
BitMine Immersion Technologies (BMNR) is the largest publicly traded Ethereum treasury firm as of March 2026, holding 4,595,562 ETH worth over $10.5 billion. It also ranks as the second-largest corporate crypto treasury of any kind, behind only Strategy's Bitcoin holdings worth nearly $54 billion.
How much ETH do publicly traded companies collectively hold?
According to StrategicETHReserve.xyz, public entities with Ethereum treasury strategies collectively hold more than 7.3 million ETH as of March 2026, valued at over $16 billion — representing more than 6% of the total circulating ETH supply across seven major publicly traded firms.
Who is behind SharpLink's Ethereum treasury strategy?
SharpLink's Ethereum treasury is chaired by Joe Lubin, co-founder of Ethereum and founder of Consensys. CEO Joseph Chalom, former head of digital asset strategy at BlackRock, joined in July 2025. The firm holds 869,154 ETH worth $1.86 billion and has deployed $200 million into DeFi on the Linea network.
Why did ETHZilla exit its Ethereum treasury strategy?
ETHZilla rebranded as Forum Markets in February 2026 after pivoting from Ethereum treasury accumulation to tokenized real-world assets. The firm still holds 61,650 ETH worth about $132 million but has exited its crypto-focused identity. Peter Thiel, who once held a 7.5% stake, sold his shares in Q4 2025.
This article is for informational purposes only and does not constitute investment advice. Every investment and trading decision involves risk. Readers should conduct their own research before making any financial decisions.
Topics
publicly traded Ethereum treasury firmsEthereum treasuryBitMine Immersion TechnologiesSharpLink ETH holdingsThe Ether Machine ETHcorporate Ethereum holdingsBTCS Ethereum treasuryMilan Torres
Senior Analyst
Milan covers Bitcoin markets, macro trends, and institutional crypto adoption with a focus on data-driven analysis.
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