Seven of the largest listed Ethereum financial companies

The trend of public companies adopting crypto asset strategies may have started with Bitcoin, but it has since expanded to a variety of digital assets, including Ethereum, the second largest crypto asset by market capitalization.

Now, an Ethereum accumulation race has begun, led by key figures such as Fundstrat's Tom Lee and Ethereum co-founder Joe Rubin, championing public companies rallying around Ethereum and its future.

around StrategicETHreserve.xyza public institution with an Ethereum treasury, holds over 6.7 million ETH worth $20 billion at the time of this writing, accounting for over 5.5% of the total supply. These are the largest holders at the time of this writing.

1. BitMine Immersion Technology

Bitmine Immersion Technologies, led by crypto bull and Fundstrat CIO Tom Lee, burst onto the scene at the end of July. Detailed plans for Ethereum Treasury.

Bitmine (BMNR), which previously focused on Bitcoin mining, first secured a $250 million private equity public investment (PIPE) funding round to begin purchasing ETH.

Since then, I haven't looked back. Obtained 3,967,210 ETHworth approximately $11.8 billion at the time of this writing. BitMine's assets have grown so large that the company currently ranks as the second-largest cryptocurrency treasure trove of all types, behind the Bitcoin giant. strategy (formerly MicroStrategy) has a $59 billion stash.

This aggressive buying is consistent with Lee's seemingly bottomless ETH price predictions. Requires $60,000 ETH. That's quite a few times the current price.

After planning to raise $4.5 billion to accumulate assets, Lee and company expanded their assets. On sale in August for $20 billion BitMine aims to expand its already industry-leading Ethereum treasury. The company is seriously focused on accumulating 5% of the circulating ETH supply, and currently holds approximately 3.2%.

2. Sharplink Gaming

Gambling marketer turned Ethereum finance company sharp link gaming It holds the second largest publicly traded ETH vault.

company Keep 863,424 ETH or $2.55 billion. We are about 86% of the way to accumulating 1 million ETH, which is our initial goal.

Sharplink's existing business did not have a direct connection to cryptocurrencies, but when it formed its board of directors, it brought a direct connection to Ethereum. of the company Chairman Joe Rubin He is the co-founder of Ethereum itself and the founder and CEO of Ethereum software company ConsenSys, maker of the popular cryptocurrency wallet. metamask.

(Disclaimer: ConsenSys is one of 22 investors in the editorially independent company. decryption)

Rubin and his associates relentlessly pursued Ethereum after Bitmine, raising money in a variety of ways. Recent $400 million direct offeringwe plan to collect even more to the maximum. $6 billion from stock sales.

In July, the company The former head of digital asset strategy at BlackRock added: Joseph Chalom has been newly appointed as CEO. Later, it was Approved $1.5 billion share buyback For example, if a company's market capitalization trades at a discount to its net asset value. I bought it back by mid-September. about $32 1 million worth of SBET.

announced that it would be introduced in October Introducing $200 million worth of ETH into DeFi protocols on Linea, a layer 2 scaling network developed by Consensys. The company is also a member of the Linea Consortium, a group of companies that helps facilitate the adoption and distribution of tokens from the network's ecosystem funds.

3. Ethermachine

There's no question about The Ether Machine's business. A company going public through a merger The Ether Reserve, LLC and blank check company Dynamix.

Ether Machine, the third largest treasury on the list, currently holds 496,735 ETH, or $1.47 billion at today's ETH price.

Ethermachine, which received startup funding and approximately 170,000 ETH from co-founder and chairman Andrew Keyes, has stated its mission to create a “machine” to run ETH on-chain or grow its assets as distinct from more passive means of accumulation.

On August 27th, Dynamix From the original DYNX ticker to ETHM In the open market. Ethermachine announced on September 16 that it has filed an S-4 with the SEC seeking approval to complete the merger.

The company announced its first major staking revenue in October. Generate approximately 1,350 ETH or $5.5 million in advances to the Treasury Department. In November, Keyes reiterated the company's mission to maximize ETH generation per share, adding that falling ETH prices “provide a healthier entry level aligned with long-term value creation.”

4. Bit Digital

Bitcoin miner Bit Digital has developed an Ethereum financial strategy for Q2 2025. In just a few months, Ethereum was rapidly added to its assets, jumping from 30,663 ETH at the end of June to 154,398 ETH as of November 30th. It is now valued at approximately $458 million.

As part of the transition, the company will close down its Bitcoin mining operations and reallocate funds to ETH accumulation. While this strategy temporarily boosted the stock price, BTBT has recently been trading at $2.23, down nearly 24% since the beginning of the year.

The company is currently staking approximately 90% of its ETH and has earned approximately 328 ETH or $975,000 in staking rewards to date.

5.Coinbase

Coinbase, a major American cryptocurrency exchange, maintains investments of approximately $442 million or 148,715 ETH based on the latest information. 10-Q Filing. This is an increase of over 30,000 ETH from the end of 2024. When I held 115,700 ETH Based on year-end 10-K filings.

The company also holds over 14,000 Bitcoins as investments. Top holders of listed stocks It is also the largest crypto asset.

beginning Enter public market in 2021Coinbase stock Updated record high In July 2025, crypto companies continued to enjoy success alongside traditional stocks.

6.ETH Zilla

Biotech company 180 Life Sciences has rebranded itself as ETHZilla as it shifts its focus to digital asset treasury centered around Ethereum.

company Raised $425 million in late July It revitalized its finances and quickly shot up the holder rankings. A few weeks later, ETHZilla shares rapidly tripled after it was revealed that billionaire tech investor Peter Thiel and related entities had bought 7.5% of the company.

The company made headlines in October When you sell ETH and repurchased approximately $40 million in ETHZ stock as a means of benefiting shareholders. Prior to the move, the company announced its next plans. Repurchase up to $250 million worth of stock.

That too Announcement of 1:10 reverse stock split And to respond to shareholder feedback, we will begin sharing more frequent updates on our financial operations.

ETHZilla currently holds approximately 93,790 ETH, or the equivalent of $279 million. What about that unique name? Board Chairman McAndrew Rudisill said: decryption In July, it said it “stems from our focus on becoming one of the world's largest holders of ETH.”

7. BTCS Co., Ltd.

Blockchain Technology Consensus Solutions (BTCS) holds 70,322 ETH worth approximately $209 million.

The company boasts an aggressive strategy to acquire more Ethereum and use what it calls a “strong DeFi/TradFi financial model” to put its ETH to work on-chain and create value for shareholders.

In addition to the ETH acquisition, the company strengthened its treasury with three Ethereum-based funds. stubby penguin NFTs in August.

Unlike other financial companies, BTCS has a “double dividend” that pays shareholders $0.05 per Ethereum share. If you transfer your company's shares to the company's transfer agent and hold them until January 26, 2026, you will receive an additional bonus of $0.35 per share.

Editor's note: This article was originally published on August 17, 2025 and was last updated with new details on December 20.