Ethereum Treasury Companies
8.05M ETH held by 30 companies in 7 countries · 6.67% of all Ethereum
Ethereum treasury summary
30 companies held 8.05 million ETH worth $18.6 billion on , 6.67% of the ~120.7 million ETH in circulation. Holdings rose by 129,844 ETH over the last 30 days and 3,463,187 ETH over the year; BitMine Immersion alone holds 75% of the total.
Corporate Ethereum holdings over time
Total ETH on company balance sheets, with the ETH price
Ethereum treasury map
Tile size = ETH held · colour = unrealised profit or loss on cost
Top 30 companies = 100% of 8.05M ETH · grey: cost basis not available
Every Ethereum treasury company
30 companies in 7 countries, ranked by ETH held · sort any column
| # | Company | ETH held | % of supply | Value | Avg cost | Cost basis | P&L |
|---|---|---|---|---|---|---|---|
| 1 |  BitMine ImmersionBMNR · United States | 6,051,933 | 5.01% | $14.00B | 10-Q May 2026$3,517 | est.$21.29B | −34.2% |
| 2 | SharpLinkSBET · United States | 888,938 | 0.74% | $2.06B | 10-Q Jun 2026$3,844 | est.$3.42B | −39.8% |
| 3 | The Ether MachineETHM · United States | 496,712 | 0.41% | $1.15B | – | – | – |
| 4 | Bit DigitalBTBT · United States | 158,462 | 0.13% | $366.5M | $2,842 | $450.3M | −18.6% |
| 5 | Coinbase GlobalCOIN · United States | 150,279 | 0.12% | $347.6M | $2,266 | $340.6M | +2.0% |
| 6 | Galaxy Digital Holdings LtdGLXY · United States | 97,764 | 0.08% | $226.1M | $1,618 | $158.2M | +42.9% |
| 7 | BTCSBTCS · United States | 70,787 | 0.06% | $163.7M | $3,040 | $215.2M | −23.9% |
| 8 | FG NexusFGNX · United States | 40,093 | 0.03% | $92.7M | $3,934 | $157.7M | −41.2% |
| 9 | Forum Markets (formerly ETHZilla)FRMM · United States | 10-Q Jun 202612,441 | 0.01% | $28.8M | 10-Q Jun 2026$3,309 | est.$41.2M | −30.1% |
| 10 |  Parataxis Ethereum, Inc.290560.KQ · South Korea | 11,729 | 0.010% | $27.1M | – | – | – |
| 11 | BullishBLSH · United States | 11,600 | 0.010% | $26.8M | – | – | – |
| 12 | Eightco HoldingsORBS · United States | 11,068 | 0.009% | $25.6M | 10-Q Jun 2026$2,023 | est.$22.4M | +14.3% |
| 13 |  IntchainsICG · China | 8,816 | 0.007% | $20.4M | 6-K Jun 2026$2,573 | est.$22.7M | −10.1% |
| 14 |  KR1 plcKR1.L · United Kingdom | 6,219 | 0.005% | $14.4M | – | – | – |
| 15 |  Quantum Solutions2338.T · Japan | 5,765 | 0.005% | $13.3M | $3,695 | $21.3M | −37.4% |
| 16 | Def Consulting4833.T · Japan | 4,571 | 0.004% | $10.6M | $4,505 | $20.6M | −48.7% |
| 17 | SOS LimitedSOS · China | 2,950 | 0.002% | $6.8M | – | – | – |
| 18 | TORICO Co.,Ltd.7138.T · Japan | 2,773 | 0.002% | $6.4M | $2,621 | $7.3M | −11.8% |
| 19 | Gemini Space StationGEMI · United States | 2,741 | 0.002% | $6.3M | $3,499 | $9.6M | −33.9% |
| 20 |  BTC DigitalBTCT · Singapore | 2,135 | 0.002% | $4.9M | $2,810 | $6.0M | −17.7% |
| 21 | Circle Internet GroupCRCL · United States | 1,744 | 0.001% | $4.0M | $2,592 | $4.5M | −10.8% |
| 22 |  The Brooker GroupBTC.BK · Thailand | 1,444 | 0.001% | $3.3M | – | – | – |
| 23 | Exodus MovementEXOD · United States | 1,433 | 0.001% | $3.3M | – | – | – |
| 24 | GameSquare HoldingsGAME · United States | 1,343 | 0.001% | $3.1M | $2,967 | $4.0M | −22.1% |
| 25 | DigiPowerXDGX.V · United States | 1,000 | 0.001% | $2.3M | – | – | – |
| 26 | Cosmos HealthCOSM · United States | 475 | 0.000% | $1.1M | $4,212 | $2.0M | −45.1% |
| 27 | iPowerIPW · United States | 301 | 0.000% | $696K | $2,935 | $884K | −21.2% |
| 28 | NOMAD Power Solutions (formerly LIXTE Biotechnology)NMAD · United States | 300 | 0.000% | $694K | – | – | – |
| 29 | Blue Star CapitalBLU.L · United Kingdom | 72 | 0.000% | $167K | $3,732 | $269K | −38.0% |
| 30 | PhunwarePHUN · United States | 8 | 0.000% | $19K | – | – | – |
Value at $2,313 per ETH. Average cost and P&L only where we have the company’s cost basis (20 of 30); “–” means not available yet. A filing tag (10-Q, 8-K …) marks 5 average costs taken from the company’s latest filing and links to it; the cost basis shown there is that average × today’s holdings (est.). % of supply is of the ~120.7 million ETH in circulation.
Corrected from filings: Forum Markets (formerly ETHZilla) 12,441 ETH (10-Q, 30 Jun 2026; the data feed shows 69,802).
Left out: Yueda Digital Holding (YDKG), 19,929 ETH in the data feed. Its interim and annual reports show no ETH on the balance sheet (USDT is its only digital asset). (6-K, 30 Jun 2026) Canaan (CAN), 3,952 ETH in the data feed. Sold its entire 3,952 ETH in late August 2026 and held no ETH at 31 August. (6-K, 31 Aug 2026)
Average cost vs today’s price
20 of 30 companies have a known cost basis, covering 93% of corporate ETH · ETH $2,313
- BitMine Immersion10-Q May 2026$3,517−34.2%
- SharpLink10-Q Jun 2026$3,844−39.8%
- Bit Digital$2,842−18.6%
- Coinbase Global$2,266+2.0%
- Galaxy Digital Holdings Ltd$1,618+42.9%
- BTCS$3,040−23.9%
- FG Nexus$3,934−41.2%
- Forum Markets (formerly ETHZilla)10-Q Jun 2026$3,309−30.1%
- Eightco Holdings10-Q Jun 2026$2,023+14.3%
- Intchains6-K Jun 2026$2,573−10.1%
- Quantum Solutions$3,695−37.4%
- Def Consulting$4,505−48.7%
Paid $26.2B, worth $17.4B today: −$8.8B (−33.7%). Average cost across them $3,486 per ETH.
What counts as an Ethereum treasury company
A company appears here when it reports ether it owns on its balance sheet, staked or not: dedicated treasury companies that raise money to buy ETH, and crypto businesses that hold part of their reserves in it. Exchange-traded funds, the Ethereum Foundation and other non-profits, and coins an exchange holds for its customers are left out, so the total is ETH held by companies for themselves.
Staking: why ETH treasuries differ from Bitcoin ones
Ether can be staked: locked with a validator to help secure the network in return for rewards of a few percent a year. That gives an Ethereum treasury company an income from its holdings that a Bitcoin one doesn’t have, and most stake the bulk of their ETH. It comes with risks a cash-like reserve doesn’t carry: validator penalties (slashing), smart contract risk on liquid staking tokens, and an exit queue that can delay withdrawals when many holders leave at once.
How companies pay for their ETH
- New shares. At-the-market programmes and private placements fund most purchases. They add ETH per share only while the shares trade above the value of the ETH behind them (mNAV above 1).
- Mergers and listings. Several treasury companies were created by merging with a listed shell or a smaller company and raising money at the same time.
- Debt and convertibles. Less common than for Bitcoin treasuries, but used by some to add leverage.
- Staking rewards. A small, steady addition on top of purchases.
How to read this page
- Concentration. One company holds about three-quarters of all corporate ETH, so totals move mostly with its purchases. The treasury map can leave it out to show the rest of the field.
- Net change. The weekly and monthly bars are the change in tracked holdings: purchases minus sales, plus companies newly added to the tracker. A week with new companies is marked in the tooltip.
- Cost and profit. Our data source has no cost basis yet for the largest holders, so average cost and unrealised profit cover only a small share of corporate ETH. The stat strip compares like with like and says how many companies it covers.
- Against the price. The holdings chart overlays the ETH price: companies that keep buying through a falling market show conviction, sales into weakness show strain.
A short history of Ethereum treasuries
- December 2023. The FASB issues ASU 2023-08, moving US companies to fair-value accounting for crypto.
- June 2025. SharpLink Gaming adopts ETH as its main treasury reserve, with Ethereum co-founder Joseph Lubin as chairman.
- June–July 2025. BitMine Immersion starts buying ETH with Tom Lee as chairman, aiming for 5% of the supply; Bit Digital moves its treasury from bitcoin to ETH.
- July 2025. The Ether Machine is announced, to list through a merger with a special purpose acquisition company.
- Late 2025. BitMine becomes the largest corporate holder of ETH by a wide margin.
Risks companies disclose
ETH’s volatility runs straight through to earnings under fair-value accounting. Companies that fund purchases with new shares depend on their stock trading above the value of their ETH, and those that borrowed face refinancing risk. Staking adds validator, smart contract and liquidity risk, and custody, regulation and the tax treatment of staking rewards are the other risks most filings name.
Where the data comes from
Holdings come from company filings, press releases and treasury disclosures, and each company’s figure is its latest reported total. Values use the current ETH price. Cost basis is what a company has reported paying in total. Our data source does not yet carry it for every company, including some of the largest that do report it in their filings; for those, average cost and profit are left blank rather than guessed, and the profit totals count only companies with a known cost basis. The holdings history is the daily sum across every tracked company, so it also rises when a company is added to the tracker. Where a company’s filings contradict the data feed (a holding that no longer exists, or a count months out of date), the table uses the filed figure or leaves the company out, says so under the table with a link to the filing, and the history is reduced by the same amount. The share of supply compares holdings with the ~120.7 million ETH in circulation, and the US spot ETF figure comes from the funds’ latest holdings files, as on the Ethereum ETF page.
Ethereum treasury FAQ
Live answers use the latest holdings · updated
How much Ethereum do companies hold?
Companies hold about 8.05M ETH, worth $18.6B at $2,313 per ETH, or 6.67% of the ~120.7 million ETH in circulation. That is up 129,844 ETH in the last 30 days and up 3,463,187 ETH in a year.
Which company holds the most Ethereum?
BitMine Immersion (BMNR) holds the most Ethereum of any company: 6,051,933 ETH, 75.2% of everything companies hold and 5.01% of the ~120.7 million ETH in circulation. SharpLink (SBET) with 888,938 ETH and The Ether Machine (ETHM) with 496,712 ETH follow.
How many companies hold Ethereum?
30 companies in 7 countries report Ethereum on their balance sheets, most of them listed on a stock exchange. 20 in the US, 3 in Japan, 2 in China lead the count. 1 were added to the tracker in the last 30 days.
What is BitMine Immersion’s average Ethereum cost?
BitMine Immersion reported an average cost of $3,517 per ETH in its 10-Q (as of 31 May 2026). At $2,313, its 6,051,933 ETH are worth $14.00B, about −34.2% against that cost.
What is an Ethereum treasury company?
An Ethereum treasury company holds ether (ETH) on its balance sheet as a reserve asset and usually raises money specifically to buy more. Most of them, including BitMine, SharpLink and The Ether Machine, adopted the strategy in 2025 and stake their ETH to earn network rewards. Others, such as Coinbase and Galaxy, are crypto businesses that keep part of their own reserves in ETH.
Why do companies buy Ethereum?
Unlike bitcoin, ether earns a yield: staked ETH helps secure the network and receives rewards of a few percent a year, so a treasury company can grow its ETH per share without issuing stock. Companies also cite Ethereum’s role in stablecoins, tokenisation and decentralised finance. The trade-off is volatility, and staking adds validator and liquidity risk.
Do Ethereum treasury companies stake their ETH?
Most dedicated ones do, often for nearly all of their holdings, through their own validators, staking providers or liquid staking tokens. Staked ETH can take days or weeks to withdraw when the exit queue is long, so a company that needs cash quickly may have to sell other assets or use liquid staking tokens. This page counts ETH held whether it is staked or not.
What is mNAV for an Ethereum treasury company?
mNAV (multiple of net asset value) compares a company’s market value with the value of the ETH it holds. An mNAV of 2 means the market prices the company at twice its ETH. Above 1, a company can sell new shares and buy more ETH per share than it gives away, which is how treasury companies grow their holdings; below 1, issuing shares to buy ETH dilutes existing holders.
How do companies account for Ethereum?
Under US GAAP (ASU 2023-08), companies measure ether at fair value, with gains and losses in net income, for fiscal years starting after 15 December 2024; many adopted it early. Before that, crypto was an intangible asset that could only be written down after a price fall, never back up. IFRS reporters in Europe and Asia still mostly hold it at cost less impairment.
What is the difference between Ethereum treasury companies and Ethereum ETFs?
An ETF holds ether for its shareholders and tracks the price minus a fee (some now stake part of it); it does not borrow to buy more. A treasury company owns ETH for itself, can use debt and new shares to grow its holdings per share, and its stock can trade well above or below the value of its ETH. ETF holdings are tracked on the Ethereum ETF page and are not counted here.
Why do Ethereum treasury trackers show different totals?
They include different things. Some add foundations, funds or ETFs; some count ETH a company holds for customers; and filings are published on different dates, so one tracker may show a purchase days before another. This page counts companies’ own ETH as they report it, staked or not, and leaves out ETFs, foundations and customer balances.
Related Ethereum data
Holdings are the companies’ own disclosures and can lag their latest purchases or sales by days. Not financial advice. Where the data comes from