Ethereum Treasury Holding Tracker

What qualifies as an Ethereum Treasury Company?

We define an Ethereum Treasury Company as a publicly listed firm that reports ETH as part of its own corporate balance sheet. This excludes ETFs, trusts, or exchanges holding assets on behalf of clients. Only ETH that the company declares as its own treasury asset is included.

Why might figures differ from other trackers?

It comes down to methodology. Some dashboards fold in ETFs, trusts, or even exchange balances. Others use dated filings without clarifying disclosure dates. Our approach is conservative: we only count ETH a company explicitly confirms it holds and timestamp it to the filing date.

Which firms are the biggest ETH holders today?

Public disclosures are still thin, but micro and small caps such as BitMine Immersion, SharpLink Gaming, Bit Digital, and BTCS have reported meaningful ETH positions. Rankings shift with new filings, equity raises, or treasury reallocations, so treat leaderboards as a snapshot rather than a fixed table.

How are these holdings valued?

Market value is calculated by multiplying disclosed ETH holdings by the current ETH price. Cost basis is shown only when companies reveal it. Under prior U.S. GAAP rules, crypto was carried at cost with impairment charges if prices fell, but no upward revaluations. From late 2024, fair-value accounting rules require firms to mark crypto holdings to market each quarter. That change makes reporting more volatile, but it also removes the old impairment bias that penalised long-term holders.

Do companies stake their ETH?

Some do, but disclosure varies. A few run their own validators, while others outsource staking to custodians or use liquid staking tokens for flexibility. Staking generates yield but locks up liquidity and exposes firms to validator or smart contract risks. Since the Shanghai upgrade, withdrawals are allowed, but large-scale exits still move through protocol queues. We flag companies that explicitly disclose staking activity.

What does corporate ETH adoption signal for investors?

Even at a small base, the trend matters. Corporate adoption legitimises ETH as both a reserve asset and a productive yield vehicle. It also broadens the types of investors exposed to Ethereum, from traditional equity markets to balance-sheet allocators. As more companies adopt, ETH’s demand profile shifts beyond retail and ETFs into mainstream corporate finance.

What risks do companies highlight?

Treasuries note volatility, regulatory uncertainty, and custody risks. Staked ETH adds liquidity timing risk and potential protocol vulnerabilities. With fair-value accounting, ETH mark-to-market gains and losses now flow directly through earnings, increasing reported volatility even if the company has no immediate cash impact. Boards have to weigh these risks against the benefits of exposure and yield.