Since September 2025, an increasing number of publicly traded companies have included Ethereum (ETH) as part of their treasury strategies, reflecting an important shift from Bitcoin-centric models. Not merely holding it passively in their portfolios but actively using ETH for staking, decentralized finance participation (DeFi), tokenizing real world assets (RWAs), or tokenization of real world assets (RWAs). Here is a ranking of seven of these ETH-treasury companies based on disclosed holdings:
- BitMine Immersion Technologies (NYSE:BMNR).
Over 1.8 Million Ether Holdings:
Value of Assets: approximately $7.8 Billion
Overview: BitMine has quickly made waves in the Ethereum Treasury rankings since making a pivot from Bitcoin mining to an aggressive accumulation strategy in late June 2025, seeking to acquire up to 5% of total ETH supply. Their aggressive accumulation has garnered institutional backing including investments from ARK Invest and Founders Fund as well as Cointelegraph investments.
- SharpLink Gaming (NASDAQ: SBET).
Holdings of Ethereum: Approx. 797,700 ETH
Value of around $3.5 billion USD
Overview: Led by Ethereum co-founder Joseph Lubin, SharpLink has implemented a strategy of staking virtually all its ETH holdings since June 2025; becoming an important player in the Ethereum ecosystem as a result. Cointelegraph reported this news.
- Coinbase Global, Inc. (NASDAQ: COIN)
Holdings of Ethereum: Approx. 136,782 ETH
Value of Appr. $604 Million
Overview: As the largest U.S.-based cryptocurrency exchange, Coinbase now holds more than 11% of all staked Ethereum (ETH). Furthermore, this company has expanded their Ethereum-related services, such as staking and institutional custody solutions, further strengthening their position within the ecosystem. (Wikipedia).
- The Ether Machine (NASDAQ: DYNX).
Holdings of Ethereum: Approx. 345,000 ETH
Value of approximately $1.5 billion USD.
Overview: The Ether Machine, a cryptocurrency-focused firm planning to go public via an SPAC merger, plans on managing over $1.5 billion worth of Ethereum (ETH), focusing on yield generation through staking as well as integrating it with traditional financial systems.
According to The Wall Street Journal.
- Bit Digital, Inc. (NASDAQ: BTBT).
Holdings of Ethereum (ETH): Approximately 120,306
Value: Around $532 Million.
Overview: Bit Digital began life as a Bitcoin mining operation; since then it has expanded its portfolio to include Ethereum mining operations as part of a growing trend towards corporate use of this crypto asset. On CoinGecko there are six EthereumZilla Corporation (OTC: ETHZ) companies listed.
Holdings: Approximately 102,237 ETH
Value of Around $452 Million.
Overview: ETHZilla is a blockchain infrastructure company which has been amassing Ethereum as part of their treasury strategy, emphasizing stakership and DeFi participation. See CoinGecko for details. 8.1 BTCS Inc (NASDAQ:BTCS).
Holdings of Ethereum: Approx. 70,028 ETH
Value: Approx. $270 Million
Overview: BTCS operates and provides staking services for Ethereum validator nodes, with plans to raise up to $225 million through equity offerings, debt instruments, and on-chain DeFi yield mechanisms for strategic acquisitions of this cryptocurrency asset class.
Wikipedia
These companies represent various industries, from gaming and infrastructure to financial services, all converging on Ethereum as an asset class. Their holdings demonstrate increasing institutional confidence in its potential use as a treasury asset for use cases like staking, DeFi, and RWAs. As Ethereum continues its evolution, these firms may play crucial roles in shaping its future trajectory.
