Public Companies Now Hold Over $16 Billion In ETH

Corporate appetite for $ETH has reached a new milestone. Public companies now collectively hold 7.33 million Ethereum on their balance sheets, worth more than $16 billion, according to data flagged by @LeonWaidmann, Head of Research at @Lisk. The holdings span 67 separate companies and represent roughly 6.06% of Ethereum's total circulating supply.

What makes the figure striking is the pace of accumulation. According to Waidmann, the entire position has been built in just 18 months, a rapid institutional embrace that mirrors, and in some respects exceeds, the early momentum behind corporate Bitcoin treasuries.

A New Class of Corporate Treasury Asset

The trend reflects a broader shift in how public companies view digital assets. Corporate Ethereum treasuries represent a growing trend of public companies and institutions holding ETH as a strategic reserve asset, similar to Bitcoin treasuries popularized by MicroStrategy. But $ETH carries a distinct advantage over $BTC in this context. Ethereum treasury companies can stake their ETH to earn around 3% APY through the network's Proof of Stake mechanism, making it a productive asset that generates ongoing cash flow.

CoinGecko tracks 30 institutions with a total holding of 6,865,614 ETH worth $16.1 billion, representing 5.69% of Ethereum's total supply. The largest single corporate holder is BitMine Immersion Technologies. BitMine Immersion Technologies is the largest corporate Ethereum holder in the world. Under the chairmanship of Tom Lee and CEO Jonathan Bates, the company pivoted from Bitcoin mining to focus exclusively on an Ethereum treasury strategy, rapidly accumulating ETH through a combination of PIPE deals and large-scale stock offering programs.

Supply Squeeze and What It Means for ETH

The institutional land grab is happening alongside a broader tightening of $ETH's available supply. While institutional accumulation has spiked, Ethereum staking activity has also experienced a sharp uptick. After persistent staking activity, the number of ETH staked has now reached a new all-time high, reflecting growing participation in the network's proof-of-stake system. Over 32% of all ETH's entire supply is now locked away in staking contracts.

Waidmann has pointed to this dynamic as a structural supply constraint rather than a temporary sentiment shift. "The bottleneck for ETH isn't demand, it's available float," Waidmann stated, adding that stakers do not unwind on drawdowns, and neither do corporate balance sheets sell their holdings on vibes.

With more companies entering the space and staking ratios at record highs, the question for markets is whether price action will eventually catch up with the structural demand being built beneath it. For now, the accumulation continues, quietly and at scale.

Sources:
CoinGecko: Ethereum Treasuries Tracker
Bitcoinist: Ethereum Attracts Non-Stop Buying From Public Companies
Bitcoinist: Ethereum Staking Hits Fresh High As Network Locks Up More ETH