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 it’s a competition to accumulate $ETH Led by key figures such as Fundstrat’s Tom Lee and Ethereum co-founder Joe Rubin, it champions public companies rallying around Ethereum and its future.

around StrategicETHreserve.xyzpublic entities with Ethereum treasury maintain over 7.3 million $ETH As of this writing, it is worth more than $16 billion and accounts for more than 6% of 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 2025. Detailed plans for Ethereum Treasury. (Disclosure: Mr. Lee is one of several angel investors in Myriad, a prediction market operated by Myriad. decryptionDastan, the parent company of. )

Previously focused on Bitcoin mining, BitMine (BMNR) kicked off its funding round by securing an initial $250 million private equity public investment (PIPE) funding round. $ETH Purchased item.

Since then, I haven’t looked back. Obtained 4,595,562 $ETH, Worth about $10 billion as 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 stash of nearly $54 billion.

The aggressive hoarding coincided with Mr. Lee’s seemingly bottomless attitude. $ETH Price prediction includes: asks for $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 circulating assets. $ETH supply-As of this writing, it is approximately 3.8%.

According to cryptocurrency analysis platform DropsTab, the company, which typically purchases Ethereum relentlessly on a weekly basis, has unrealized losses of more than $7 billion.

2.Sharp link

Gambling marketer turned Ethereum finance company sharp link (Formerly Sharp Link Gaming) Owns the second largest listed company $ETH Ministry of Finance.

company Maintained 869,154 $ETH or $1.86 billion worth – about 87% of the way to our initial goal of raising $1 million. $ETH.

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 many investors in editorially independent companies. 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 2025, we will 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.

In October, Sharplink worth $200 million $ETH Introduction to 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.

While other Ethereum finance companies are looking to other assets and initiatives to generate shareholder returns, Chalom said in January 2026: decryption his company is will continue to focus strictly on $ETH create long-term value For shareholders.

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.

The third-largest treasury on the list, Ether Machine, held $498,600. $ETHAs of the end of November, i.e. at the time of this writing, it was worth $1.07 billion, with the latest amounts detailed in the investor update.

Raised start-up capital and approximately 170,000 yen $ETH Ethermachine revealed its mission from co-founder and chairman Andrew Keyes. $ETH It operates on-chain or creates “machines” to expand its stash and differentiate it 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. Approximately 1,350 results generated $ETH or $5.5 million in advances to the Treasury Department. In November, Mr. Keyes reiterated the company’s mission to maximize profits. $ETH Number of generations per share, $ETH The price provides a “sounder entry level aligned with long-term value creation.”

As of its January investor update, the company had not yet cleared all regulatory hurdles This is to make Ethermachine a public institution, and is expected to be completed by the end of the first quarter.

4. Bit Digital

Bitcoin miner Bit Digital has developed an Ethereum treasury strategy for Q2 2025. Since then, that stash has increased to 155,434 $ETH As of February 28, its value was approximately $333 million.

As part of the transition, the company closed its Bitcoin mining operations and reallocated funds to: $ETH accumulation and AI computing through majority ownership in publicly traded company WhiteFiber (WYFI).

Like other digital asset vaults, Bit Digital’s $ETH Acquisitions have been under water since the second-largest crypto asset plummeted from an all-time high of $4,946 in August.

The average acquisition cost of BTBT is $3,045 per transaction. $ETH Based on the latest update, the acquisition price has decreased by approximately $140 million at the time of writing.

5.Coinbase

Prominent American cryptocurrency exchange Coinbase maintains investments of approximately $324 million, or $151,175. $ETH Based on the latest information 10-Q Filing. That’s over 35,000 $ETH greater than at the end of 2024; When there were 115,700 people $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. BTCS Co., Ltd.

Blockchain Technology Consensus Solution (BTCS) holds 70,322 $ETH As of last update, it’s worth about $151 million.

The company boasts an aggressive strategy to acquire more Ethereum, $ETH It operates on-chain using what it calls a “powerful DeFi/TradFi financial model” to create value for shareholders.

In addition to getting $ETHthe company also strengthened its finances 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.

7. Forum

Biotech company 180 Life Sciences rebranded itself to ETHZilla in July 2025 to shift its focus to digital asset treasury centered around Ethereum. But since then, it has already shifted gears again.

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.

But it’s been a long journey since then.

ETHZilla made headlines in October when it sells $ETH and repurchased approximately $40 million in ETHZ stock as a means of benefiting shareholders. That too Announcement of 1:10 reverse stock splitwill begin sharing more frequent updates on its financial operations in response to shareholder feedback.

But most surprisingly, the company has chosen to lean into the tokenization of real-world assets in pursuit of delivering shareholder value. Tokenized access to profits from leased jet engines. This change in focus resulted in a complete rebrand, moving beyond its unique name and instead being called Forum in February 2026. Around that time, teal was discovered. Sold company stock during the fourth quarter.

Forum (formerly ETHZilla) currently has 61,650 participants $ETH Worth approximately $132 million.

Editor’s note: This article was originally published on August 17, 2025 and was last updated with new details on March 21, 2026.