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, an Ethereum accumulation race has begun, led by key figures such as Fundstrat’s Tom Lee and Ethereum co-founder Joe Rubin, championing public companies rallying around Ethereum and its future.

around StrategicETHreserve.xyza public institution with an Ethereum treasury, holds over 5.9 million ETH, worth over $24 billion, as of this writing, accounting for over 4.8% of the 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. Detailed plans for Ethereum Treasury.

Bitmine (BMNR), which previously focused on Bitcoin mining, first secured a $250 million private equity public investment (PIPE) funding round to begin purchasing ETH.

Since then, it has never looked back and has acquired 3,032,188 ETH worth approximately $12.26 billion as of this writing.

This aggressive buying is consistent with Lee’s seemingly bottomless ETH price predictions. Requires $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.

2. Sharplink Gaming

Gambling marketer turned Ethereum finance company sharp link gaming It holds the second largest publicly traded ETH vault.

company Keep 840,124 ETH Or $3.4 billion. We are about 84% of the way to our initial goal of accumulating 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 22 investors in the editorially independent company. 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, the company 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.

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.

Ether Machine, the third largest treasury on the list, currently holds 496,712 ETH, or $2 billion at today’s ETH price.

Ethermachine, which received startup funding and approximately 170,000 ETH from co-founder and chairman Andrew Keyes, has stated its mission to create a “machine” to run ETH on-chain or grow its assets as distinct 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. Generate approximately 1,350 ETH or $5.5 million in advances to the Treasury Department.

4.Coinbase

Leading American cryptocurrency exchange Coinbase maintains approximately $540 million or 136,782 ETH in investments. This is an increase of over 20,000 ETH from the end of 2024. When I held 115,700 ETH Based on year-end 10-K filings.

The company also holds over 11,000 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.

5. Bit Digital

Bitcoin miner Bit Digital has developed an Ethereum financial strategy for Q2 2025. In just a few months, Ethereum quickly added to its assets, from 30,663 ETH at the end of June to 150,244 ETH as of October 15th, currently worth approximately $614 million.

As part of the transition, the company will close down its Bitcoin mining operations and reallocate funds to ETH accumulation. BTBT stock has increased about 45% since the beginning of the year, and is currently trading at $4.26.

6.ETH Zilla

Biotech company 180 Life Sciences has rebranded itself as ETHZilla as it shifts its focus to digital asset treasury centered around Ethereum.

company Raised $425 million in late July It quickly rose through the holder rankings to fuel the treasury, acquiring 102,246 ETH as of October 15, equivalent to approximately $419 million at today’s ETH price.

A few weeks later, ETHZilla quickly tripled After it was revealed that billionaire tech investor Peter Thiel and related entities had bought 7.5% of the company’s shares. However, ETHZ has largely given up those gains in recent weeks, falling sharply after the company filed for a convertible bond offering of 74.8 million shares. The company also announced plans to buy back up to $250 million worth of stock.

The company utilizes its assets, Manages approximately $100 million Treasury of Etherfi, the Ethereum DeFi protocol. In late September, it raised another $350 million through convertible debt to buy more Ethereum.

What about that unique name? Board Chairman McAndrew Rudisill said: decryption In July, it said it “stems from our focus on becoming one of the world’s largest holders of ETH.”

In October, Announcement of 1:10 reverse stock split And to respond to shareholder feedback, we will begin sharing more frequent updates on our financial operations.

7. BTCS Co., Ltd.

Blockchain Technology Consensus Solutions (BTCS) holds 70,140 ETH worth approximately $287 million as of October 15th.

The company boasts an aggressive strategy to acquire more Ethereum and use what it calls a “strong DeFi/TradFi financial model” to put its ETH to work on-chain and create value for shareholders.

In addition to the ETH acquisition, the company strengthened its treasury 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.

BTCS posted record revenue of $2.77 million in the second quarter, up 394% year-over-year. The stock is up 90% since the beginning of the year.

Editor’s note: This article was originally published on August 17, 2025 and was last updated with new details on October 15.