Corporate Ether Treasuries Surge as Strategic Assets in 2025
By mid-2025, an increasing number of publicly traded companies have adopted Ether (ETH) as a core treasury reserve, moving beyond traditional cash or Bitcoin holdings. These firms not only accumulate ETH but actively stake and restake it to generate consistent onchain income, thereby reinforcing their balance sheets while contributing to Ethereum’s ecosystem.
Leading Public Companies by Ether Holdings
The seven largest Ether treasury holders as of August 2025 exemplify this trend, each employing distinct strategies to leverage ETH for yield and strategic positioning.
1. BitMine Immersion (NYSE: BMNR)
BitMine Immersion stands as the largest corporate ETH holder, with 1,523,373 ETH reported in its August 17, 2025 SEC filing. This $6.6 billion crypto portfolio includes minor BTC and cash reserves. BitMine’s vast holdings grant it significant influence over ETH liquidity, validator distribution, and potentially Ethereum network upgrade dynamics.
2. SharpLink Gaming (NASDAQ: SBET)
SharpLink rapidly expanded its ETH position by acquiring 143,593 ETH in a single week, reaching a total of 740,760 ETH by mid-August 2025. The company’s aggressive accumulation, funded through at-the-market (ATM) equity offerings, is coupled with ongoing staking to generate onchain yield. Its weekly disclosures offer investors transparent, near real-time insights into its ETH treasury growth.
3. Coinbase (NASDAQ: COIN)
Coinbase’s Q2 2025 filings reveal 136,782 ETH categorized as “held for investment,” alongside 11,195 ETH held for operational purposes such as validator activities. This clear bifurcation provides a transparent benchmark for understanding corporate ETH accounting and highlights Coinbase’s dual role as both an exchange and an ETH treasury holder.
4. Bit Digital (NASDAQ: BTBT)
Bit Digital increased its ETH holdings to approximately 120,306 ETH following a direct offering in July 2025. The company integrates ETH accumulation with validator operations, generating native staking rewards that compound its reserves, reflecting a growing model among corporate ETH holders.
5. ETHZilla (NASDAQ: ETHZ)
ETHZilla reported 94,675 ETH holdings at an average acquisition price of $3,902.20 per ETH, alongside $187 million in cash equivalents. The company is transitioning to an ETH treasury model with plans to deploy onchain yield strategies managed by external specialists.
6. BTCS (NASDAQ: BTCS)
BTCS expanded its Ether holdings to 70,140 ETH post-quarter, valued at over $321 million. The firm brands itself as “Ethereum-first,” focusing on block building, staking, and leveraging ETH-backed decentralized finance borrowing to enhance capital efficiency.
7. Fundamental Global/FG Nexus (NASDAQ: FGNX)
FG Nexus, a newcomer, disclosed holdings of 47,331 ETH as of August 10, 2025. Its strategy centers on staking and restaking to maximize ETH yield, aiming to build one of the largest corporate ETH treasuries.
Implications of Corporate Ether Reserves
Corporate accumulation of Ether reduces circulating supply, exerting upward pressure on price, particularly in the context of Ethereum’s deflationary tokenomics introduced by EIP-1559. By staking these reserves, companies lock ETH out of liquid markets, further tightening availability.
Beyond price effects, corporate ETH treasuries enhance Ethereum’s security and decentralization by operating validators and earning staking rewards that compound treasury growth. Institutional adoption also signals confidence in ETH as a long-term store of value rather than a speculative asset.
Market Dynamics and Investor Insights
- Corporate entities are not just acquiring ETH; they are actively staking and restaking to generate yield.
- Regular disclosures from companies like SharpLink provide transparency and build investor trust.
- Large holders such as BitMine Immersion have significant potential to influence market liquidity and validator distributions.
- Clear accounting practices, exemplified by Coinbase, improve clarity on ETH holdings’ purpose—investment versus operations.
- Public equities offer regulated exposure to ETH, though share prices may deviate from net ETH asset values.
Risks Associated with Corporate Ether Treasuries
Despite their benefits, corporate ETH treasuries introduce several risks:
- Market Volatility: ETH price fluctuations can significantly impact treasury valuations and shareholder sentiment.
- Regulatory Uncertainty: Evolving digital asset regulations may affect reporting, taxation, or legality of corporate ETH holdings.
- Concentration Risk: Large ETH holders may distort liquidity; significant sales could trigger price shocks.
- Operational Risks: Validator management and custody of private keys carry technical vulnerabilities.
- Equity Price Discrepancies: Stocks representing ETH exposure can trade at premiums or discounts relative to actual ETH value.
Note: This article does not constitute investment advice. Readers should perform their own due diligence before making investment decisions.
