🔸 Top Public Company ETH Treasuries (as of July 23, 2025)
SharpLink Gaming: 360,807 ETH ($1.33 B) CoinGeckoSharplink.
BitMine Immersion Technologies:
300,657 ETH ($1.11 B) CoinGeckoAInvest.Coinbase Global, Inc.:
137,300 ETH ($507 M).Bit Digital, Inc.:
120,306 ETH ($445 M).BTCS Inc.:
55,788 ETH ($206 M).Other notable holders: GameSquare (~10,170 ETH), Intchains (7,023 ETH), KR1 (5,500 ETH), Exodus (~2,550 ETH), BTC Digital (~2,100 ETH).
📊 Aggregate: These 10 firms together hold ~1,002,666 ETH, valued at $3.70 B, representing 0.83% of total ETH supply as of July 23, 2025.
⚡ Recent Developments & Dynamics.
BitMine Immersion has rapidly scaled its ETH treasury, launching a $1 billion buyback program and acquiring 566,776 ETH ($2 billion) in just 16 days, cementing its lead in corporate ETH holdings at over 8.12 M ETH total held by firms and ETFs combined (~6.73% of supply).
SharpLink Gaming continues aggressive accumulation, adding ~77,210 ETH in one week ending July 27, bringing its holdings to ~438,190 ETH, with staking rewards of ~722 ETH since its treasury launch on June 2, 2025.
Bit Digital has shifted focus from BTC to ETH, increasing its holdings to ~120,306 ETH and preparing for $10 M in share issuances to fund further accumulation—potentially raising share capital to 1 billion shares by fall 2025.
🌐 Broader Trend: Institutional ETH Adoption.
Strategic ETH Reserve (SER) estimates 2.33 M ETH ($9 B) held by corporate/treasury entities (1.93% of ETH supply), up 195% since early June 2025.
Institutional momentum behind ETH is outpacing Bitcoin, partly due to Ethereum’s staking yield capabilities and foundational role in the expanding stablecoin and DeFi ecosystems.
📌 Why ETH Is Becoming a Corporate Treasury Staple.
Staking Yield: ETH provides passive income via staking—unlike Bitcoin.
DeFi Utility: ETH underpins smart contracts, smart tokens, tokenization, and stablecoins.
Yield and Liquidity Management: Companies can issue equity/debt and swap or stake ETH efficiently.
Lower Barrier to Institutional Entry: Spot ETH ETFs and more favorable legislation have smoothed adoption pathways.
Corporate Signaling: High-profile ETH accumulation acts as a bullish signal to shareholders and the market.
✅ Summary Table
Company ETH Held Approx. Value
SharpLink Gaming ~438,000 ETH $1.3–1.7 B
BitMine Immersion Technologies ~300,657 ETH $1.1–2.0 B
Coinbase Global, Inc. ~137,300 ETH $500 M
Bit Digital, Inc. ~120,306 ETH $445 M
BTCS Inc. ~55,788 ETH $206 M
Others (including Intchains, GameSquare, KR1, Exodus) Varied Tens of millions.
Combined, these publicly listed firms hold 1.0M ETH ($3.7 B), comprising ~0.8% of total circulating supply as of late July 2025. Broader corporate and ETF ownership sums to ~7% of supply (~8.1M ETH / $31 B).
📈 Outlook
Manufacturing and institutional ETH accumulation is accelerating quickly. Analysts expect corporate control to grow from ~2% to 10% of total ETH if current momentum continues.
Monitoring changes in public disclosures (e.g., SEC filings, press releases) from companies like SharpLink, BitMine, Coinbase, and Bit Digital can offer real-time insight into evolving strategies.
The trend underscores Ethereum’s transition beyond speculative investment toward planned operational and strategic reserve use by businesses.
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