Institutional Ethereum Holdings Overview | Will the Ethereum Power Structure be Restructured?
Latest data shows that BitMine (BMNR) has rapidly increased its holdings by 373,000 ETH, bringing its total holdings to 1.52 million ETH, accounting for 1.26% of the total circulating supply of Ethereum—equivalent to more than 1 out of every 100 ETH being controlled by them. Even more astonishing is that 69 disclosed institutional holders collectively hold 4.09 million ETH (accounting for 3.38% of the circulating supply), in addition to 6.56 million from ETFs (accounting for 5.42%), meaning traditional capital has controlled nearly 8.8% of the Ethereum circulating supply, valued at over $45 billion.
📌 Institutional Holdings Map:
BMNR stands out with 1.52 million ETH holdings (valued at approximately $6.5 billion), with a 406% increase over the past 30 days, far surpassing Grayscale’s ETHE with 900,000 ETH. The market generally views it as a “shadow channel” for BlackRock's clients, quietly accumulating before the approval of spot ETFs.
SharpLink Gaming (SBET) follows closely: holding 728,800 (+159%) ETH.
The Ether Machine (DYNX) ranks third, currently holding 345,400 ETH, with an 8.01% increase in holdings over the past 30 days;
The Ethereum Foundation ranks fourth, holding 231,600 ETH, with a 3.3% decrease in holdings over the past 30 days;
BTCS Inc (BTCS) ranks eleventh, holding 70,000 ETH, with a 113.16% increase in holdings over the past 30 days.
💠 Will the Ethereum Power Structure be Restructured?
With changes in the holdings of institutions and the Ethereum Foundation, four trends are becoming increasingly apparent:
1. “De-risking” accelerates: Institutions + ETFs control nearly 9% of the circulating supply, continuous accumulation will significantly weaken retail voices, and ETH liquidity is facing long-term tightening. If institutions jointly control the LST (Liquid Staking Tokens) market, they may monopolize DeFi interest rate pricing, deviating from the original intent of open finance.
2. Struggle for Staking Control: Institutional holdings tend to participate in staking. If BMNR, for instance, puts 1.52 million ETH into the staking pool (accounting for 4.6% of the current total staked amount), it could disrupt the balance of node governance and threaten the foundation of network decentralization.
3. New Chips in Regulatory Games: Giants like BlackRock are circumventing ETF restrictions through BMNR, effectively pressuring the SEC to acknowledge that ETH is not a security—if the spot ETF is denied approval, it will directly impact their existing massive investments.
4. Clear Signals of Divergence: While most institutions are aggressively increasing their holdings, the Ethereum Foundation is reducing its holdings by 3.3%.
When capital control exceeds the 10% threshold (expected by the end of 2025), the battle for Ethereum governance rights will officially begin!
