In recent weeks, nine U.S. exchange-traded funds based on Ethereum (ETFs) have accumulated ether, capturing large portions of this cryptocurrency. This month marks exactly one year since they started trading on Wall Street, and they currently hold over 5.73 million ETH—worth approximately $21.8 billion.
Ethereum ETFs hit $21.8 billion as institutions stockpile Ether.
Ethereum ETFs launched on July 23, 2024—just over a year ago—and their launch was not exactly smooth. Initially, they experienced large outflows, primarily due to Grayscale’s Ethereum Trust (ETHE) selling approximately $4.3 billion in asset value. Despite a significant decline, ETHE remains the second-largest ETF in terms of ether holdings.
The Blackrock ETHA Fund leads the ETFs with approximately 3,018,770 ETH—worth over $11.47 billion. Since its launch, ETHA has attracted $9.06 billion in cumulative inflows. Following is Grayscale's ETHE product, holding 1,129,021.39 ETH, worth $4.29 billion. Fidelity's FETH Fund ranks third with 684,874.19 ETH, or approximately $2.6 billion.
Grayscale’s Ethereum Mini Trust adds 666,074.8562 ETH to its total, adding approximately $2.53 billion in ether. Bitwise's ETHW follows with 138,264.83 ETH ($525.8 million), followed by Vaneck's ETHV with 56,748.325 ETH ($215.8 million). Franklin Templeton's EZET Fund adds another 20,122.61 ETH, worth approximately $76.5 million.
Among smaller players, 21shares' CETH product holds 10,491.06 ETH worth $39.9 million, while Invesco Galaxy's QETH fund controls 10,074 ETH worth $38.3 million. In total, the nine funds currently hold 4.75% of the total circulating supply of ETH, which is 120,710,561 coins. The recent increase in ETF inflows coincides with the growing trend of cryptocurrency firms adding ETH to their treasuries.
For example, the publicly traded company Bitmine Immersion Technologies holds 625,000 ETH on its books, while Sharplink Gaming owns 449,276 ETH. Although not ETFs, these companies are viewed as providing indirect exposure to the world's second-largest cryptocurrency by market value. Furthermore, as companies continue to pile on ETH and ETFs attract new inflows, this momentum only further drives demand for the asset.
