The volume $ETH on the accounts of organizations using #Ethereum in corporate reserves has exceeded $10 billion. This is reported by Strategic ETH Reserve data: 64 companies collectively hold 2.73 million #ETH worth $10.49 billion.
Although this is only 2.27% of the total Ethereum supply, the statistics show how significantly the recent wave of public companies transitioning to holding part of their capital in ETH has impacted the market.
In the top three are companies that hold the largest volumes of Ethereum. The first place is occupied by Bitmine Immersion Tech with 625,000 ETH. In second place is Sharplink Gaming, holding 438.2 thousand ETH, and closing the list is The Ether Machine with 334.8 thousand ETH.
The speed at which these companies have built up their reserves is particularly impressive. Over the past ninety days, they have purchased most of their assets. Bitmine alone has accumulated ETH worth over $2 billion, actively increasing its positions in recent weeks.
A similar situation exists with Bitmine's closest competitor, Sharplink. It began actively purchasing ETH in June and made its last transaction on July 29, adding more than 77,000 coins to its reserves.
Sharplink claims it plans to continue increasing its positions. Interestingly, just two months ago, the largest holder of Ethereum was the Ethereum Foundation itself, but now it ranks only fourth with a volume of approximately 234.6 thousand ETH.
Also in the top ten holders are Bit Digital and BTCS Inc. In addition, the list includes Centaurus Energy, ETHZilla Corporation, BTC Digital, and ETH Strategy.
Among the large holders of ETH are also native crypto projects. For example, Mantle Network recently reported that it holds over 101 thousand ETH. Significant reserves are also held by Gnosis DAO, Pulsechain Sac, Golem Foundation, Lido DAO, and Frax Finance.
Even government agencies are among the 64 known holders of Ethereum. The US government has about 60,000 ETH in its accounts, Michigan state authorities hold 4,000, and the royal government of Bhutan has 495 ETH.
Companies plan to increase purchases of Ethereum
The reserves of ETH in the accounts of companies that use cryptocurrency as a reserve asset will grow. According to a report by Standard Chartered, only in June, public firms purchased about 1% of the total ETH supply, and analysts believe this figure could grow to 10% over time.
Bitmine's CEO Tom Lee confirmed these forecasts. According to him, the company is developing a strategy to buy back and send to staking up to 5% of the total Ethereum supply — about 6 million coins. He noted that Bitmine is already preparing for large-scale purchases and looking for optimal ways to implement them.
However, Bitmine recently approved a plan to buy back $1 billion worth of its own shares from the open market and is negotiating deals. This move comes as its shares are trading below net asset value (NAV), and it seems aimed at boosting quotes before returning to active ETH purchases.
Sharplink is also focused on increasing its Ethereum reserves, but is acting more cautiously. The company's head, Joe Lubin, stated that when expanding positions, they plan to control the level of borrowings. Sharplink is considering issuing convertible bonds, similar to the strategy of Strategy (formerly MicroStrategy), to raise additional capital for purchasing ETH.
Ethereum is stuck around $3,700 on its way to $4,000
Despite the wave of accumulation, the price of ETH has slowed its growth in recent days. According to CoinMarketCap, this morning the token rose to $3,877 but later declined to $3,774, showing a slight decrease.
This disappointed investors who were hoping to see growth above $4,000 by Ethereum's tenth anniversary. Previously, the coin gained over 100% in just three months, but the momentum that was pushing it upwards has noticeably weakened.
Nevertheless, on-chain data shows that activity on the Ethereum network remains high. On Wednesday, the number of active wallets exceeded 680,000, the second highest in the network's history. The ratio of the average price to realized value (MVRV) has increased by 38% over the year and by 15% over the last month.
Interestingly, the recent rise of ETH over the past month occurred independently of Bitcoin's dynamics. According to crypto analyst Carmelo Aleman, the reason is that new capital has entered Ethereum, rather than a redistribution of funds from $BTC .
