Top 7 Publicly Traded Ethereum Treasury Firms

The practice of publicly traded companies adopting crypto treasury strategies may have it started with Bitcoinbut since then it has expanded into a variety of digital assets—including the second-largest crypto-asset by market capitalization, Ethereum.

Now the race to accumulate ETH is underway, led by key figures such as Fundstrat’s Tom Lee and Ethereum co-founder Joe Lubin, who are fighting public companies as they surround Ethereum and its future.

Per StrategicETHReserve.xyzpublic institutions that own the Ethereum economy hold more than 7.3 million ETH worth more than $ 16 billion, as of writing, and at 6% of all assets. These are the ones who are most interested in writing this.

1. BitMine Immersion Technologies

Led by crypto bull and Fundstrat CIO Tom Lee, BitMine Immersion Technologies appeared at the end of July 2025 when the company Detailed plans for the Ethereum Treasury. (Disclosure: Lee is one of the several angel investors in the prediction market Myriad, which is operated by DecryptParent company, Dastan.)

Initially thought to be Bitcoin mining, BitMine (BMNR) first raised $250 million in public equity (PIPE) to raise funds to start buying ETH.

From then on, there was no looking back, get 4,595,562 ETH, about $10 billion as of this writing. The pile has grown so much at BitMine that the company is now the second largest cryptocurrency of any kind, trailing only the behemoth Bitcoin. The way (formerly MicroStrategy) with revenues of approximately $54 billion.

Aggressive buying coincides with Lee’s predictions of what appears to be an uncountable amount of ETH, which includes. bids for $60,000 ETH. That’s a huge multiple over the current price.

After planning to raise $4.5 billion to acquire the property, Lee and the company raised their investment provided by $20 billion in August as BitMine aims to expand its existing Ethereum infrastructure in the industry. The company is focusing on collecting 5% of the circulating ETHit has 3.8% at this writing.

Although it continues to buy Ethereum, often on a weekly basis, the company faces many unrealized losses. more than $7 billionaccording to crypto analytics platform DropsTab.

2. Sharplink

Gambler turned Ethereum financial company Sharplink (formerly SharpLink Gaming) It has the second largest asset being traded in the ETH community.

The company it holds 869,154 ETH or $1.86 billion worth—about 87% of the way to its initial goal of earning 1 million ETH.

Although Sharplink’s business did not have close ties to crypto, it brought direct ties to Ethereum when it created its management team. The company President Joe Lubin is the co-founder of Ethereum itself, and the founder and CEO of the Ethereum software company, Consensys, the developer of a popular crypto wallet, MetaMask.

(Disclaimer: Consensys is one of the many investors in independent speech Decrypt)

Lubin and company have followed BitMine in pursuit of Ethereum continuously, raising money in various ways including recently $ 400 million in direct donationsincluding collection plans up to $6 billion through retail sales.

In July 2025, the company added BlackRock’s former head of digital strategy Joseph Chalom as their new CEO. Then, that approved a buyback of 1.5 billion shares in some cases where a company’s interest was purchased at a discount to its total value. By mid-September, it had bought back about $32 A million SBEt.

In October, Sharplink announced that it would install $200 million worth of ETH in DeFi protocols on the Consensys-incubated layer-2 incubation network, Linea. The company is also part of the Linea Consortium, a group of companies that help manage and distribute tokens from the fund’s ecosystem network.

Although some Ethereum Treasury companies have looked at the economy and other ways to try to return the shareholders, in January 2026, Chalom said. Decrypt that his company it would still be focused on ETH and long-term value creation to the shareholders.

3. The Ether Machine

There is no doubt that the business of The Machine Ether, a company to be announced in the merger of The Ether Reserve, LLC is a limited company Dynamix.

The third largest asset on the list, Ether Machine held 498,600 ETH—or $1.07 billion in value at the time of this writing—at the end of November, the latest amount disclosed in a trading update.

With the help of the initial investment and about 170,000 ETH from the co-founder and chairman Andrew Keys, Ether Machine said that it is responsible for putting its ETH to work on the chain or to create a “machine” to grow its stash, differentiating it from more and more traffic.

On August 27, Dynamix moved on DYNX chart for ETHM startup in public markets. Ether machine it said on September 16 that it filed an S-4 with the SEC for approval to complete the merger.

It announced its first major investment in October, making about 1,350 ETH or $5.5 million to improve its economy. In November, Keys repeated the company’s actions increasing the generation of ETH per unit, adding that ETH’s price recovery provides “good entry levels compatible with long-term creativity.”

As of their January update, the company they had not cleared all the legal hurdles to make the Ether Machine a community, although it is expected to be completed by the end of Q1.

4. Little Digital

Bitcoin miner Bit Digital made its way to the Ethereum Treasury in Q2 2025. It has since expanded its stash to 155,434 ETH as of February 28—now worth about $333 million.

As part of its transition, the company ended its Bitcoin mining operations and reinvested in ETH and AI compute through its majority ownership in WhiteFiber (WYFI).

Like other digital assets, Bit Digital’s ETH purchases have been underwater as the second largest crypto asset has fallen from its August all-time high of $4,946.

BTBT’s purchase price is $3,045 per ETH based on its latest update, meaning it’s down about $140 million from its purchase price at the time of writing.

5. Coinbase

The popular American crypto exchange Coinbase holds about $324 million, or 151,175 ETH based on its latest data. 10-Q filing. This is more than 35,000 ETH more than what ended in 2024 and, when it held 115,700 ETH based on year-end 10-K filings.

The company also operates more than 14,000 Bitcoin as a currency, placing it in the middle of sales executives of the largest crypto economy, as well.

First of all hitting public markets in 2021shares in Coinbase he made a permanent change in July 2025 as the crypto industry continued to thrive alongside traditional currencies.

6. BTCS INC.

Blockchain Technology Consensus Solutions (BTCS) has 70,322 ETH as of its last exchange, which is about $151 million.

The company has a proactive strategy to get more Ethereum, putting its ETH to work on the system using what it calls a “powerful DeFi / TradFi currency model” to generate value for its owners.

In addition to acquiring ETH, the company also boosted its wealth with three Ethereums. Pudgy Penguins NFTs in August.

Differentiating itself from other financial companies, BTCS is paying its owners “Bividend,” paying $0.05 per share in Ethereum to its owners. An additional bonus of $0.35 per share is available to those who transfer their shares to the company’s transfer agent and keep them there until January 26, 2026.

7. Forum

Biotech company 180 Life Sciences rebranded its company to ETHZilla in July 2025, as it shifted its focus to digital assets based on Ethereum. But it has already changed gears since then.

The company earned $425 million at the end of July to start his fortune and quickly jumped up the rankings he has. After a few weeks, they share it ETHZilla three times faster after it was revealed that billionaire technology investor Peter Thiel and his affiliates bought a 7.5% stake in the company.

But it’s been a journey since then.

ETHZilla made headlines in October when it sold ETH and repurchased approximately $40 million in ETHZ shares as a shareholder benefit. Also announced that it will split 1-10 reverse stockand start sharing regular updates on his finances to meet his share needs.

Most surprising, however, in order to provide value to shareholders, the company chose to rely on the real world economy, to provide. the opportunity to make a profit from the jet engines that have been leased. This change led to a complete restructuring, moving away from its unique name in February 2026 to Forum instead. Around that time it became known as Thiel lowered its stake in the company during Q4.

The forum, formerly ETHZilla, now has 61,650 ETH worth about $132 million.

Editor’s note: This article was first published on August 17, 2025 and was last updated on March 21, 2026.