The 7 Largest Publicly Traded Ethereum Treasury Firms

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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};be("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat(Vn)),notifLabel:document.querySelector(".".concat($n))};t.notifDropdown&&ro(e,t)}))}()}};]]>Logan HitchcockWed, Aug 27, 2025, 5:24 PM 5 min readThe trend of publicly traded companies adopting crypto treasury strategies may have started with Bitcoin, but it has since expanded to a wide variety of digital assets—including the second-largest crypto asset by market cap, Ethereum. Now the race to accumulate ETH is on, led by key figures like Fundstrat’s Tom Lee and Ethereum co-founder Joe Lubin, who are championing public firms as they rally around Ethereum and its future. Per StrategicETHReserve.xyz, public entities with Ethereum treasuries maintain more than 3.7 million ETH valued at nearly $17 billion, as of this writing, and more than 3% of the entire supply. These are the biggest holders as of this writing.Led by crypto bull and Fundstrat CIO Tom Lee, BitMine Immersion Technologies burst onto the scene at the end of July when the firm detailed plans for an Ethereum treasury. Formerly focused on Bitcoin mining, BitMine (BMNR) first secured a $250 million private investment in public equity (PIPE) fundraising round to begin its ETH purchases. Since that time, it hasn’t looked back, acquiring 1,713,899 ETH, or nearly $8 billion worth as of this writing. BitMine Ethereum Stash Nears $8 Billion After ETH Hits All-Time HighThe aggressive buying spree has coincided with Lee’s seemingly unfathomable ETH price predictions, which include calls for $60,000 ETH. That’s a sizable multiple of the current price.After planning a raise of $4.5 billion to accumulate the asset, Lee and company upsized their offering by $20 billion in August as BitMine aims to expand its already industry-leading Ethereum treasury. Gambling marketer turned Ethereum treasury company SharpLink Gaming holds the second-largest publicly traded ETH treasury. The firm maintains 797,704 ETH, or $3.7 billion as of its latest release—around 79% of the way to its first stated goal of accumulating 1 million ETH. While SharpLink’s existing business did not have immediate ties to crypto, it brought on direct ties to Ethereum when it shaped its board of directors. The firm’s chairman Joe Lubin is the co-founder of Ethereum itself, and founder and CEO of Ethereum software company, Consensys, the maker of popular crypto wallet, MetaMask.(Disclaimer: Consensys is one of 22 investors in an editorially independent Decrypt)Ethereum Treasury SharpLink to Buy Back Up to $1.5 Billion in StockLubin and company have followed BitMine in a relentless pursuit of Ethereum, raising funds in a variety of ways including a recent $400 million direct offering, plus plans to collect up to $6 billion via stock sales. Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,501.86 +20.46 (+0.32%)Dow 3045,636.90 +71.67 (+0.16%)Nasdaq21,705.16 +115.02 (+0.53%)Russell 20002,378.41 +4.62 (+0.19%)VIX14.43 -0.42 (-2.83%)Gold3,475.30 +1.00 (+0.03%)PortfolioSign in to access your portfolioSign inTop gainersPSTG Pure Storage, Inc. 80.54 +19.68 (+32.34%)SNOW Snowflake Inc. 241.00 +40.61 (+20.27%)BILL BILL Holdings, Inc. 49.20 +7.57 (+18.18%)TCOM Trip.com Group Limited 75.03 +9.74 (+14.92%)TIGR UP Fintech Holding Limited 12.81 +1.24 (+10.72%)Top losersARX Accelerant Holdings 21.57 -7.72 (-26.36%)TLX Telix Pharmaceuticals Limited 10.15 -1.95 (-16.12%)HMY Harmony Gold Mining Company Limited 12.61 -2.06 (-14.04%)HRL Hormel Foods Corporation 25.22 -3.80 (-13.09%)COO The Cooper Companies, Inc. 64.58 -9.53 (-12.85%)Most activeWBA Walgreens Boots Alliance, Inc. 11.98 0.00 (0.00%)NVDA NVIDIA Corporation 180.17 -1.43 (-0.79%)OPEN Opendoor Technologies Inc. 4.2700 +0.2500 (+6.22%)LCID Lucid Group, Inc. 2.0700 -0.0100 (-0.48%)RGTI Rigetti Computing, Inc. 16.58 +1.19 (+7.73%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersMRVL Marvell Technology, Inc. 77.23 +2.44 (+3.26%)DELL Dell Technologies Inc. 134.05 +1.55 (+1.17%)AFRM Affirm Holdings, Inc. 79.99 +2.40 (+3.09%)IREN IREN Limited 23.04 +0.69 (+3.06%)ULTA Ulta Beauty, Inc. 530.63 -3.18 (-0.60%)Top economic events