Corporations and Wall Street players are increasingly identifying Ethereum as a promising treasury reserve asset, coinciding with the 10th anniversary of Ethereum’s launch. The Ethereum network, which introduced smart contract functionality and laid the groundwork for decentralized finance (DeFi), has now operated for a decade without interruption since going live on July 30, 2015.

To mark the occasion, Cointelegraph highlighted the five largest corporate holders of Ether, emphasizing the cryptocurrency’s growing appeal among public companies as a strategic asset.

BitMine Immersion Technologies, a publicly listed Bitcoin mining firm, leads the pack with 625,000 ETH, representing 0.52% of Ethereum’s circulating supply. The company previously announced its intention to acquire up to 5% of ETH’s supply and followed this with a $1 billion stock repurchase program.

Next is Sharplink, a Nasdaq-listed company that holds 438,190 ETH, having spent $290 million on purchases between July 21 and the end of the month. The firm identifies Ether as its primary treasury reserve asset.

Bit Digital ranks third, holding 100,603 ETH. On July 7, it disclosed a shift in its treasury strategy from Bitcoin to Ethereum, raising $172 million through public equity and restructuring its balance sheet accordingly.

Ethereum node validator BTCS Inc. is the fourth-largest holder, with 70,028 ETH. On Monday, the company completed a $10 million convertible note offering, bringing its total capital raised in 2025 to $207 million.

Media and tech firm GameSquare Holdings Inc. rounds out the top five, with 12,913 ETH and a $250 million allocation toward a broader crypto treasury strategy.

Gracy Chen, CEO of crypto exchange Bitget, noted that institutional investors are increasingly treating Ethereum as the next digital reserve asset. “Given the high likelihood that the world’s assets will be tokenized on the blockchain, Ethereum has a competitive advantage in capturing a large share of this market,” she said, adding that traditional financial institutions are just beginning to embrace Ether in this role.

Institutional Ether acquisitions have accelerated significantly in recent months. Since June, treasury firms have purchased over 1% of ETH’s total supply, surpassing Bitcoin-focused firms during the same period, according to a report by Standard Chartered.

The report suggests Ethereum-focused treasury firms could eventually hold up to 10% of the total supply, citing advantages such as regulatory arbitrage and the ability to earn programmable yield through staking and DeFi.

These developments, coupled with strong inflows into U.S. spot Ether ETFs, may support Ethereum’s potential to surpass the $4,000 mark—Standard Chartered’s year-end price target.

Sources:

https://cointelegraph.com/news/ethereum-10-top-corporate-eth-holders-wall-street-bitcoin

https://www.prnewswire.com/news-releases/gamesquare-acquires-iconic-cowboy-ape-cryptopunk-from-defi-pioneer-robert-leshner-302513150.html?tc=eml_cleartime

https://x.com/BitDigital_BTBT/status/1942207974379827529

https://x.com/ethereumfndn/status/1950345611380932670

https://x.com/BitMNR/status/1950157953316647315

https://x.com/NasdaqBTCS/status/1949787329972863207