As corporate bitcoin treasury strategies continue to attract attention, ethereum is also gaining traction as a reserve asset among funds and companies. The report highlights that while bitcoin remains the dominant digital asset on institutional balance sheets, ETH is increasingly being accumulated by entities that see long-term value in the second-largest cryptocurrency.
12 entities reported to hold 212,875 ETH
According to data from Cryptotreasuries.org, 12 different funds and companies currently hold ethereum, with combined reserves of 212,875 ETH. Based on the figures cited in the report, those holdings are worth close to $700 million. The numbers suggest that ethereum treasury adoption, while less discussed than bitcoin, has already reached a meaningful scale.
The largest holder on the list is Galaxy Digital Holdings, which reportedly owns 98,892 ETH. That gives the firm about 46.45% of the total ETH held across the 12 entities. The second-largest holder is Ether Capital Corporation with 43,512 ETH, representing roughly 20.44% of the aggregate. Other notable holders include Coinbase Global with 31,787 ETH, Meitu with 15,000 ETH, and Hive Blockchain with 13,331 ETH.
Other ETH holders remain partially undisclosed
The article also references another tracking site, ethtreasuries.pory.app, which lists additional entities such as M31 Capital, Gerber Kawasaki Investment Management, Arca Labs, Heat Capital, and FD7 Ventures. However, many of those entries show “undisclosed” ethereum balances. The report notes that this list is less up to date and includes more questionable sourcing than Cryptotreasuries.org, making it less reliable as a primary reference.
Even so, that secondary list mentions firms such as Three Arrows Capital and Grayscale Ethereum Trust, both said to hold tens of thousands of ether. The report also notes that Three Arrows Capital recently purchased 31,345 ETH, while co-founder Su Zhu told Bloomberg he remained bullish on crypto investments. Taken together, the data points to a broader trend: ethereum is becoming a more visible part of institutional treasury strategy.