Ethereum strategic reserves and ETF-linked holdings are gaining visible weight in the market. Data cited from strategicethreserve.xyz shows that 63 participants collectively control 2.96 million ETH, worth about $10.8 billion, or roughly 2.45% of Ethereum’s total supply. The figures point to a broad trend: more companies, crypto-native organizations, and major institutions are treating ETH as a long-term treasury asset.
Public companies lead the corporate treasury race
Among publicly traded firms, Bitmine Immersion Tech ranks first with 833,100 ETH, valued at around $3.04 billion. Sharplink Gaming follows with 438,200 ETH worth about $1.6 billion, while The Ether Machine holds 345,400 ETH, or roughly $1.26 billion. Bit Digital and BTCS Inc. round out the top five with ETH positions valued at approximately $439.2 million and $255.7 million, respectively.
Further down the list, Gamesquare Holdings, ETH Strategy, and Intchains Group each maintain treasury positions in the tens of millions of dollars. Smaller holders still reflect the breadth of adoption: BTC Digital Ltd. holds 2,100 ETH, while Centaurus Energy Inc. holds 137 ETH. Together, the rankings show that technology firms, gaming businesses, and blockchain-focused public companies are all building meaningful ETH exposure.
Foundations, exchanges, and other entities add depth
Excluding public companies, the top 25 non-public ethereum treasuries remain substantial. The Ethereum Foundation leads that group with 233,600 ETH worth about $852.8 million. Pulsechain Sac comes next with 166,300 ETH, valued near $607.2 million, followed by Coinbase with 136,800 ETH worth roughly $499.4 million.
Mantle, Golem Foundation, and Gnosis DAO each hold more than 66,000 ETH. The list also includes the U.S. Government, which reportedly controls 60,000 ETH valued at around $218.9 million. This distribution suggests Ethereum reserves are not limited to corporate balance sheets; they now span foundations, government-linked holdings, exchanges, and decentralized organizations.
DAO and DeFi participation broadens Ethereum’s reserve base
Major DAO and ecosystem players such as Lido, Arbitrum, and Optimism also appear among notable holders, alongside infrastructure and DeFi names including ENS, Status, and Frax Finance. The lower end of the ranking features Request Network, Aave DAO, Onchain Foundation, and several private blockchain organizations, each holding between 7,000 ETH and 36,000 ETH.
Overall, the treasury map highlights how ETH is being locked up across a wide range of market participants. From public companies to foundations and DAOs, the concentration of large reserves points to shrinking liquid supply and a stronger role for Ethereum as an institutional-grade digital asset. While the source does not make a direct market forecast, the scale and diversity of these holdings underline Ethereum’s rising strategic importance.