As of July 2025, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, continues to gain traction among public companies as a valuable asset for treasury management, according to CoinGecko. Leading the pack is SharpLink Gaming, holding a substantial 360,807 ETH, valued at approximately $1.33 billion. The company strategically uses over 95% of its ETH in staking and liquid staking platforms, reinforcing its treasury with Ethereum as a core asset.
Following SharpLink Gaming, Bitmine Immersion holds 300,657 ETH, valued at $1.11 billion, making it the largest publicly traded entity with significant ETH holdings. The company, chaired by Fundstrat co-founder Tom Lee, aims to control 5% of all ETH, equivalent to about 6.0 million ETH at current supply levels.
Coinbase Global, Inc. ranks third, with 137,300 ETH worth $507.34 million, accounting for nearly 13.7% of all ETH held by public companies. Historically, Coinbase led the ETH holdings among public firms before being surpassed by SharpLink Gaming and Bitmine Immersion.
Bit Digital, Inc., primarily known for its Bitcoin mining operations, has diversified into Ethereum staking, holding 120,306 ETH valued at $444.54 million. This strategy aligns with its commitment to Ethereum’s proof-of-stake ecosystem, allowing the company to earn additional yield.
Another notable holder is BTCS Inc., with 55,788 ETH currently valued at $206.14 million. The firm has recently increased its holdings through a purchase of 22,935 ETH, supporting its blockchain infrastructure business and validator node operations.
GameSquare Holdings, a Nasdaq-listed media and entertainment company, holds 10,170 ETH, following a strategic increase in its digital asset treasury management authorization. Similarly, Intchains Group Limited maintains a strategic reserve of 7,023 ETH to support its broader Web3 initiatives.
KR1, Exodus, and BTC Digital complete the top 10 list, collectively holding 10,150 ETH. Despite not actively accumulating ETH in the recent quarter, these companies maintain a significant presence in the crypto space.
The cumulative Ethereum holdings of these public companies amount to 1,002,666 ETH, valued at approximately $3.70 billion, representing 0.83% of the total ETH in circulation. Ethereum’s market journey has been volatile, with prices fluctuating from a high of over $4,100 in December 2024 to a low near $1,383 in April 2025, before stabilizing around $3,700 by July 2025.
This volatility has affected the valuation of corporate treasuries. SharpLink’s ETH holdings, acquired at an average price of $2,864, have appreciated by 29.0%, while Bitmine’s ETH has seen a 13.7% gain. Bit Digital has experienced a notable appreciation of 85.8%, and Exodus Movement has the highest unrealized gain of 102.7% despite holding only 2,550 ETH.
The growing adoption of Ethereum in corporate treasuries, while limited compared to Bitcoin, is gaining momentum. SharpLink Gaming and Bitmine Immersion alone hold over 65.9% of all publicly disclosed ETH, indicating a concentrated yet impactful market presence. As Ethereum continues to evolve, more companies are expected to integrate ETH into their financial strategies.
