Forget Bitcoin: These 13 Big Companies Are Quietly Betting on Ethereum (ETH)

Bitcoin still dominates headlines, but another quiet accumulation story is unfolding: Public companies are increasingly selecting Ethereum as their primary digital asset.

The top ETH holders include firms not usually linked to blockchain leadership. They are not testing the waters, but actually, they are going all in.

These players range from sports tech to crypto-native firms and infrastructure providers. Some are quietly accumulating ETH in volumes that challenge Bitcoin-focused strategies. Together, these 13 companies hold more than 1 million ETH. 

This signals growing confidence in Ethereum’s proof-of-stake system (PoS), its role in decentralized finance (DeFi), and its smart contract infrastructure. They are shaping Ethereum’s path into public markets.

This article lists the top public companies holding Ether, how much they hold, what industries they represent, and why their ETH strategy is gaining attention.

Please note that the data is sourced from CoinGecko and Ethereumtreasuries.net, with all dollar values updated as of August 15, 2025.

Top Public Companies Holding Ethereum: Quiet Accumulation, Big Impact

1. BitMine Immersion (NYSE: BMNR)

Ethereum isn’t just sitting quietly in cold storage anymore. Some public companies are treating it as a strategic tool. BitMine Immersion now leads with the largest declared ETH treasury.

• Holdings: 1,523,373 ETH ($5.1 billion)
• Type: Former Bitcoin miner, crypto infrastructure firm
• Context: Pivoted sharply from Bitcoin to Ethereum in mid-2025. Chaired by Fundstrat’s Tom Lee, BitMine raised $1.8 billion in a share offering to acquire ETH, aiming for 5% of total supply. Stakes a significant portion of holdings to dominate validator operations.

To remember: It’s the boldest ETH treasury strategy to date. 

2. SharpLink Gaming (Nasdaq: SBET)

Right behind BitMine is a company that took a focused leap into Ethereum months earlier. SharpLink Gaming built its ETH strategy around stablecoin systems and staking income.

• Holdings: 740,760 ETH ($3.3 billion)
• Type: iGaming and sports betting technology provider
• Context: In 2025, SharpLink transformed into a crypto-focused company under the leadership of Ethereum co-founder Joseph Lubin, who now chairs the board. The company raised $83 million in June and used it to acquire 79,000 ETH in a single week. 95% of its ETH is staked, and the company is developing Ethereum-powered stablecoin payout systems for online gaming. 

To remember: Lubin praised U.S. regulatory clarity as enabling this pivot. “With the Genius Act now law, the regulatory uncertainty that has surrounded crypto innovation is finally easing.”

3. Coinbase Global (Nasdaq: COIN)

While BitMine and SharpLink reflect bold treasury shifts, Coinbase’s position comes from inside the network. As an exchange and staking operator, its ETH usage is deeply operational.

• Holdings: 136,782 ETH ($601.22 million)
• Type: Cryptocurrency exchange and institutional custodian
• Context: Coinbase holds ETH on its own balance sheet and operates the largest ETH staking service in the U.S., running over 11% of all staked ETH. Their ETH holdings are split across operational uses, corporate treasury, and institutional product reserves.

To remember: Coinbase’s support of EigenLayer restaking also positions it as a central infrastructure player in Ethereum’s evolution.

4. Bit Digital (Nasdaq: BTBT)

Others are choosing to exit Bitcoin entirely. Bit Digital made one of the most public pivots by liquidating its BTC and using the capital to build an Ethereum-centered treasury.

• Holdings: 120,306 ETH ($528.8 million)
• Type: Digital asset infrastructure firm
• Context: Bit Digital liquidated its entire Bitcoin treasury in Q2 2025 to rotate fully into Ethereum. The firm raised $172 million in an equity offering and used the proceeds to buy ETH. 

To remember: CEO Sam Tabar stated the goal is to become the largest ETH-holding company. It runs its own validator nodes, turning the treasury into a yield-generating asset, and is the first publicly traded miner to fully reject BTC for ETH.

5. BTCS Inc. (Nasdaq: BTCS)

Bit Digital’s transformation is part of a broader pattern. BTCS Inc. has been building toward this for years, turning ETH into a source of staking revenue and blockchain infrastructure.

• Holdings: 70,028 ETH ($307.81 million)
• Type: Blockchain staking and infrastructure firm
• Context: BTCS has been public since 2013 and now operates staking validators for ETH and other networks. It views ETH as infrastructure, not just an investment. Its ETH holdings power operational staking revenue, making BTCS both a holder and contributor to Ethereum’s security.

To remember: The company issued Ethereum-linked convertible bonds to raise capital for purchasing and staking more ETH.

6. Ether Capital (NEO: ETHC)

Unlike U.S. players, Ether Capital is based in Canada and offers investors direct exposure to Ethereum through equity markets. Its strategy emphasizes yield and transparency.

• Holdings: 46,274 ETH ($203.68 million)
• Type: Ethereum-focused public investment company (Canada)
• Context: Ether Capital has staked 98% of its ETH and partners with Kiln and Figment for infrastructure. It offers retail investors exposure to ETH yield through traditional equity markets.

To remember: The firm is regulated by Canadian authorities and was among the first to argue that Ethereum is both a financial and operational asset for the digital future.

7. Galaxy Digital (TSX: GLXY)

Financial institutions are also increasing their ETH exposure. Best known for its massive Bitcoin holdings, Galaxy Digital’s deep involvement with Ethereum may surprise some. Its holdings support its broader services in tokenization, custody, and DeFi, with Ethereum at the core.

• Holdings: Estimated 40,000+ ETH ($150 million)
• Type: Crypto investment bank and trading desk
• Context: While most known for its Bitcoin holdings, Galaxy has deep ETH exposure across custodial services, staking, and DeFi asset management. Through its acquisition of Vision Hill and GK8, Galaxy’s ETH position is actively used for collateral, staking, and infrastructure. 

To remember: Galaxy’s Ethereum business is foundational to its role in asset tokenization and institutional crypto investment.

8. GameSquare Holdings (Nasdaq: GAME)

While Galaxy operates across finance, other industries are finding different roles for ETH. GameSquare, from the esports sector, is using Ethereum to reshape how fans and content interact.

• Holdings:  15,630 ETH ($68.70 million approx.)
• Type: Esports media and marketing
• Context: Following its merger with Engine Gaming and FaZe Clan assets, GameSquare authorized a $100 million crypto allocation in 2025, primarily to ETH. Its strategy includes staking ETH and launching non-fungible tokens (NFT)-based fan engagement tools. 

To remember: The pivot caused a 35% rally in its stock, as investors embraced the firm’s Web3 expansion model.

9. Intchains Group (Nasdaq: ICG)

In Asia, some firms are quietly moving ETH into reserves. Intchains Group, a semiconductor company, began reallocating part of its R&D surplus into Ethereum as a long-term asset.

• Holdings: 7,023 ETH ($30.87 million)
• Type: Semiconductor design (blockchain ASICs)
• Context: This China-based chip designer allocated part of its R&D surplus to ETH. ETH holdings are staked via Coinbase Custody. Revenue for Q1 2025 reached RMB132.4 million (US$18.2 million), reflecting growing momentum in both hardware sales and blockchain-aligned treasury strategy.

To remember: This is one of the few documented crypto treasury strategies from an Asian hardware firm, signaling a quiet shift in corporate treasury behavior, even within traditionally conservative sectors. Chinese enterprises are beginning to see value in Ethereum’s infrastructure, and some are cautiously entering the space through overseas listings and third-party custodians like Coinbase.

10. KR1 plc (AQSE: KR1)

In the UK, KR1 has long treated ETH as more than a holding. The company integrates Ethereum into its governance strategies, DeFi participation, and investment framework.

• Holdings: 5,464 ETH ($24.02 million)
• Type: Blockchain venture capital firm
• Context: KR1, based in London, has long held ETH as part of its investment model. It uses ETH to participate in early-stage DeFi projects and staking. The ETH also acts as a reserve for decentralized autonomous organization (DAO) governance participation. 

To remember: Its treasury behavior mirrors that of a hybrid between a hedge fund and a long-term ETH utility player.

11. Exodus Movement (EXOD)

While KR1 blends ETH into venture models, Exodus uses it in everyday operations. Its crypto wallet software relies on ETH for transaction fees and product development support.

• Holdings: 2,550 ETH ($11.21 million)
• Type: Crypto wallet software company
• Context: Exodus holds ETH directly, with no third-party custodians. Its treasury ETH covers operational gas fees and supports future features like on-chain stablecoin payments.

To remember: Despite a dip in users, the company continued to accumulate ETH in early 2025, and disclosed a 102% unrealized gain on its holdings by July.

12. Skycorp Solar (Shanghai PN)

Outside of tech, ETH is starting to appear in traditional sectors. Skycorp Solar, a manufacturer in China, plans to accept crypto payments and build reserves that include Ethereum.

• Holdings: Targeting multi-million dollar ETH allocation
• Type: Solar cable and hardware manufacturing
• Context: Skycorp announced in July 2025 that it will accept payments in ETH, BTC, and USDC, and allocate part of its reserves to ETH. This move follows MAS and FATF compliance, making it one of China’s first industrial players to adopt crypto in real operations. 

To remember: Rising stablecoin settlements in Asia are one of the reasons to adopt Ethereum.

13. The Ether Machine (Nasdaq: ETHM, pending)

One more company is preparing to enter the market with a single focus. The Ether Machine, set to go public later this year, will launch with one of the largest ETH treasuries disclosed to date.

• Holdings: 345,362 ETH ($1.52 billion)
• Type: Ethereum-focused Special Purpose Acquisition Company (SPAC)
• Context: Backed by Kraken, Pantera, and ConsenSys veterans, its entire treasury will be staked or restated via EigenLayer. The Ether Machine claims it is building “the largest public vehicle for institutional-grade exposure to Ethereum.” The company will run validators and monetize Ethereum network participation. It sets a precedent for Ethereum-native treasuries as core business models.

To remember: The Ether Machine will be the first public company created solely to operate Ethereum infrastructure.

Conclusion

Ethereum is clearly becoming a strategic asset for public companies. Firms in gaming, finance, and hardware are building treasury positions in ETH — often staking them to generate yield.

From BitMine Immersion’s 1.5M+ ETH validator ambitions to Intchains Group’s R&D-funded allocation, motivations vary, but the signal is consistent: ETH is powering new business models, strengthening networks, and providing revenue streams.

Corporate ETH holdings (with ETFs included) now represent 7.98% of all ETH supply, a level comparable to BTC corporate/ETF holdings in earlier cycles.

This shift is still unfolding, but the numbers are measurable — over 1M ETH directly held by public companies. What began as experimentation has become a boardroom strategy shaping Ethereum’s role in global markets.

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About the Author

Dr. Lorena Nessi

Dr. Lorena Nessi is an award-winning journalist and media technology expert with 15 years of experience in digital culture and communication. Based in Oxfordshire, UK, she combines academic insight with hands-on media practice.

She holds a PhD in Communication, Sociology, and Digital Cultures, and an MA in Globalization, Identity, and Technology.

Lorena has taught at Fairleigh Dickinson University, Nottingham Trent University, and the University of Oxford. She is a former producer for the BBC in London, with additional experience creating television content in Mexico and Japan.

Her research focuses on digital cultures, social media, technology, capitalism, and the societal impact of blockchain innovation.

She has written extensively on digital media and emerging technologies, with her work featured in both academic and media platforms. Her Web3 expertise explores how blockchain technologies shape culture, economics, and decentralized systems.

Outside of work, Lorena enjoys reading science fiction, playing strategic board games, traveling, and chasing adventures that get her heart racing. A perfect day ends with a relaxing spa and a good family meal.

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