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Key Takeaways
- Ethereum adoption is surging, with massive inflows from institutions, ETF products, and Web3-native companies.
- The 10 largest ETH holders collectively control around 83.9 million ETH, valued at over $285 billion.
- Publicly listed companies are rapidly accumulating ETH, echoing the Bitcoin treasury trend—but with a distinctly Ethereum twist tied to staking and DeFi.
Ethereum (ETH), once the domain of open-source idealists and decentralized app builders, is rapidly maturing into something much bigger: a global financial infrastructure asset.
As the network transitions into its post-Merge identity and institutional staking gains traction, ETH has evolved beyond being “gas” for smart contracts.
It has now become a cornerstone of on-chain finance and a strategic treasury asset for companies, funds, and governments.
But where exactly is all that ETH sitting?
Just as Bitcoin has its whales, Ethereum’s landscape is shaped by massive smart contracts, exchange wallets, staking vaults, and a few known individuals who got in early.
From the Beacon Chain to Coinbase, Grayscale, and new corporate players, here’s who’s holding the most ETH in 2025—and how much they’re worth.
Ethereum by the Numbers
2025 Performance
Ethereum delivered a dramatic but ultimately disappointing performance in 2025.
The year started with ETH trading between $3,200 and $3,500.
It faced heavy selling pressure in the first half, dropping to lows near $1,400–$1,800 during a broad market correction.
A strong recovery kicked in during the summer, fueled by spot Ethereum ETF inflows, renewed DeFi activity, Layer 2 growth, and corporate treasury adoption.
In late July, ETH climbed toward $3,700–$3,800, before exploding higher.
In August 2025, Ethereum finally broke its long-standing 2021 record, reaching a new all-time high of approximately $4,946–$4,965.
However, the rally was short-lived. Intense selling pressure in Q3 and Q4 erased most of the gains.
By the end of 2025, Ethereum had given back the majority of its yearly upside and closed the year in negative territory (down roughly 15–20% for the full year).
Ethereum in Early 2026
As we enter April 2026, Ethereum continues to trade in a relatively subdued range well below its 2025 peak.
After starting the year around $2,000–$2,400, ETH has shown modest recovery attempts but remains under pressure.
As of April 1, 2026, Ethereum is trading around $2,100–$2,140, up slightly in the last 24 hours amid broader market volatility.
Technical indicators are mixed: ETH has been testing support levels near $2,000 while struggling to reclaim $2,400–$2,500 resistance.
Without a clear catalyst, analysts warn of possible further downside toward $1,800–$1,500, though strong ETF inflows and ecosystem fundamentals continue to provide a floor.
Circulating Supply, Market Cap, & Trading Volume
- Circulating ETH Supply: ~120.69 million ETH (no maximum supply cap).
- Total Market Capitalization: Approximately $253–$258 billion.
- Daily Trading Volume: Ethereum’s trading volume is rising with growing institutional demand, reaching a few hundred billion in daily trading volume.
Ethereum Wallet Distribution and Largest Holders
Ethereum’s ownership remains concentrated, but the majority of large holders serve productive roles in the ecosystem rather than engage in idle speculation.
The single largest “holder” by far is the ETH2 Beacon Deposit Contract, which holds over 81–82 million ETH (roughly 68% of circulating supply).
This staked ETH secures the Proof-of-Stake network and generates yields for validators.
Other major holders include:
- Binance: ~3.7–4.1 million ETH.
- BlackRock (iShares Ethereum Trust ETF): ~3.1–3.4 million ETH.
- Coinbase: ~2.9 million ETH.
- Bitmine (corporate treasury): ~2.8–4.1 million ETH (verified on-chain varies).
- Robinhood, Upbit, OKX, and other exchanges/custodians.
Among individuals:
- Early investor Rain Lohmus holds the largest individual position (~250,000 ETH), though the wallet is reportedly inaccessible.
- Ethereum co-founder Vitalik Buterin remains the largest accessible individual holder with ~224,000–240,000 ETH.
The top wallets and entities (including staking, exchanges, ETFs, and custodians) control a significant share of supply — often estimated at 60–70%+ when including pooled assets.
However, unlike Bitcoin’s more static whale dynamic, Ethereum’s large holders are highly active: staking powers network security, exchanges serve millions of users, ETFs offer regulated exposure, and DeFi protocols put capital to work in lending, liquidity, and applications.
This structure highlights Ethereum’s role as the foundational infrastructure for DeFi, tokenization, Layer 2 scaling, and the broader Web3 economy — where capital is deployed rather than simply stored.
The Biggest Ethereum Holders in the World (2025)
Beacon Deposit Contract – Ethereum’s Heartbeat
A person or company does not populate the ETH holder leaderboard; instead, a smart contract, specifically the Ethereum Beacon Deposit Contract, does so.
This is where users lock up ETH to become validators and secure the proof-of-stake network.
It holds an astounding over 36 million ETH, 36% of the total supply, worth roughly $299.5 billion.
Far from idle, these coins are actively staked to power the Ethereum consensus engine.
This makes Ethereum the biggest holder of the Beacon contract and arguably the most critical one for security and decentralization.
Coinbase – The Custodial Giant
As the largest publicly traded crypto exchange in the U.S., Coinbase is a household name in the digital asset space.
It holds roughly 6.9 million ETH, valued at $23.5 billion, across multiple wallets.
These holdings represent a mix of customer funds, institutional custody accounts, and Coinbase’s cbETH staking derivative program.
With strong ties to Wall Street and growing government interest, Coinbase has positioned itself as Ethereum’s gateway for mainstream finance.
Binance – Ethereum’s Largest Exchange Counterparty
No crypto exchange globally handles more volume than Binance.
With operations spread across continents, Binance holds at least 4.2–7.2 million ETH, worth over $15.3 billion, distributed across wallets for trading, staking, and cross-chain bridging.
Its holdings are central to the Ethereum-BNB ecosystem connection, and the exchange remains one of the most significant contributors to Ethereum’s day-to-day liquidity and infrastructure.
Wrapped ETH (WETH) Contract – DeFi’s Native Collateral
A pillar of DeFi, the WETH smart contract contains over 3.2 million ETH, or around $10.9 billion.
This contract wraps native ETH into an ERC-20 format, enabling it to be used seamlessly across DEXs, lending protocols, and Layer 2s.
Far from being a passive holding, the WETH contract acts more like Ethereum’s central bank for DeFi, with locked ETH as collateral for billions in on-chain loans and swaps.
Grayscale Ethereum Trust (ETHE) – Wall Street’s ETH Proxy
Founded by Digital Currency Group, the Grayscale Ethereum Trust offers accredited investors indirect exposure to ETH through traditional brokerage accounts.
Despite competition from ETFs, it remains one of the largest institutional ETH holders, with ~2.99 million ETH worth over $10.2 billion.
ETHE has been key in introducing Ethereum to conservative capital, even as fee models and regulatory clarity evolve.
Arbitrum Bridge – Scaling With Massive ETH Collateral
Arbitrum, one of Ethereum’s leading Layer-2 rollups, secures user deposits through its bridge contract.
This Layer-2 bridge now holds ~1.8 million ETH, valued at $6.1 billion.
These assets ensure seamless movement between Ethereum’s mainnet and Arbitrum’s faster, cheaper ecosystem, where applications like GMX and Radiant are booming.
Kraken – Legacy Exchange With Deep Staking Ties
Founded in 2011, Kraken has long been a trusted exchange for retail and institutional crypto traders. It holds ~1.6 million ETH, worth about $5.45 billion, across trading accounts and staking services.
Though U.S. regulators recently forced Kraken to wind down its staking-as-a-service program, it remains a significant ETH holder and liquidity provider globally.
Robinhood – A Retail Powerhouse Steps In
Initially known for its commission-free stock trading, Robinhood has aggressively expanded into crypto.
Its ETH holdings now exceed 1.49 million ETH, valued at $5.07 billion, mostly in custodial form for retail users.
While users can’t yet withdraw ETH to self-custody, Robinhood’s massive inflows reflect growing mainstream adoption among first-time crypto investors.
Gemini – Institutional-Grade Custody Meets ETH Stash
Founded by the Winklevoss twins, Gemini operates a highly regulated crypto exchange and custodian.
One of its top ETH wallets holds ~369,000 ETH, valued at $1.26 billion.
Gemini’s strong emphasis on security and compliance has made it a favorite among institutions, and its ETH holdings reflect deep client demand.
ETHDEV (Ethereum Foundation) – Building the Future
The Ethereum Foundation’s development arm, ETHDEV, holds ~309,000 ETH (or about $1.05 billion) to fund upgrades, R&D, and grants.
It’s a war chest that supports Ethereum’s technical roadmap and signals long-term commitment to decentralized innovation.
Ethereum Billionaires: The Few Known Individuals
Vitalik Buterin
Ethereum’s co-founder remains one of the most well-known figures in crypto—and one of its wealthiest.
Buterin has previously stated that he’s never held more than 0.9% of Ethereum’s total supply.
His main wallet, VB3, currently holds around 224,000 ETH, with additional funds spread across other addresses.
His holdings are estimated at ~234,000 ETH, worth nearly $960 million.
While significant, he ranks outside the top 20 due to the dominance of institutional and smart contract holdings.
Rain Lohmus
Estonian banker and early Ethereum investor Rain Lohmus famously lost access to his ETH wallet—one of the most significant early holdings—shortly after the project launched. Blockchain data confirms that the wallet still holds approximately 250,000 ETH, worth roughly $850 million as of today.
Unless he regains his private keys, that stash will be frozen in time—an unintentional monument to Ethereum’s early days.
Cameron & Tyler Winklevoss
While Gemini’s exchange wallet holds ~369,000 ETH, the Winklevoss twins are estimated to personally control between 150,000 and 200,000 ETH, worth $510–$680 million.
Exact figures are hard to verify, but their early investment and ongoing involvement in Ethereum infrastructure make them major players.
Joseph Lubin
Another Ethereum co-founder, Joseph Lubin, went on to found ConsenSys, a key player in Ethereum development and tooling.
While Lubin has never disclosed the full extent of his holdings, estimates based on his early involvement suggest he may hold between 100,000 and 150,000 ETH, putting his net worth between $340 million and $510 million.
Anthony Di Iorio
Canadian entrepreneur Anthony Di Iorio helped fund Ethereum’s 2014 crowdsale and was one of the project’s original co-founders.
While he has stepped away from the spotlight recently, reports suggest he may still hold between 50,000 and 100,000 ETH, valued at between $170 million and $340 million.
Di Iorio has kept a low profile regarding his holdings, similar to Lubin.
Top Publicly Traded Companies With the Largest Ethereum Holdings
A new class of Ethereum bulls is rising—and they wear suits.
Public companies now hold 2,428,001 ETH (over $10 billion) on their balance sheets, a figure that’s surged by more than 545,000 ETH in the past month alone.”
BitMine Immersion Technologies
Initially a Bitcoin mining company, BitMine transitioned to Ethereum infrastructure, betting on ETH’s long-term role in staking and Layer 2 growth.
The company currently holds ~4,732,082 ETH, valued at around $12.11 billion, making it the top corporate holder of ETH. The firm has announced plans to build validator nodes and scaling infrastructure.
SharpLink Gaming
SharpLink, a sports betting and gaming technology company, has undergone a dramatic transformation.
It pivoted into Web3 infrastructure in 2025, amassing ~868,699 ETH—now worth over $1.8 billion—and is currently the second largest ETH-holding public company.
Its stock soared over 1,000% on the back of this pivot, earning it the title of “Ethereum treasury king.
Bit Digital
New York-based Bit Digital made headlines when it sold off its entire Bitcoin stash to pivot into Ethereum.
The firm now holds over 153,546 ETH, worth approximately $330 million, making it one of the most aggressive ETH holders in the public market.
BTCS
A long-standing blockchain technology firm, BTCS, has consistently accumulated ETH since 2022.
While its current holdings aren’t precisely known, past disclosures put it at ~ 70,140 ETH—about $150 million today.
BTCS continues to focus on Ethereum staking, DeFi analytics, and treasury growth.
Top Ethereum ETFs
Ethereum’s story in 2025 wouldn’t be complete without ETFs.
In just the past 30 days, over 1.2 million ETH—roughly $4.1 billion—have flowed into spot ETH ETFs.
ETH ETF inflows surpassed those of Bitcoin on four separate trading days in July.
The third week of the month saw a record-breaking surge of 588,000 ETH into funds from BlackRock, Fidelity, Bitwise, and others.
With average daily inflows topping $136 million, Ethereum is becoming an increasingly popular institutional darling in the crypto space.
BlackRock’s iShares Ethereum Trust (ETHA): $6.36 Billion in Net Assets
BlackRock’s iShares Ethereum Trust (ETHA) has quickly established itself as the dominant player in the Ethereum ETF space.
ETHA has already amassed $6.36 billion in net assets, securing the top spot as the largest Ethereum ETF by a wide margin.
Grayscale Ethereum Trust (ETHE): $1.81 Billion in Net Assets
Grayscale’s Ethereum Trust (ETHE), once the dominant Ethereum investment vehicle before the introduction of ETFs, remains a significant holder despite shifting market trends.
As of Apr. 1, it holds $1.81 billion in net assets, despite sustained outflows.
Cumulatively, ETHE has recorded $5.05 billion in net outflows, underscoring investor migration toward lower-fee alternatives.
Fidelity Ethereum Fund (FETH): $1.21 Billion in Net Assets
Fidelity’s FETH is emerging as a strong contender in the Ethereum ETF race.
As of Apr. 1, it holds $1.21 billion in net assets and has recorded the largest daily inflow among ETH funds.
Grayscale Ethereum Mini Trust (ETH): $1.79 Billion in Net Assets
Grayscale’s second Ethereum offering, labeled ETH, is a newer, lower-cost alternative to ETHE.
With a fee of just 0.15%, it appeals to cost-conscious investors seeking Ethereum exposure in a trust-like structure. As of Apr. 1, its net assets totaled $1.79 billion.
It’s gaining traction fast; if current inflow trends continue, it may soon rival Fidelity’s FETH.
Bitwise Ethereum ETF (ETHW): $219 Million in Net Assets
Bitwise’s ETHW rounds out the top five Ethereum ETFs with $219 million in net assets.
The fund’s performance, combined with an accessible structure and growing daily volume, makes ETHW a notable player in the space as the Ethereum ETF market continues to expand.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
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