Which public companies hold the most Ethereum (ETH)?

According to new research from CoinGecko, BitMine Immersion Technologies is the largest public company holder of Ethereum, with a treasury in the low‐to‑mid millions of ETH, placing it well ahead of other listed firms by on‑balance‑sheet exposure to the asset. Other significant public holders include SharpLink Gaming, The Ether Machine, Galaxy Digital, Bit Digital, Coinbase Global, and several smaller firms that collectively bring total disclosed public-company ETH treasuries into the multi‑million ETH range. These figures refer specifically to ETH held as a corporate treasury asset (similar to how some firms hold Bitcoin), not to all ETH custodied on behalf of customers. CoinGecko’s analysis situates these corporate holdings in the broader Ethereum market, comparing their scale to total ETH supply and to major exchange and protocol balances. While exchanges like Coinbase and Binance collectively control far more ETH in custodial wallets, those balances are largely customer deposits rather than corporate assets. By contrast, dedicated treasury holders such as BitMine and SharpLink treat ETH as a core balance‑sheet position and, in some cases, stake substantial portions of it, reflecting a strategic bet on Ethereum’s role as programmable collateral and infrastructure for decentralized applications. The study underscores how concentrated on‑balance‑sheet ETH exposure has become among a relatively small set of public companies, and highlights the emergence of crypto‑native miners, gaming and fintech firms as the main listed vehicles for investors seeking indirect ETH exposure via equity markets.

✨ AI-generated background, compiled from web sources — not editorial content.

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