Ethereum's $10.8B treasury is in the hands of top holders, including the Ethereum Foundation and US Gov.

Ethereum's $10.8B treasury is in the hands of top holders, including the Ethereum Foundation and US Gov.

Ethereum's treasury has reached a significant milestone, with the total amount of Ether (ETH) held by entities with Ethereum treasuries surpassing $10 billion. According to data from Strategic ETH Reserve, 64 entities now hold 2.73 million ETH, worth $10.49 billion [1]. This figure, representing only 2.27% of the total ETH supply, underscores the impact of recent public company adoptions of the ETH treasury.

Among the top ETH holders, Bitmine Immersion Tech stands at the forefront with 625,000 ETH, followed by Sharplink Gaming with 438,200 ETH and The Ether Machine with 334,800 ETH [1]. These companies acquired their ETH holdings in a relatively short period, highlighting the rapid accumulation strategy. Bitmine alone holds over $2 billion worth of ETH and has been actively purchasing more in recent weeks [1].

The Ethereum Foundation, traditionally the leading ETH holder, now ranks fourth with around 234,600 ETH [1]. Other notable holders include publicly traded companies such as Bit Digital and BTCS Inc., as well as DeFi protocols like Mantle Network and Gnosis DAO [1]. Even government entities are among the ETH holders, with the US government holding 60,000 ETH and the Royal Government of Bhutan holding 495 ETH [1].

The trend of increasing ETH holdings is likely to continue, with Standard Chartered's report suggesting that public companies may buy up to 10% of the ETH supply over time [1]. Bitmine CEO Tom Lee confirmed the company's plans to buy and stake up to 5% of the ETH supply, amounting to around 6 million ETH [1]. Meanwhile, Sharplink Gaming is considering issuing convertible notes to fund further ETH acquisitions [1].

Despite the accumulation frenzy, ETH's price movement has stalled recently. The token traded as high as $3,877 earlier in the day but has since dropped to $3,774, representing a slight decline [1]. However, on-chain data shows that Ethereum activity remains robust, with over 680,000 active wallets on Wednesday, the second busiest day of the year [1]. Additionally, the Ethereum Mean Value to Realized Value (MVRV) has increased by 38% in the past year and 15% in the past month [1].

Institutional interest in ETH is also on the rise. Spot Ether ETFs, led by BlackRock, now hold close to 6 million ETH, boosting institutional participation [2]. The Ether Machine's recent acquisition of 15,000 ETH placed it ahead of the Ethereum Foundation in terms of treasury reserves [2]. These developments indicate a growing corporate strategy to treat Ethereum as a long-term digital asset for reserve management.

Ethereum's tenth anniversary, celebrated on July 30, has seen its price reflect a 56% increase over the last month, trading near $3,865 [2]. The co-founder, Joseph Lubin, hailed Ethereum as a solid block in digital innovation, emphasizing its uninterrupted uptime since its inception in 2015 [2].

In summary, Ethereum's treasury has reached a notable milestone, with top holders including the Ethereum Foundation and various government entities. The increasing interest from public companies and institutional investors, along with robust on-chain activity, suggests a positive outlook for Ethereum's future.

References:
[1] https://www.mitrade.com/insights/news/live-news/article-3-1002658-20250801
[2] https://cryptofrontnews.com/the-ether-machine-surpasses-ethereum/