Who Owns Ether? Companies and ETFs Now Control Ten Percent of the Supply

Ethereum (ETH) continues to show strength as institutional adoption accelerates. According to data from  StrategicETHReserve.xyz, corporate treasuries and ETFs now collectively hold more than 10% of Ethereum’s total supply of  120.7 million tokens — a milestone that highlights the growing institutional integration of the asset.

Corporate Treasuries Expand ETH Exposure

Corporate firms now control roughly 5.7 million ETH, with much of the recent boost attributed to aggressive balance sheet strategies at key firms like BitMine Immersion Technologies (BMNR) and SharpLink Gaming (SBET).

Together, these two treasury leaders have amassed 3.7 million ETH—currently valued near $17.4 billion. SharpLink recently  announced that its unrealized profits have reached approximately $900 million since launching its  Ethereum treasury strategy in June. The move reflects a shift toward digital asset reserves as a means of diversifying corporate liquidity and hedging against fiat currency volatility.

ETF leader: BlackRock’s ETHA

BlackRock’s iShares Ethereum Trust (ETHA) remains the asset-gathering leader. As of Oct 6, 2025, BlackRock reports $18.52B in net assets, tracking the CME CF Ether reference rate. October has started hot across the wrapper set, with ~$803M of net inflows flowing into spot ether ETFs so far this month, per recent fund-flow tallies.

Why this concentration matters

Market microstructure: With a rising share of coins locked in ETF vehicles and corporate treasuries, free-float liquidity on exchanges can tighten, amplifying price moves in both directions—especially during macro shocks or large creation/redemption days in ETFs.

Cost of capital & corporate strategy: Ether-forward treasuries mirror the bitcoin playbook: raise capital, buy crypto, and ride an expected structural bid from institutions. As ETFs simplify access for advisors and RIAs, corporate managers are effectively competing with funds for coins—potentially accelerating supply inelasticity during risk-on stretches. (Industry coverage has repeatedly highlighted this “Saylor-style” pivot, now adapted for ETH.

Pricing feedback loops: Big ETF inflows can require on-chain purchases by authorized participants, which can reinforce momentum during rallies. Conversely, outflows can transmit pressure back to spot markets, particularly when liquidity is thin.

Institutional Confidence Amid Volatility

Despite Ethereum’s recent dip, the accumulating presence of large treasuries and ETFs underscores growing institutional confidence in the network’s long-term value proposition. With over one-tenth of total supply now locked in controlled holdings, the available liquid supply on public markets continues to tighten — a dynamic that could amplify volatility but also support price stability during large-scale market moves.

If current accumulation trends persist into Q4, Ethereum’s concentration among long-term institutional holders may emerge as a critical factor driving its next major price cycle.