Institutional treasuries holding ether (ETH), the Ethereum cryptocurrency, have reached a historic milestone with 4 million ETH in their holdings, driven by corporations, DAOs, foundations, and governments.

This volume, which represents a 3,500% increase since April 2025, when holdings totaled just 112,960 ETH, reflects growing institutional interest in the cryptocurrency.

  ETH holdings have increased by 3,500% since April. Source: Strategicethreserve.xyz

Bitmine Immersion Tech is leading this trend with 1.5 million ETH, valued at $6.5 billion. The publicly traded company launched its treasury strategy on June 30 with a clear goal: to control 5% of the circulating ETH supply. This move seeks to consolidate its position in a rapidly evolving market.

Next up is SharpLink Gaming, a publicly traded gambling company, which has also stepped up its efforts. Between August 10 and 15, the company acquired 143,593 ETH, bringing its stash to 740,460 ETH.

To fund these purchases, SharpLink raised $390 million through a registered direct offering that closed on August 11. Additionally, it raised $146 million through its ATM facility, a mechanism that allows shares to be issued directly on the market to raise funds, which will be used to bolster its ETH treasury.

Other entities also stand out in this accumulation. The Ethereum Foundation holds 231,000 ETH, ranking fourth among the largest institutional holders. Gnosis DAO, with 66,000 ETH, and the United States government, with 60,000 ETH, complete the list of relevant players.

Many of these organizations, like SharpLink and Bitmine, have turned to debt to finance their purchases, betting on a significant appreciation of ETH in the future. This strategy reflects confidence in the cryptocurrency's potential, although it also introduces financial risks in a volatile market.