The 7 Biggest Ethereum Treasury Firms in Public Trading
March 22, 2026
The emergence of publicly traded companies incorporating cryptocurrencies into their treasury reserves is a trend that initially began with Bitcoin but has since expanded to include a variety of digital assets, including Ethereum, the second-largest crypto asset by market capitalization. Influential figures such as Fundstrat’s Tom Lee and Ethereum co-founder Joe Lubin are leading the charge as these public companies focus on accumulating Ethereum and planning for its future growth. According to StrategicETHReserve.xyz, public entities with Ethereum treasuries currently hold over 7.3 million $ETH, valued at more than $16 billion, representing over 6% of the total Ethereum supply.
One of the notable players in this space is BitMine Immersion Technologies, led by crypto enthusiast Tom Lee, who transitioned from Bitcoin mining to establishing an Ethereum treasury in July 2025. Through a private investment in public equity (PIPE) fundraising round, BitMine secured $250 million to kickstart its $ETH acquisitions, amassing 4,595,562 $ETH valued at $10 billion. Notably, this makes BitMine the second-largest crypto treasury holder after Strategy, which holds nearly $54 billion in Bitcoin. Despite facing substantial unrealized losses of over $7 billion, BitMine remains focused on expanding its Ethereum holdings to reach 5% of the circulating supply.
Another key player in the Ethereum treasury game is Sharplink, formerly known as SharpLink Gaming, with 869,154 $ETH worth $1.86 billion. The company, despite its initial business focus unrelated to crypto, strategically brought Ethereum to the forefront by aligning its board of directors with industry experts like Ethereum co-founder Joe Lubin. Sharplink has pursued Ethereum accumulation aggressively, recently conducting a $400 million direct offering and planning to raise up to $6 billion through stock sales. The company also engaged in a $1.5 billion share buyback to maintain shareholder value and deposited $200 million worth of $ETH into DeFi protocols on the Linea network.
The Ether Machine, a merger between The Ether Reserve, LLC, and Dynamix, holds the third-largest Ethereum treasury with 498,600 $ETH valued at $1.07 billion. Founder Andrew Keys injected approximately 170,000 $ETH into the firm to jumpstart its operations, with a focus on active management and growth of its Ethereum reserves. Despite regulatory delays hindering its public entity status, The Ether Machine remains committed to maximizing value for shareholders and growing its Ethereum portfolio through strategic investments and staking activities.
In conclusion, the rise of publicly traded companies embracing Ethereum as part of their treasury strategies marks a significant shift in the financial landscape towards decentralized assets. With notable players like BitMine, Sharplink, and The Ether Machine leading the way, the future looks promising for Ethereum’s integration into traditional financial systems and investor portfolios.
