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Institutions and ETFs Now Control Over 12.5 Million ETH—More Than 10% of Ethereum’s Supply
BitMine, SharpLink and ETF Funds Drive Ethereum Accumulation
TL;DR
- Corporate treasuries and ETFs hold roughly 12.49 million ETH, equal to about 10.31% of circulating supply.
- Corporate treasuries control about 5.66 million ETH, while spot ETFs hold another 6.81 million ETH.
- BitMine has accumulated 2.83 million ETH after adding $821 million worth in one week.
- SharpLink holds about 838,730 ETH, with unrealized gains approaching $900 million.
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Institutional ownership of Ethereum has reached a new milestone as corporate treasury companies and exchange-traded funds collectively hold about 12.49 million ETH, or 10.31% of circulating supply.
Corporate balance sheets account for roughly 5.66 million ETH, equal to 4.68% of supply. Spot ETF products hold another 6.81 million ETH, representing 5.63%.
Institutional fund flows have also accelerated. October recorded $621.4 million in net ETF inflows, more than double September's $285.7 million. August remained the strongest month, with $3.9 billion in inflows.
BitMine Ethereum Holdings Reach 2.83 Million ETH
BitMine has become one of the largest corporate Ethereum holders.
The company reported holdings of 2.83 million ETH, bringing its combined crypto and cash reserves to $13.4 billion.
BitMine added about $821 million worth of ETH in one week.
Chairman Tom Lee described the company's expansion as “an unprecedented run in crypto finance history.” BitMine had grown from zero to 833,000 ETH in just 35 days.
Earlier, its treasury exceeded $1 billion after reaching 300,657 ETH. By August, BitMine reported:
- 2,069,443 ETH
- 192 BTC
- $266 million in cash
The company has said it ultimately wants to control 5% of Ethereum's circulating supply.
SharpLink Holds 838,730 ETH
SharpLink Gaming is another major participant in the Ethereum treasury trend.
The company holds roughly 838,730 ETH, or about 0.69% of Ethereum's supply. Its unrealized gains were approaching $900 million.
SharpLink began accumulating ETH on June 2, 2025.
During the week ending August 31, it purchased 39,008 ETH at an average price of $4,531.
Staking rewards added another 2,318 ETH.
SharpLink also reported:
- $71.6 million in cash and equivalents
- No debt
- ETH Concentration of 3.94 ETH per 1,000 diluted shares
The company plans to expand staking to Layer-2 network Linea.
SharpLink has described ETH as “a productive and yield-bearing asset” that could generate long-term shareholder value.
Bit Digital Expands Ethereum Treasury
Bit Digital increased its holdings to approximately 150,244 ETH, valued at roughly $675 million.
The company purchased 31,057 ETH using proceeds from a $150 million convertible notes offering.
Bit Digital has raised more than $230 million as it shifts away from Bitcoin mining toward Ethereum.
Its strategy focuses on:
- ETH accumulation
- Ethereum staking
- Validator operations
- Institutional custody services
CEO Sam Tabar said Ethereum plays a central role in the company's strategy for digital finance.
Ethereum Exchange Supply Tightens
The growing institutional holdings come as less ETH remains available on exchanges.
Ethereum's balance ratio on Binance fell to 0.034, its lowest level since May 2024.
ETH had also gained about 13% over seven days and 75% over 90 days.
A 4.5% daily increase pushed the value of SharpLink's Ethereum holdings closer to $3.93 billion without requiring additional purchases.
Several analysts identified $5,000 as an important near-term psychological price level.
Institutional ETH Ownership Reshapes Supply
Ethereum's treasury trend increasingly resembles the earlier rise of corporate Bitcoin holdings.
The difference is that ETH can also generate staking yield and is widely used across DeFi, tokenization and blockchain applications.
Ray Youssef described Ethereum as “digital oil,” pointing to its staking yield, deflationary tokenomics and real-world asset tokenization potential.
With ETFs and corporate treasuries holding more than 10% of circulating ETH, institutional investors now represent a significant part of Ethereum's ownership structure.
Continued accumulation, rising ETF flows and declining exchange balances suggest that an increasing share of ETH is moving from liquid markets into longer-term institutional holdings.
