Institutions and ETFs Now Control Over 12.5 Million ETH—More Than 10% of Ethereum’s Supply

SharpLink, BitMine, and Institutional Funds Drive Historic ETH Accumulation as On-Chain Supply Tightens

TL;DR

• Treasury firms and ETFs now hold more than 12.49 million ETH—over 10% of circulating supply.
• BitMine’s ETH stash surged to 2.83 million after an $821 million weekly accumulation.
• SharpLink’s 838,730 ETH treasury nears $1 billion in unrealized gains amid accelerating ETF inflows.

Ethereum’s institutional era has entered a new phase as treasury firms and spot exchange-traded funds collectively control roughly 12.49 million ETH, equal to about 10.31 percent of the asset’s total circulating supply. The figure reflects both steady inflows into U.S. spot ETH ETFs and aggressive corporate treasury accumulation, signaling a structural shift in Ethereum’s ownership base. According to recent filings and fund disclosures, roughly 5.66 million ETH, or 4.68 percent of supply, now sits on corporate balance sheets, while another 6.81 million ETH, representing 5.63 percent, is held across spot ETF products. October alone recorded $621.4 million in net inflows—more than twice September’s $285.7 million—while August still stands as the cycle’s high-water mark with $3.9 billion in monthly inflows, reflecting renewed institutional conviction despite market volatility.

BitMine, one of the fastest-growing corporate holders, disclosed holdings of 2.83 million ETH, a figure that pushed the company’s combined crypto and cash reserves to $13.4 billion. That milestone came after the firm added $821 million worth of ETH in a single week, marking what its chairman Tom Lee described as “an unprecedented run in crypto finance history,” after expanding from zero to 833,000 ETH within just 35 days. Earlier this year, BitMine’s treasury surpassed $1 billion with 300,657 ETH and continued scaling through summer, reporting 2,069,443 ETH, 192 BTC, and $266 million in cash by August. The firm has publicly stated its ambition to eventually accumulate 5 percent of Ethereum’s total circulating supply, aiming to position ETH as the cornerstone of its corporate balance-sheet strategy.

SharpLink Gaming, another major participant in the Ethereum treasury race, reported holdings of approximately 838,730 ETH—roughly 0.69 percent of total supply—with unrealized gains approaching $900 million. The company initiated its ETH accumulation strategy on June 2, 2025, and has continued steady purchases through its at-the-market equity facility. During the week ending August 31, 2025, SharpLink acquired 39,008 ETH at an average price of $4,531 per token, while staking rewards have already added 2,318 ETH to the total. As of the same date, the company reported $71.6 million in cash and equivalents and introduced a new metric called “ETH Concentration,” measuring ETH held per 1,000 diluted shares, which reached 3.94 by the end of August. SharpLink management emphasized that the firm carries no debt and plans to expand staking operations to Layer-2 network Linea to capture additional yield, describing ETH as “a productive and yield-bearing asset” capable of delivering sustained shareholder value.

Bit Digital has significantly increased its Ethereum holdings to approximately 150,244 ETH, valued at roughly $675 million, making it one of the top six institutional Ethereum treasuries globally. This surge resulted from the purchase of 31,057 ETH funded by proceeds from a $150 million convertible notes offering. CEO Sam Tabar emphasized their commitment to shareholder value and the importance of Ethereum in digital finance. With a strategic shift from Bitcoin mining, the company has raised over $230 million in recent months, focusing on Ethereum staking and generating income through validator operations and custody solutions.

The growing footprint of corporate and fund-based Ethereum holdings mirrors early Bitcoin treasury trends, where balance-sheet strategies became a defining feature of institutional crypto exposure. Ether’s recent 4.5 percent daily climb, lifting SharpLink’s holdings value closer to $3.93 billion, further underscores how rising crypto prices magnify balance-sheet performance without additional purchases. Exchange data indicates tightening supply conditions, with ETH balances on Binance falling to a ratio of 0.034—the lowest since May 2024. Ethereum has rallied approximately 13 percent over the past week and 75 percent over the last 90 days, strengthening bullish sentiment across the crypto price index and prompting several analysts to identify $5,000 as a key near-term psychological target.

Industry observers describe Ethereum’s current trajectory as a convergence of traditional finance and decentralized infrastructure. Ray Youssef characterized the network as “digital oil,” noting its deflationary tokenomics, staking yield, and real-world asset tokenization potential as catalysts for long-term adoption. The rising share of ETH held by institutional players reinforces Ethereum’s evolution into a hybrid layer bridging DeFi and TradFi, where both corporate treasuries and ETFs now exert measurable influence over its coin market cap dynamics. With exchange supply thinning and institutional demand still climbing, Ethereum’s structural tightening suggests the market is entering a new equilibrium defined less by speculation and more by balance-sheet consolidation across the upper tier of the global crypto price index.

This article has been refined and enhanced by ChatGPT.