Data reveals that a burgeoning force known as Ethereum Treasury Companies has rapidly emerged over the past year, now holding 6.6% of Ethereum's total supply, valued at approximately $13.9 billion.
The chart, spanning from March 2025 to March 2026, illustrates an exponential increase in ETH held by corporate treasuries. Starting from zero in March 2025, holdings saw a slow climb in April and May before accelerating significantly from June onwards. Between June and August 2025, ETH reserves surged from approximately 1 million coins to over 4 million, a period coinciding with Ethereum's price nearing its cycle high, approaching $4,000. The accumulation continued into early 2026, with current holdings nearing 7 million ETH.
Notably, Ethereum Treasury Companies, as a significant market force, did not exist a year ago. Their growth trajectory is remarkable, accumulating a share equivalent to 6.6% of Ethereum's total supply in just twelve months. This phenomenon mirrors the balance sheet strategy seen with Bitcoin companies, which leverage hard assets for their corporate reserves. Among these, BitMine Immersion Technologies stands out, holding approximately 4.53 million ETH and setting a target to possess 5% of Ethereum's total circulating supply. This single entity accounts for a substantial portion of the total corporate treasury holdings.
Currently, this 6.6% supply contrasts with the Ethereum Foundation's own 70,000 ETH staking initiative and BlackRock's recently launched staked ETH ETF. This indicates that three major institutional forces – corporate treasury accumulation, foundation staking, and BlackRock's compliant product – are simultaneously reducing the amount of ETH available for circulation in the market.
Despite a pullback in Ethereum's price from its highs in late 2025 and early 2026, the accumulation by corporate treasuries has persisted. This suggests these companies are not trading based on short-term price fluctuations but are adhering to a long-term holding philosophy, similar to Bitcoin treasury strategies. Even with ETH currently priced around $1,982, the 7 million ETH held by these companies is valued at approximately $13.9 billion. A significant portion of this was acquired at prices above $3,000, meaning the group faces substantial unrealized losses, yet they continue to hold, consistent with a long-term treasury strategy rather than short-term price optimization.