Trends of publicly listed companies adopting initial crypto reserve strategies started with Bitcoin but have quickly expanded to many other digital assets — including Ethereum, the second-largest crypto asset by market capitalization.
The ETH accumulation race is heating up, led by influential figures like Tom Lee and Joe Lubin, as they push public companies to pivot toward Ethereum and bet on the network’s long-term potential.
According to data from StrategicETHReserve, public organizations hold over 7.3 million ETH — equivalent to more than $16 billion USD and accounting for over 6% of the total circulating supply. Here are the most prominent names in this race:
Bitmine
Led by Tom Lee, BitMine emerged strongly in late July 2025 when announcing its Ethereum reserve building strategy.
Initially a Bitcoin mining company, BitMine raised $250 million USD through PIPE to start purchasing ETH. Since then, the company has continuously expanded its position, now holding 4,595,562 ETH — roughly $10 billion USD.
This scale makes BitMine one of the largest “crypto reserves” globally, second only to Strategy.
Notably, the company’s aggressive buy-in strategy is accompanied by bold forecasts from Tom Lee, including scenarios where ETH could reach $60,000 USD. BitMine even raised an additional $20 billion USD to aim for owning 5% of the total ETH supply (currently about 3.8%).
However, due to price volatility, the company currently reports an unrealized loss of over $7 billion USD.
Sharplink
Sharplink is now the second-largest publicly traded company holding ETH, with 869,154 ETH (about $1.86 billion USD), nearing 87% of its target to accumulate 1 million ETH.
A notable point is the direct involvement of Joe Lubin — co-founder of Ethereum and CEO of Consensys — serving as Chairman.
The company has raised funds through multiple channels, including a direct issuance of $400 million USD and a plan to raise up to $6 billion USD. At the same time, Sharplink is deploying an ETH strategy in DeFi, including allocating $200 million USD into the Layer-2 network Linea.
Unlike many competitors, Sharplink emphasizes a long-term strategy, focusing entirely on ETH rather than diversifying into other assets.
The Ether Machine
The Ether Machine is a new entity formed from the merger of The Ether Reserve and SPAC company Dynamix.
Currently, the company holds about 498,600 ETH (around $1.07 billion USD). Unlike passive accumulation models, The Ether Machine aims to “operate” this ETH to generate profits through staking and DeFi strategies.
Backed by Andrew Keys, the company seeks to maximize ETH per share — an operational approach rather than just holding.
Bit Digital
Bit Digital shifted its strategy to Ethereum from Q2 2025, ending Bitcoin mining operations.
As of the end of February, the company owns 155,434 ETH (about $333 million USD). However, with an average purchase price of around $3,045 USD/ETH, Bit Digital is currently facing an unrealized loss of about $140 million USD.
Additionally, the company is reallocating capital into AI through a controlling stake in WhiteFiber.
Coinbase
The major US crypto exchange Coinbase currently holds about 151,175 ETH (around $324 million USD), a significant increase compared to late 2024.
Moreover, Coinbase owns over 14,000 BTC, reinforcing its position as one of the largest public companies holding digital assets in the market.
BTCS Inc.
BTCS Inc. holds 70,322 ETH (about $151 million USD) and employs an active profit-generating strategy through DeFi combined with traditional finance.
The company also launched the “Bividend” model — paying dividends directly in ETH to shareholders, a rare approach in the market.
Forum (formerly ETHZilla)
Biotech company 180 Life Sciences rebranded to ETHZilla in 2025, then repositioned as Forum Markets in 2026.
Currently, the company holds about 61,650 ETH (around $132 million USD). However, its strategy has shifted significantly toward tokenizing real-world assets (RWA), including profits from leased aircraft engines.
This change occurred after a sharp stock decline and investor withdrawals, such as Peter Thiel.
Summary
Ethereum is rapidly becoming the centerpiece of a new wave of “crypto treasuries” within listed companies. Unlike the early phase led by Bitcoin, the current trend shows companies not only accumulating ETH but also actively deploying on-chain profit strategies.
This race is likely to intensify further, especially as organizations increasingly view Ethereum as a core financial infrastructure of the digital economy in the future.
Thạch Sanh
