Ethereum treasury firms overtake ETFs, now hold 4.8% of supply

Corporate treasuries now hold 5.8 million ETH — 4.8 percent of supply — overtaking US spot ETFs as the largest institutional Ether holders.

BitMine, the largest corporate Ether holder, disclosed 5,797,813 ETH in its Aug. 2 update, valued at roughly $10.9 billion at a reference price of $1,880 per ETH from Coinbase data. The company's combined portfolio of cryptocurrencies, cash, marketable securities, and strategic investments reached $11.3 billion.

BitMine has progressed about 96 percent toward its "Alchemy of 5%" target of owning 5 percent of Ethereum's total supply, after roughly 13 months of weekly accumulation that began in mid-2025. In the week leading to the disclosure, the firm acquired an additional 10,399 ETH.

The shift carries implications for ETH supply dynamics. With 4,917,189 ETH — about 85 percent of BitMine's holdings — staked and generating roughly $247 million in annualized staking revenue, the float available for trading continues to shrink as corporate treasuries lock up supply.

Corporate accumulation outpaces ETF flows

US spot Ethereum ETFs recorded $365.17 million in net inflows during July, their strongest monthly performance this year, according to SoSoValue data. Bitcoin ETFs drew $172.43 million over the same period. But the ETF channel has been outpaced by direct corporate accumulation. BitMine added ETH in each week of July, growing its balance from about 5.70 million ETH at the end of June to 5.79 million ETH as of July 26.

The Morgan Stanley Ethereum Trust, trading under the ticker MSSE, has accumulated about $20 million in assets during its first days of trading. The firm's roughly 16,000 financial advisers overseeing about $7 trillion in client assets give the product access to a large pool of wealth-management clients.

Strategy, the largest corporate Bitcoin holder, made no purchases during July, instead focusing on increasing cash reserves and supporting its preferred securities. The divergence left Ethereum with continued corporate accumulation alongside stronger ETF inflows, while Bitcoin's largest treasury buyer paused.

Staking locks up 85% of BitMine's ETH

BitMine's staked position of 4,917,189 ETH was valued at approximately $9.2 billion and is projected to generate around $247 million in annualized staking revenue based on recent yields. Beyond Ethereum, the company's balance sheet includes 209 Bitcoin, $173 million in cash and marketable securities, a $180 million investment in Beast Industries, and a $61 million position in Eightco Holdings.

The company has also continued share repurchases, buying back 4.5 million common shares in the most recent week. Since the start of July, total repurchases under its authorized $4 billion program have reached 16.1 million shares.

Ethereum gained 19 percent in July, climbing as high as $1,970 before retreating to $1,868 as of press time, outpacing Bitcoin's 8 percent gain. The ETH/BTC ratio briefly topped 0.030 for the first time in three months before easing to 0.02962.

The shift toward corporate treasury accumulation reduces liquid ETH supply and strengthens Ethereum's institutional credibility. If more companies follow BitMine's model of staking a majority of holdings, the available float could tighten further, potentially supporting price appreciation even as ETF flows remain volatile.

This article is for informational purposes only and does not constitute investment advice.