Inside the Ether Treasury Vaults: Who’s Hoarding Billions in Ethereum?

Ethereum’s strategic reserves and ETF stashes are throwing some serious heft around the market right now. Data from strategicethreserve.xyz shows these reserves sitting on 2.96 million ETH—valued at roughly $10.8 billion—spread among 63 participants, locking away close to 2.45% of the entire supply.

$10.8B in Ethereum Locked Away — Here’s Who Holds the Keys

Loading up on ethereum (ETH) has become the move lately, with players ranging from publicly traded giants and private companies to decentralized autonomous organizations (DAOs), foundations, decentralized finance (DeFi) platforms, and more locking down $10.8 billion worth of the digital asset. On the public company front, the Strategic ETH Reserve (SER) leaderboard from strategicethreserve.xyz is topped by heavyweight holders with seriously deep Ethereum vaults.

63 entities hold 2.96 million ether as of Aug. 4, 2025, according to stats from strategicethreserve.xyz.

Leading the pack of publicly traded companies is Bitmine Immersion Tech, flaunting a hefty 833,100 ETH stash valued at roughly $3.04 billion. Next up is Sharplink Gaming with 438,200 ETH ($1.6 billion), followed by The Ether Machine in third with 345,400 ETH ($1.26 billion). Bit Digital and BTCS Inc. close out the top five, holding $439.2 million and $255.7 million in ETH, respectively. In the mid-tier, Gamesquare Holdings, ETH Strategy, and Intchains Group hold their own with reserves in the tens of millions.

On the lighter end of the holdings chart, BTC Digital Ltd. sits on 2,100 ETH, while Centaurus Energy Inc. keeps a modest 137 ETH—still a tidy half-million dollars in value. The top ten paints a picture of variety, with tech, gaming, and blockchain-native Wall Street players locking away meaningful ETH positions.

Once you take publicly traded companies out of the equation, the top 25 ethereum treasuries reveal an even more formidable lineup. Leading is the Ethereum Foundation with 233,600 ETH ($852.8 million), followed by Pulsechain Sac holding 166,300 ETH ($607.2 million) and Coinbase with 136,800 ETH ($499.4 million). Mantle, Golem Foundation, and Gnosis DAO each boast more than 66,000 ETH, while the U.S. Government’s 60,000 ETH ($218.9 million) position is also a standout.

DAO heavyweights like Lido, Arbitrum, and Optimism join infrastructure staples such as Ethereum Name Service (ENS), Status, and Frax Finance in securing tens of thousands of ETH each. The roster wraps up with Request Network, Aave DAO, Onchain Foundation, and a mix of other private blockchain outfits, all holding between 7,000 and 36,000 ETH—showcasing ethereum’s broad reach across decentralized ecosystems and non-public sector players.