Publicly traded Ethereum treasury companies now collectively hold approximately 7.9 million ETH worth $18.9 billion, representing 6.5% of the total circulating Ether supply, according to CoinGecko data as of August 2026. The figure has grown from under 116,000 ETH held by roughly a dozen firms at...
"Ether is the wartime store of value. Its utility across decentralized applications, staking infrastructure, and institutional treasury functions makes it structurally different from bitcoin." — Tom Lee, Chairman of Bitmine Immersion Technologies and Co-Founder of Fundstrat Global Advisors
Publicly traded Ethereum treasury companies now collectively hold approximately 7.9 million ETH worth $18.9 billion, representing 6.5% of the total circulating Ether supply, according to CoinGecko data as of August 2026. The figure has grown from under 116,000 ETH held by roughly a dozen firms at end-2024 — a 68-fold increase in 20 months.
The largest single holder, Bitmine Immersion Technologies (NYSE: BMNR), added 53,501 ETH worth $131 million in the week ending August 31, bringing its total to 5,901,112 ETH — 4.9% of all Ether in circulation. The company has purchased ETH every week for 65 consecutive weeks since launching its treasury strategy on June 30, 2025, and expects to cross the 5% threshold before year-end.
A second wave of treasury companies is now forming around non-Bitcoin assets. Evernorth Holdings, an XRP-focused treasury company, received SEC effectiveness for its registration statement on August 27 and targets a Nasdaq listing under ticker XRPN pending a shareholder vote on September 30. The Strategy Inc. playbook — issue equity at a premium to net asset value, use proceeds to acquire crypto — is replicating across the altcoin spectrum.
CoinGecko tracks 34 publicly traded companies that disclose Ethereum treasury holdings as of August 2026. Their combined position totals 7,915,367 ETH valued at $18.9 billion. This represents 6.49% of Ethereum's total supply of approximately 120.7 million tokens.
The concentration is extreme. Bitmine alone accounts for 74.5% of all corporate ETH holdings. The top two firms — Bitmine and SharpLink Gaming — hold 85.8% of the total. The remaining 32 companies split the balance.
For context, at end-2024, publicly listed companies held fewer than 116,000 ETH, or roughly 0.1% of circulating supply. The 68x increase in corporate holdings is driven almost entirely by the Strategy Inc. treasury model being applied to Ethereum: issue securities, deploy proceeds into ETH, stake the holdings, and report results weekly.
The speed of accumulation is notable. Treasury companies acquired approximately 2.3 million ETH in a two-month period through mid-2026, according to market data aggregators. At that rate, corporate entities were absorbing roughly 38,000 ETH per day — against Ethereum's daily issuance of approximately 2,600 ETH from proof-of-stake rewards.
Bitmine Immersion Technologies, chaired by Fundstrat Global Advisors co-founder Tom Lee, has become the central actor in the ETH treasury trade. The firm pivoted from Bitcoin mining to an Ethereum-focused treasury strategy in mid-2025 and has executed purchases every week since.
Key metrics as of September 2, 2026:
| Metric | Value | |---|---| | Total ETH held | 5,901,112 | | % of ETH supply | 4.9% | | ETH staked | 5,067,309 (86%) | | Estimated annual staking revenue | $335–352 million | | Market capitalization | $14.0–14.1 billion | | Stock price (BMNR) | $23.13 | | Weekly purchase streak | 65 weeks |
The company's stated target — what it calls the "Alchemy of 5%" — is to control 5% of all Ether in circulation. At 5,901,112 ETH, Bitmine is approximately 133,900 ETH short of that mark. At its recent weekly purchase pace of 40,000–55,000 ETH, the company could reach the threshold within three to four weeks.
Bitmine's staking operation generates revenue through Ethereum's proof-of-stake consensus mechanism. With 5.07 million ETH staked, the company estimates annualized revenue of approximately $335 million at current yields (around 3.2–3.5% per annum). This figure does not include MEV rewards or restaking strategies.
Lee set a near-term ETH price target of $6,000 by end-2026, according to an August 30 statement. He has also cited a longer-term target of $250,000 per ETH, tied to AI infrastructure and tokenization adoption. These are company projections, not independent forecasts.
The funding mechanism mirrors Strategy Inc.'s Bitcoin playbook. Bitmine has used a combination of equity offerings and preferred stock issuance to finance its ETH accumulation.
In June 2026, Bitmine closed a 3.5 million share offering of 9.50% Series A Perpetual Preferred Stock at $80 per share, raising approximately $273.8 million in net proceeds. The preferred stock trades on NYSE under the symbol BMNP. It is non-convertible, ranks senior to common stock but junior to debt, and pays cumulative dividends of 9.50% per annum — payable weekly.
The company's board declared seven consecutive weekly cash dividends of $0.1847 per preferred share between July 17 and August 28, 2026.
The preferred stock dividend obligation creates a fixed cash outflow. At 3.5 million shares paying 9.50% on a $100 stated amount, Bitmine owes approximately $33.25 million annually in preferred dividends alone. This must be serviced from staking revenue, additional capital raises, or ETH dispositions.
Separately, the company has utilized at-the-market (ATM) equity offerings and registered direct offerings. In one instance, Bitmine priced a $365.24 million registered direct offering at $70 per share.
The structural dependency is clear: the capital formation loop requires BMNR stock to trade at a premium to the net asset value of its underlying ETH holdings. If the premium compresses or inverts, the company cannot accretively issue equity to acquire more ETH.
SharpLink Gaming (SBET), chaired by Ethereum co-founder Joseph Lubin, is the second-largest ETH treasury firm. The company held approximately 888,938 ETH as of August 2026, split across 632,719 native ETH, 181,299 ETH via liquid-staking token LsETH, and 72,707 ETH via weETH.
SharpLink's market capitalization stood at $1.79 billion as of September 2, with shares trading at $8.26 — well below the 52-week high of $19.54. The stock has declined roughly 88% from its peak, a pattern consistent with mNAV compression affecting multiple crypto treasury firms.
The company has staked approximately 95% of its ETH holdings across multiple venues, including a $170 million stake on Ethereum layer-2 network Linea. SharpLink also targets an eventual 5% position in Ethereum's circulating supply.
Other notable ETH treasury companies include:
The number of entrants continues to grow, but market capitalization is concentrating among fewer survivors. Several smaller ETH treasury firms have seen their stock prices decline 50–80% from highs set in early 2026.
The Strategy playbook is now extending to assets beyond Bitcoin and Ethereum. Evernorth Holdings, an XRP-focused digital asset treasury company, cleared a key regulatory milestone on August 27 when the SEC declared its Form S-4 registration statement effective.
Evernorth plans to merge with Armada Acquisition Corp. II, a Nasdaq-listed SPAC, and list under the ticker XRPN. A shareholder vote is scheduled for September 30. If approved, the combined entity expects to debut on Nasdaq in late Q3 or early Q4 2026.
The company holds XRP and intends to deploy it into the XRP Ledger's financial infrastructure — providing liquidity, participating in on-chain markets, and operating within a public-company framework. Unlike Bitmine's staking-revenue model, XRP does not have native staking, which limits the yield-generating capacity of a pure treasury strategy.
This raises the question of how non-staking crypto treasury companies will sustain themselves. Without staking yield, the revenue model depends almost entirely on asset appreciation and the ability to issue equity at a premium to NAV.
A July 2026 paper by Henry T.C. Hu, published through Harvard Law School's Forum on Corporate Governance, characterized the Strategy Inc. model as exposing shareholders to a "polypharmacy of financial risk." The analysis applies equally to the ETH treasury derivatives.
Premium-to-NAV fragility. The entire capital formation cycle depends on the stock trading above the per-share value of underlying crypto holdings. When the premium compresses — as it has for SharpLink, which fell 88% from its 52-week high — the feedback loop reverses. The company cannot accretively issue equity and must either halt purchases, sell ETH, or dilute at unfavorable terms.
Dividend obligations on preferred stock. Bitmine's 9.50% preferred stock creates a $33.25 million annual cash obligation that exists regardless of ETH price movements. In a prolonged ETH downturn, the company would need to liquidate ETH holdings to service preferred dividends, creating forced selling pressure.
Concentration risk. JPMorgan warned in July 2026 that concentrated buying by treasury companies could increase ETH volatility, and any forced liquidation could have outsized market impact. With Bitmine alone holding 4.9% of supply, a forced unwind scenario would constitute a material market event.
No operating revenue. Like Strategy Inc., these firms produce no goods or services and generate no operating cash flow beyond staking rewards. Their entire business model is the crypto asset itself plus the financial engineering around the equity structure.
Staking yield compression. As more ETH is staked — the network now has over 34 million ETH in the staking contract — yields compress. Bitmine's annualized staking revenue projections assume current yields persist, but increased staking participation mathematically reduces per-validator returns.
According to the Harvard analysis, "the central risk for all imitators of the Strategy model is that the premium-to-NAV that supports the accretive capital deployment cycle is not a permanent feature of the market."
The Ethereum treasury company model has scaled from a novelty to a structurally significant feature of both the ETH market and U.S. equities markets. At 6.5% of supply and growing, corporate treasuries now constitute the largest identifiable buyer class for Ether outside of staking contracts.
The economic logic is straightforward: issue equity at a premium to crypto NAV, deploy into ETH, stake for yield, repeat. When it works, it creates a compounding machine. When the premium compresses, it creates a liquidation risk.
The arrival of XRP-specific and other altcoin treasury companies suggests the model will proliferate further before market forces impose discipline. Investors evaluating these firms should focus on the mNAV premium as the single most important variable. Without it, the accretive loop does not function, and the company becomes a discounted wrapper around a crypto position that investors could hold directly — and more cheaply — through spot ETFs.
The data shows that corporate ETH accumulation is currently absorbing multiples of daily network issuance. Whether that absorption rate is sustainable depends on a continued supply of equity investors willing to pay above NAV for the privilege of indirect, leveraged Ethereum exposure.