Ethereum Surpasses Bitcoin in Treasury Holdings Percentage

TLDR

• Ethereum treasury holdings reached 4.91 million ETH worth $21.28 billion.
• Ethereum’s treasury holdings have tripled since July 2025.
• BitMine and SharpLink are major new Ethereum treasury holders.

Ethereum’s treasury holdings have surpassed those of Bitcoin in the percentage of total supply held by entities. According to the report, 73 entities now hold 4.91 million ETH, valued at approximately $21.28 billion, while Bitcoin’s treasuries comprise over 1 million BTC held by more than 184 public firms.

This development comes as companies like BitMine Immersion Tech and SharpLink Gaming accelerate their accumulation of Ethereum. These firms are now identified among the major holders of Ethereum, compared to Strategy’s (formerly MicroStrategy) prominent position in Bitcoin holdings.

Shifts in Treasury Holdings Over Time

Since July 2025, Ethereum treasury holdings have tripled, contrasting with Bitcoin’s plateauing growth in the same period. This trend is propelled largely by institutional-grade firms and asset managers seeking yields, including staking and decentralized finance (DeFi) strategies.

On-chain data suggest Ethereum’s utility in staking and other DeFi applications is driving its appeal as a treasury asset. Analysts like Max Shannon from Bitwise point out that Ethereum offers compounding returns through staking and DeFi, whereas Bitcoin does not provide native yield.

Corporate Entities Driving Ethereum’s Appeal

BitMine Immersion Tech, traditionally a Bitcoin-focused firm, has diversified into Ethereum to explore staking yield and DeFi integration. Meanwhile, SharpLink Gaming, although newer to the crypto treasury scene, is accumulating ETH at a significant pace.

These developments reflect a broader trend of corporations and asset managers shifting focus towards Ethereum’s productive capabilities. While Bitcoin remains a predominant store of value, its growth as a treasury asset appears constrained compared to Ethereum.

Comparative Analysis of Cryptocurrency Assets

When reviewing treasury dynamics, Ethereum’s uncapped supply allows for ongoing accumulation, fostering growth tied to its utility in financial applications. In contrast, Bitcoin’s hard cap at 21 million BTC contributes to a slower growth rate in corporate treasuries.

Despite Ethereum now comprising a larger percentage of its supply in treasuries, by absolute value, Bitcoin still commands a higher total. This dynamic underscores a shift towards assets that integrate growth and income-generation avenues, like staking.

Emergence of Ethereum in Treasury Strategies

Ethereum’s current positioning highlights how its functions within DeFi and other mechanisms are being leveraged by institutional investors. While Bitcoin remains a key player, Ethereum’s role in treasury strategies emphasizes a preference for assets offering tangible financial utility.

Furthermore, entities involved in Ethereum treasury accumulation are tapping into its economic network effects, potentially increasing overall market liquidity in staking and lending protocols.

For instance, an analysis from CoinDesk highlights how despite tepid activity in broader crypto treasuries, capital inflows into Ethereum are notably rebounding.