Ethereum Treasuries

Ethereum treasury companies are businesses that hold ETH on their balance sheet as a reserve asset. Some hold a small allocation; for others, accumulating ETH is the core business strategy.

As of 28 October 2026, 32 public companies hold 8.13M ETH, worth $19.11B. That is 6.65% of the total supply of Ethereum.

BitMine Immersion is the largest corporate holder of Ethereum, with 6,051,933 ETH. The next largest are SharpLink (888,938 ETH) and The Ether Machine (496,712 ETH).

Cost basis is the average price a holder paid per ETH, based on its disclosed purchases. Comparing it with the current ETH price shows whether the holder is in profit or loss, which the Unrealized P/L column works out. A dash means the holder has not disclosed what it paid.

Holdings come from CoinGecko's public treasury data, compiled from company filings, earnings reports, press releases and official government disclosures, and each latest acquisition links to its source. CoinStats refreshes the data and recalculates values once a day; the methodology section above has the details.

It depends on your goals and risk tolerance. Treasury companies give stock-market exposure to ETH, often with added leverage, so gains and losses can be larger than holding ETH directly. Key things to check are mNAV, how purchases are funded, debt levels and dilution. This page is not investment advice.

There is no single best treasury company; it depends on what you are looking for. Investors usually compare mNAV (the premium or discount to holdings), ETH per share and how it has grown, leverage, average cost basis, and whether the company has an operating business beyond holding ETH.

Most raise capital by selling new shares (often through at-the-market offerings), issuing convertible notes or preferred stock, or taking on loans, then use the proceeds to buy ETH. Some also use cash from operations, and many stake their holdings to earn yield.

mNAV is a company's market capitalization divided by the market value of its ETH holdings. Above 1x, the market values the company at more than its ETH; below 1x, it trades at a discount.

Ethereum treasuries can stake their ETH to earn yield and use it in DeFi, which makes ETH a productive treasury asset. Bitcoin treasuries hold a non-yielding asset with a fixed supply. Staking adds income but also adds risks such as slashing and smart-contract exposure.