Methodology · Corporate ETH treasury
Which public companies hold Ethereum?
Why this matters: Corporate ETH treasuries are the equity-market bridge to Ethereum's price. You can buy ETH exposure through spot ETH ETFs (like BlackRock's ETHA), or you can buy a treasury company (like BMNR) that holds ETH AND is trying to accumulate more. The treasury companies typically offer some leverage — but also concentration risk on management execution.
The Tom Lee / Bitmine bet
The Joe Lubin / Sharplink bet
ETH treasury vs. spot ETH ETF
The mNAV framework applies here too
The three major ETH treasury companies
Led by Tom Lee (Fundstrat). Aggressively accumulated ETH through 2025-2026 to become the largest corporate ETH holder — reportedly ~4.8% of all ETH.
Founded by ConsenSys / Joe Lubin's team as a pure-play ETH treasury vehicle. Aggressive ETH accumulation strategy tied to Lubin's long-standing Ethereum thesis.
Newer 2026 entrant. Raised significant capital specifically to establish an ETH treasury. Recent IPO/S-1 filing establishes the fund structure.
Frequently asked questions
Who is the largest corporate holder of Ethereum?▼
Bitmine Immersion Technologies (BMNR), which as of mid-2026 holds roughly 4.8% of all ETH ever mined — the largest corporate ETH treasury by a significant margin. Tom Lee (Fundstrat) drove the strategic pivot from a bitcoin mining operation into a full ETH treasury vehicle in late 2025.
Why did these companies choose to hold ETH instead of BTC?▼
Three main reasons: (1) narrative differentiation — MSTR already dominates the Bitcoin treasury story, (2) yield potential — ETH staking earns 3-5% annually if the company chooses to stake, giving them an income stream Bitcoin treasuries don't have, (3) different investor base — attracts ETH-native institutional capital that already believes in the Ethereum thesis.
Do these companies stake their ETH?▼
Some do partially, some don't. Public disclosures are inconsistent. Staking would generate 3-5% annual yield on the holdings — meaningful for a company holding hundreds of thousands of ETH. Watch quarterly filings for staking disclosures.
How does the risk compare to spot ETH ETFs?▼
ETFs: clean price tracking, small annual fee, no operational risk. Treasury companies: possibility of premium/discount to underlying ETH, operational risk (management execution), share dilution risk, and — potentially — staking yield. Treasury companies are higher-risk, higher-potential-return vs. ETFs.
Is there an ETH equivalent to MSTR (using debt to buy more)?▼
Not exactly. BMNR and SBET have been more equity-financed than debt-financed. This is partly because the debt markets treat ETH treasury companies less favorably than they treat Bitcoin treasury companies (Bitcoin's longer track record). If ETH treasury companies begin issuing convertible debt at scale, expect meaningful leverage effects on the equity prices.
Should I hold both an ETH ETF and BMNR?▼
Depends on your thesis. Some investors hold both: majority of ETH exposure in an ETF for clean tracking, plus a smaller BMNR position for leveraged/concentrated exposure. Others prefer just the ETF for simplicity. Not investment advice — depends on your risk tolerance and view on management execution.
This page is educational content, not financial advice. Every data figure traces to a primary source (SEC EDGAR filings, company 10-Q / 10-K / 8-K disclosures, or licensed data feeds). See our About page for editorial standards + methodology.