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Companies and Wall Street organizations are beginning to acknowledge Ether as the next emerging treasury asset as the world’s second-largest cryptocurrency and blockchain network celebrates its 10th anniversary on Wednesday.
Ethereum launched on July 30, 2015, bringing forth smart contract capabilities and establishing the groundwork for the decentralized finance (DeFi) ecosystem. The network has sustained 10 years of consistent uptime.
In honor of the occasion, Cointelegraph examined the five largest corporate Ether (ETH) holders, highlighting Ether’s increasing status as a strategic reserve asset among publicly traded companies.
The publicly traded Bitcoin (BTC) mining entity, BitMine Immersion Technologies, stands as the largest ETH treasury firm, holding 625,000 ETH or 0.52% of the total circulating ETH supply. The miner previously indicated plans to acquire up to 5% of Ether’s supply, signaling further investments after the company declared a $1 billion stock buyback program on Tuesday.
In second position is Nasdaq-listed Sharplink, with 438,190 ETH as its “primary” treasury reserve asset. The firm acquired $290 million worth of Ether between July 21 and July 27 at an average cost of $3,756.
Related: Ether Machine addresses demand with $1.5B institutional ETH vehicle: Finance Redefined
Bit Digital ranks as the third-largest corporate ETH holder, with a total of 100,603 ETH in its possession. On July 7, the firm announced its shift to an Ethereum treasury approach, which involved a $172 million public equity raise and the conversion of its balance sheet from Bitcoin to Ether.
Ethereum node validator BTCS Inc. ranks fourth, with a total of 70,028 ETH holdings. BTCS revealed the conclusion of a $10 million convertible note issuance program on Monday, raising the firm’s total capital to $207 million for 2025 alone.
GameSquare Holdings Inc., a media and technology company, completes the top five with 12,913 ETH. The company has allocated $250 million for a more extensive crypto treasury management strategy.
Related: 35 corporations now own at least 1,000 Bitcoin as corporate adoption increases
Wall Street is “becoming receptive” to Ether as a treasury reserve asset
According to Gracy Chen, CEO of crypto exchange Bitget, institutions are increasingly recognizing Ethereum as the next significant digital reserve asset.
“Given the high probability that global assets will be tokenized on the blockchain, Ethereum possesses a competitive edge in capturing a substantial portion of this market,” Chen stated to Cointelegraph. “Consequently, institutional investors see Ethereum as the next emerging treasury asset after Bitcoin.”
“Wall Street firms and the wider TradFi sector are merely starting to embrace the notion of Ethereum as a treasury reserve asset,” she added.
Ether treasury acquisitions have surged significantly over the past months. Since June, crypto treasury firms have bought more than 1% of ETH’s circulating supply, surpassing Bitcoin-centric firms during the same timeframe, as noted in a report issued on Tuesday by Standard Chartered.
The report indicated that Ethereum-focused treasury firms may hold up to 10% of the total supply in the long term, referencing regulatory arbitrage opportunities and programmable yield via staking and DeFi.
Coupled with robust inflows into US spot Ether exchange-traded funds, the ongoing institutional accumulation could assist in driving ETH beyond the $4,000 mark — Standard Chartered’s year-end price target.
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