ETH Treasury entities now hold over $10 billion worth of ETH

The amount of Ether held by entities with Ethereum treasuries has now surpassed $10 billion. Data from Strategic ETH Reserve confirmed this, noting that 64 entities now hold 2.73 million ETH, worth $10.49 billion.

While this accounts for only 2.27% of the total ETH supply, it highlights the impact that several public companies’ recent adoption of the ETH treasury has had on the total ETH reserve.

The data shows that three publicly traded companies hold over 1.3 million ETH and represent the top three holders. At number one is Bitmine Immersion Tech, which now holds 625,000 ETH, followed by Sharplink Gaming with 438,200 ETH and The Ether Machine with 334,800 ETH.

The size of ETH holdings by these three companies is even more impressive, given that they acquired most of the Ether in less than ninety days. Bitmine alone holds over $2 billion worth of ETH  and has been on an accumulation spree in the past few weeks.

The same applies to its closest competitor, Sharplink, which started buying ETH in June. Its last acquisition was the purchase of over 77,000 ETH on July 29, and it remains committed to buying more ETH. Interestingly, the Ethereum Foundation ranks fourth among the biggest ETH holders, with the organization having around 234,600 ETH. Less than two months ago, it was the leading ETH holder.

Other publicly traded companies in the top ten include Bit Digital and BTCS Inc. However, other companies such as Centaurus Energy, ETHZilla Corporation, BTC Digital, and ETH Strategy are also on the list.

Nevertheless, DeFi protocols and crypto-native organizations remain among the biggest ETH holders. Mantle Network recently disclosed that it holds over 101,000 ETH, while Gnosis DAO, Pulsechain Sac, Golem Foundation, Lido DAO, and Frax Finance also have ETH treasuries.

Even government entities are among the 64 holders of ETH, with the US government having 60,000 ETH, Michigan State Government with 4,000 ETH, and the Royal Government of Bhutan with 495 ETH.

Companies looking to buy more ETH

Meanwhile, the amount of ETH held as reserve assets by various entities will likely keep increasing, especially as several public companies plan to continue buying more ETH. Standard Chartered’s report notes that public companies bought 1% of the ETH supply in June and will likely buy up to 10% of the supply over time.

Interestingly, Bitmine Ceo Tom Lee also confirmed this, stating that the company plans to buy and stake up to 5% of the ETH supply, which would amount to around 6 million ETH. He disclosed that the company is actively working on strategies to achieve this.

However, the firm also recently approved plans to buy back $1 billion of its shares from the open market and negotiate transactions. This move occurs when its stock value is below net asset value (NAV) and appears calculated to further boost share value before returning to ETH accumulation mode.

Not only is Bitmine taking a more measured approach to its accumulation, with Sharplink chairman Joe Lubin also stating that the company wants to buy more ETH, but it will be cautious to keep leverage in check. Sharplink is already considering issuing convertible notes similar to Strategy (formerly MicroStrategy)  to get the capital needed to increase its ETH holdings.

ETH steadies around $3,700 as journey to $4,000 stalls

Despite the accumulation frenzy, ETH has seen its price movement stall in the past few days. According to CoinMarketCap data, the token traded as high as $3,877 earlier today has now dropped to $3,774, representing a slight decline.

With this decline, investors expecting ETH to climb above $4,000 on the anniversary of its 10 years of existence have had their hopes dashed as the momentum that pushed it to gain more than 100% in three months appears to have subsided.

Nevertheless, on-chain data shows that Ethereum activity is still booming with over 680,000 active wallets on Wednesday, making it its second busiest day. ETH Mean value to realized value (MVRV) has also increased 38% in the past year and 15% in the past month.

Interestingly, ETH gains over the past month have happened independent of Bitcoin. According to crypto analyst Carmelo Aleman, ETH gains have not been due to any major capital rotation from Bitcoin but new capital flowing into Ethereum.

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