Who Are the Top Players in Ethereum?
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Original Author: KarenZ, Foresight News
Ethereum has shown strong performance recently, with weekly charts achieving four consecutive positive closes, and the price breaking through $3,800 to set a new阶段性 high.
The current market is experiencing汹涌 buying power, with institutions, listed companies, and whales continuously increasing their ETH holdings, even causing紧张 liquidity situations off-exchange. On July 17, Wintermute co-founder Evgeny Gaevoy revealed, "It's almost impossible to find ETH willing to be sold on the Wintermute OTC desk," highlighting the紧张 market supply and demand.
This phenomenon indicates that the market's demand for ETH far exceeds supply. If this trend continues, the price of ETH may see further increases. So, if Ethereum真的 rises to $10,000, which groups will directly benefit?
1. Large ETH holders and validators: The ETH reserves of whales, institutions, funds, listed companies, and project parties will see significant增值.
2. Exchanges, custodians, and OTC desks: Trading activity will surge, leading to暴涨 in fee income.
3. Ethereum现货 ETF issuers and holders.
4. DeFi ecosystem: Core sectors such as (re)staking protocols, DEXs, lending protocols, etc.
5. Layer 2: May drive increased adoption of Layer 2 solutions, with their token values and trading revenues有望增长.
6. Infrastructure: Ecosystem cornerstones like wallets and node service providers will see双重增值 in业务量 and income as user规模 expands.
7. NFT market: Under the传导 of market热度, the NFT market may迎来新一轮炒作.
This article will compile data from Strategic ETH Reserve,公开 data from companies and project parties, the Arkham platform, and other sources to summarize those上市公司, exchanges (own ETH), and Web3 project parties (holding more than 1,000 ETH) that view Ethereum as a strategic reserve or hold Ethereum.
Listed Companies
SharpLink Gaming
Nasdaq-listed SharpLink Gaming was originally an online performance marketing company focused on the U.S. sports betting and global iGaming industries, providing traffic guidance, player acquisition, retention, and conversion services to global sports betting and iGaming operators through its PAS.net platform.
On May 27, 2025, SharpLink Gaming announced a major strategic move, securing a $425 million financing agreement through private investment in public equity (PIPE), aimed at advancing its Ethereum financial strategy. The lead investor in this transaction was Ethereum infrastructure development company Consensys Software Inc., with a strong lineup of co-investors including ParaFi Capital, Electric Capital, Pantera Capital, Arrington Capital, Galaxy Digital, Ondo, White Star Capital, GSR, Hivemind Capital, Hypersphere, Primitive Ventures, and Republic Digital. Ethereum co-founder and Consensys CEO Joseph Lubin was appointed as the chairman of SharpLink Gaming's board.
SharpLink Gaming's strategic transformation is the result of its core business困境 reflected in 2024 financial data, changes in industry trends, and the company's主动 search for growth breakthroughs.
After launching its Ethereum treasury strategy, SharpLink Gaming continued to purchase Ethereum through Galaxy Digital and Coinbase Prime, even directly buying 10,000 Ethereum from the Ethereum Foundation. As of July 20, 2025, SharpLink Gaming's ETH holdings reached 360,807 ETH, surpassing the Ethereum Foundation to become the world's largest corporate holder of ETH.
According to SharpLink Gaming, as of July 11, 2025, the company has allocated 99.7% of its ETH holdings to staking protocols, aiming to maximize ETH capital收益.
It's worth mentioning that SharpLink recently also launched a proprietary metric called "ETH Concentration." This metric aims to measure the company's ETH exposure relative to its capital structure, calculated as: total ETH held ÷ 1,000 assumed diluted outstanding shares.
Recommended reading: "Stock price once soared 700%, this gambling company actually wants to reserve Ethereum?"
BitMine
BitMine was originally a company focused on Bitcoin mining and infrastructure as its core business. On June 30, 2025, it announced the completion of a $250 million private financing and plans to launch an Ethereum treasury strategy, aiming to become one of the world's largest publicly listed companies holding ETH.
This $250 million transaction was led by MOZAYYX, with participation from investors such as Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee. More notably, renowned Wall Street strategist and Fundstrat Global Advisors co-founder Thomas Lee will also join BitMine's board as chairman.
It's worth emphasizing that in mid-July, according to filings with the U.S. SEC, PayPal co-founder and硅谷 venture capital教父 Peter Thiel acquired a 9.1% stake in BitMine Immersion Technologies. BitMine disclosed that as of July 17, it holds 300,657 ETH.
In late July, several funds under Cathie Wood's Ark Invest also purchased $182 million worth of BitMine common stock BMNR. BitMine expects to invest 100% of the net proceeds ($177 million) to purchase ETH.
Recommended reading: "Weekly涨 30x! Bitcoin company BitMine spends $250 million to buy Ethereum"
Bit Digital
Bit Digital's predecessor can be traced back to Golden Bull Limited. Golden Bull was established in November 2015 in Shanghai, with car抵押 loans as its core business. It was listed on Nasdaq in March 2018 under the stock code "DNJR,"号称 "China's first car loan stock."
However,好景不长, in 2019,随着国内 P2P industry爆雷 and清洗整顿, Golden Bull was investigated by the Shanghai Public Security Bureau in July 2019 for涉嫌非法吸收公众存款案. After the P2P business collapsed, Golden Bull gradually转型 to car leasing and Bitcoin mining. By the end of 2022, Bit Digital began reducing its reliance on单一 Bitcoin mining and started多元化布局.
In early July 2025, Bit Digital announced the completion of its转型 to an Ethereum treasury management strategy, also recently raising approximately $172 million in total proceeds, with the net capital used to purchase Ethereum. Additionally, Bit Digital sold about 280 Bitcoin and used the proceeds to increase its ETH holdings. As of July 18, Bit Digital's total Ethereum holdings were approximately 120,306 ETH.
Recommended reading: "From P2P爆雷, Bitcoin miner to Ethereum strategy: Bit Digital's path to survival"
Financial report shows that it holds DOT (£16.54 million), TIA (£12.28 million), stETH (£10.39 million), LDO (£7.26 million), ATOM (£6.88 million), RED (£6.80 million), etc.
According to Strategic ETH Reserve data, KR 1 plc holds 5,505 ETH.
Gate Proof of Reserves, as of July 11, its reserve ratios for BTC, ETH, USDT, and USDC are 144.40%, 123.71%, and 116.23%, respectively. This means that Gate platform's own Bitcoin is 7,004.59, and its own ETH is 76,748.50.Bitget Proof of Reserves, its reserve ratios for BTC, ETH, USDT, and USDC are 429%, 148%, 108%, and 270%, respectively. This means that Bitget platform's own Bitcoin is 21,692.73, its own ETH is 71,163.41, its own USDT is 136,219,892, and its own USDC is 87,440,015.Bybit Proof of Reserves, as of June 19, its reserve ratios for BTC and ETH (Bybit wallet assets / Bybit user assets) are 107% and 103%, respectively, with own BTC at 3,813 and own ETH at 21,566.OKX Proof of Reserves, as of June 14, 2025, its reserve ratios for BTC, ETH, USDT, and USDC are 105%, 101%, 102%, and 101%, respectively. The platform's own Bitcoin is 6,307, and its own ETH is 20,014.Deribit Proof of Reserves, its reserve ratio for ETH is 106.44%, and for STETH is 130.54%. Deribit's own ETH is 14,073.35, and own STETH is 3,846.KuCoin Proof of Reserves, as of June 30, 2025, its reserve ratios for BTC, ETH, USDT, and USDC are 110%, 110%, 114%, and 112%, respectively. This means that KuCoin platform's own Bitcoin is 920.6, its own ETH is 13,198, its own USDT is 159,987,359, and its own USDC is 9,955,366.BingX Proof of Reserves, its reserve ratios for BTC, ETH, USDT, and USDC are 135.16%, 137.27%, 141.36%, and 144.53%, respectively. BingX wallet address has 10,804.28 ETH. With a reserve ratio of 137.27%, BingX platform's own ETH assets are 2,934.74.Phemex Proof of Reserves data shows that its reserve ratios for BTC and ETH are 113.71% and 134.26%, respectively, with own BTC at 242.72 and own ETH at 2,838.729.HTX Proof of Reserves, its reserve ratios for BTC and ETH are 101% and 100%, respectively. HTX's own ETH is 1,160.BitMEX Proof of Reserves data shows that its reserve ratios for BTC and ETH are 379% and 142%, respectively, with own BTC at 36,788.19 and own ETH at 815.Proof of Reserves shows that Binance platform's BTC reserve ratio reaches 102.51%, ETH reserve ratio is 100.00%, BNB reserve ratio is 111.79%, SOL reserve ratio is 100.03%, USDC reserve ratio is 152.65%, USDT reserve ratio is 101.11%, and FDUSD reserve ratio is 108.71%. This means that excluding customer-held assets, Binance platform's own Bitcoin is 14,388, own ETH is basically 0, own BNB is 4,673,128, and own USDC is nearly 2.96 billion.Public wallet list shows that Bitfinex and Tether's parent company iFinex Inc. holds 204,338 BTC, 2,018.5 L-BTC (on Liquid), 1,000 BTC on the Lightning Network, and 1,225,600 ETH. As of now, its three Ethereum addresses hold a total of 446,045.20 ETH.
Bybit Proof of Reserves, as of June 19, its reserve ratios for BTC and ETH (Bybit wallet assets / Bybit user assets) are 107% and 103%, respectively, with own BTC at 3,813 and own ETH at 21,566.OKX Proof of Reserves, as of June 14, 2025, its reserve ratios for BTC, ETH, USDT, and USDC are 105%, 101%, 102%, and 101%, respectively. The platform's own Bitcoin is 6,307, and its own ETH is 20,014.Deribit Proof of Reserves, its reserve ratio for ETH is 106.44%, and for STETH is 130.54%. Deribit's own ETH is 14,073.35, and own STETH is 3,846.KuCoin Proof of Reserves, as of June 30, 2025, its reserve ratios for BTC, ETH, USDT, and USDC are 110%, 110%, 114%, and 112%, respectively. This means that KuCoin platform's own Bitcoin is 920.6, its own ETH is 13,198, its own USDT is 159,987,359, and its own USDC is 9,955,366.BingX Proof of Reserves, its reserve ratios for BTC, ETH, USDT, and USDC are 135.16%, 137.27%, 141.36%, and 144.53%, respectively. BingX wallet address has 10,804.28 ETH. With a reserve ratio of 137.27%, BingX platform's own ETH assets are 2,934.74.Phemex Proof of Reserves data shows that its reserve ratios for BTC and ETH are 113.71% and 134.26%, respectively, with own BTC at 242.72 and own ETH at 2,838.729.HTX Proof of Reserves, its reserve ratios for BTC and ETH are 101% and 100%, respectively. HTX's own ETH is 1,160.BitMEX Proof of Reserves data shows that its reserve ratios for BTC and ETH are 379% and 142%, respectively, with own BTC at 36,788.19 and own ETH at 815.Proof of Reserves shows that Binance platform's BTC reserve ratio reaches 102.51%, ETH reserve ratio is 100.00%, BNB reserve ratio is 111.79%, SOL reserve ratio is 100.03%, USDC reserve ratio is 152.65%, USDT reserve ratio is 101.11%, and FDUSD reserve ratio is 108.71%. This means that excluding customer-held assets, Binance platform's own Bitcoin is 14,388, own ETH is basically 0, own BNB is 4,673,128, and own USDC is nearly 2.96 billion.Public wallet list shows that Bitfinex and Tether's parent company iFinex Inc. holds 204,338 BTC, 2,018.5 L-BTC (on Liquid), 1,000 BTC on the Lightning Network, and 1,225,600 ETH. As of now, its three Ethereum addresses hold a total of 446,045.20 ETH.
Deribit Proof of Reserves, its reserve ratio for ETH is 106.44%, and for STETH is 130.54%. Deribit's own ETH is 14,073.35, and own STETH is 3,846.KuCoin Proof of Reserves, as of June 30, 2025, its reserve ratios for BTC, ETH, USDT, and USDC are 110%, 110%, 114%, and 112%, respectively. This means that KuCoin platform's own Bitcoin is 920.6, its own ETH is 13,198, its own USDT is 159,987,359, and its own USDC is 9,955,366.BingX Proof of Reserves, its reserve ratios for BTC, ETH, USDT, and USDC are 135.16%, 137.27%, 141.36%, and 144.53%, respectively. BingX wallet address has 10,804.28 ETH. With a reserve ratio of 137.27%, BingX platform's own ETH assets are 2,934.74.Phemex Proof of Reserves data shows that its reserve ratios for BTC and ETH are 113.71% and 134.26%, respectively, with own BTC at 242.72 and own ETH at 2,838.729.HTX Proof of Reserves, its reserve ratios for BTC and ETH are 101% and 100%, respectively. HTX's own ETH is 1,160.BitMEX Proof of Reserves data shows that its reserve ratios for BTC and ETH are 379% and 142%, respectively, with own BTC at 36,788.19 and own ETH at 815.Proof of Reserves shows that Binance platform's BTC reserve ratio reaches 102.51%, ETH reserve ratio is 100.00%, BNB reserve ratio is 111.79%, SOL reserve ratio is 100.03%, USDC reserve ratio is 152.65%, USDT reserve ratio is 101.11%, and FDUSD reserve ratio is 108.71%. This means that excluding customer-held assets, Binance platform's own Bitcoin is 14,388, own ETH is basically 0, own BNB is 4,673,128, and own USDC is nearly 2.96 billion.Public wallet list shows that Bitfinex and Tether's parent company iFinex Inc. holds 204,338 BTC, 2,018.5 L-BTC (on Liquid), 1,000 BTC on the Lightning Network, and 1,225,600 ETH. As of now, its three Ethereum addresses hold a total of 446,045.20 ETH.
BingX Proof of Reserves, its reserve ratios for BTC, ETH, USDT, and USDC are 135.16%, 137.27%, 141.36%, and 144.53%, respectively. BingX wallet address has 10,804.28 ETH. With a reserve ratio of 137.27%, BingX platform's own ETH assets are 2,934.74.Phemex Proof of Reserves data shows that its reserve ratios for BTC and ETH are 113.71% and 134.26%, respectively, with own BTC at 242.72 and own ETH at 2,838.729.HTX Proof of Reserves, its reserve ratios for BTC and ETH are 101% and 100%, respectively. HTX's own ETH is 1,160.BitMEX Proof of Reserves data shows that its reserve ratios for BTC and ETH are 379% and 142%, respectively, with own BTC at 36,788.19 and own ETH at 815.Proof of Reserves shows that Binance platform's BTC reserve ratio reaches 102.51%, ETH reserve ratio is 100.00%, BNB reserve ratio is 111.79%, SOL reserve ratio is 100.03%, USDC reserve ratio is 152.65%, USDT reserve ratio is 101.11%, and FDUSD reserve ratio is 108.71%. This means that excluding customer-held assets, Binance platform's own Bitcoin is 14,388, own ETH is basically 0, own BNB is 4,673,128, and own USDC is nearly 2.96 billion.Public wallet list shows that Bitfinex and Tether's parent company iFinex Inc. holds 204,338 BTC, 2,018.5 L-BTC (on Liquid), 1,000 BTC on the Lightning Network, and 1,225,600 ETH. As of now, its three Ethereum addresses hold a total of 446,045.20 ETH.
HTX Proof of Reserves, its reserve ratios for BTC and ETH are 101% and 100%, respectively. HTX's own ETH is 1,160.BitMEX Proof of Reserves data shows that its reserve ratios for BTC and ETH are 379% and 142%, respectively, with own BTC at 36,788.19 and own ETH at 815.Proof of Reserves shows that Binance platform's BTC reserve ratio reaches 102.51%, ETH reserve ratio is 100.00%, BNB reserve ratio is 111.79%, SOL reserve ratio is 100.03%, USDC reserve ratio is 152.65%, USDT reserve ratio is 101.11%, and FDUSD reserve ratio is 108.71%. This means that excluding customer-held assets, Binance platform's own Bitcoin is 14,388, own ETH is basically 0, own BNB is 4,673,128, and own USDC is nearly 2.96 billion.Public wallet list shows that Bitfinex and Tether's parent company iFinex Inc. holds 204,338 BTC, 2,018.5 L-BTC (on Liquid), 1,000 BTC on the Lightning Network, and 1,225,600 ETH. As of now, its three Ethereum addresses hold a total of 446,045.20 ETH.
Proof of Reserves shows that Binance platform's BTC reserve ratio reaches 102.51%, ETH reserve ratio is 100.00%, BNB reserve ratio is 111.79%, SOL reserve ratio is 100.03%, USDC reserve ratio is 152.65%, USDT reserve ratio is 101.11%, and FDUSD reserve ratio is 108.71%. This means that excluding customer-held assets, Binance platform's own Bitcoin is 14,388, own ETH is basically 0, own BNB is 4,673,128, and own USDC is nearly 2.96 billion.Public wallet list shows that Bitfinex and Tether's parent company iFinex Inc. holds 204,338 BTC, 2,018.5 L-BTC (on Liquid), 1,000 BTC on the Lightning Network, and 1,225,600 ETH. As of now, its three Ethereum addresses hold a total of 446,045.20 ETH.
Arkham data shows that the Bitfinex entity holds a total of 963,000 ETH (including customer assets), and Robinhood holds a total of 1,492,000 ETH (including customer assets). Currently, it is unclear what the reserve ratios of Bitfinex and Robinhood are.
Crypto.com's official Proof of Reserves data is as of December 7, 2022, with reserve ratios for BTC and ETH at 102% and 101%, respectively. Currently, no updated proof data has been found.
Lithuanian cryptocurrency exchange BTCC Exchange's Proof of Reserves data shows that as of July 15, the platform's reserve ratios for BTC and ETH are 120% and 170%, respectively. However, BTCC Exchange has not disclosed specific customer assets and holding data.
Projects
Ethereum Foundation
A report released by the Ethereum Foundation in November 2024 shows that as of October 31, 2024, the Ethereum Foundation's treasury totaled approximately $970.2 million, including $788.7 million in cryptocurrency assets and $181.5 million in non-cryptocurrency investments and assets. Of the cryptocurrency assets held by the Ethereum Foundation, 99.45% is ETH, accounting for 0.26% of the total ETH supply as of October 31, 2024.
The Ethereum Foundation stated at the time, "The reason for choosing the majority of the treasury's assets to be ETH is because we believe in Ethereum's potential."
According to the Ethereum Foundation's treasury policy disclosed on June 5, 2025, the Ethereum Foundation will regularly calculate the deviation of fiat-denominated assets in the treasury from the operational expenditure buffer ("B") target and determine whether to sell ETH and the amount to sell in the next three months.
According to Strategic ETH Reserve data, the Ethereum Foundation currently holds 238,500 ETF.
PulseChain
PulseChain is an Ethereum fork chain that launched in May 2023. Founder Richard Heart is a controversial figure in the cryptocurrency space, known for his aggressive marketing tactics and high-return promises to attract attention, having previously built the HEX project in 2019.
In July 2023, the U.S. Securities and Exchange Commission (SEC) sued Pulsechain, PulseX, and Hex founder Richard Heart for allegedly selling unregistered securities, claiming that he raised over $1 billion through unregistered securities offerings and sales in violation of federal securities laws, and accused Richard Heart of misappropriating funds for personal luxury消费. However, in March 2025, according to Reuters, a U.S. judge dismissed the SEC's fraud lawsuit against HEX's founder.
In the first week of March 2024, the PulseChain Sacrifice wallet fully converted over $640 million worth of DAI into 170,683 ETH, at an average price of $3,768 per ETH. However, Strategic ETH Reserve data shows that PulseChain's Ethereum holdings are 166,300 ETH.
Golem: Multisig address holds 10,284 ETH. However, Strategic ETH Reserve data shows that Golem Network holds 101,300 ETH.Gnosis official treasury data shows that the total treasury funds are $411 million, with Ethereum accounting for nearly 30% (approximately $120 million).Report shows that at the time, the ENS Endowment fund also had $94.6 million in assets, including $24.3 million in stablecoins and $70.3 million in ETH.
Report shows that at the time, the ENS Endowment fund also had $94.6 million in assets, including $24.3 million in stablecoins and $70.3 million in ETH.
As of the time of writing, the ENS Endowment fund address has $120 million in assets, including $24.34 million in stablecoins and 27,940 ETH ($95 million). The ETH holding量统计 in Strategic ETH Reserve is 28,600.
The concept of the ENS Endowment was first proposed by Nick.eth in the governance forum in March 2022, with the goal of setting aside a large amount of funds from the DAO treasury and registration fee income to create a sustainable source of funding to indefinitely support ENS development. This would enable the DAO to continue operating and funding ENS development under unfavorable market conditions. The DAO voted in favor of an initial amount of 16,000 ETH as the foundation's first funding.
Dune dashboard, as of July 15, Arbitrum DAO holds a total of 21,889 ETH, with 8,782 ETH held in the treasury.Onchain Foundation
Onchain Foundation is a non-profit group dedicated to promoting the adoption and implementation of blockchain-based applications. Onchain Foundation was originally named "Lisk Foundation." The project raised 14,000 BTC in 2016 to build a blockchain software development kit for JavaScript developers and a platform consisting of "blockchain networks" (also known as sidechains). In 2023, the project completed a repositioning. In early 2024, Lisk became the first Layer 1 blockchain to successfully migrate to an Ethereum Layer 2 rollup.
Onchain Foundation disclosed in Strategic ETH Reserve that it holds 10,220 ETH.
ETH Strategy
ETH Strategy is an autonomous financial protocol in the Ethereum ecosystem. By utilizing long-term convertible bonds, ETH Strategy enables participants to抵押 assets to the protocol to obtain convertible notes in exchange for leveraged ETH exposure with downside protection. The core goals of ETH Strategy are: to accumulate the largest ETH treasury, continuously grow EPS (per STRAT ETH), and establish new on-chain volatility trading.
ETH Strategy announced on July 11 that it raised 6,900 ETH through a presale, followed by Canadian listed company Moss Genomics investing 200 ETH a few days later and committing to an additional 800 ETH in the STRAT presale. ETH Strategy's total fundraising is 7,900 ETH.
