TLDR
- Nearly 11% of Ethereum’s total supply is now held by ETFs and treasury companies.
- CoinGecko tracks 32 firms holding a combined 7.8 million ETH.
- BitMine Immersion Technologies is the largest corporate holder, with roughly 5.79 million ETH.
- U.S. spot Ethereum ETFs have pulled in about $10.86 billion in net inflows since launch.
- Analysts say the trend reflects growing institutional demand, not permanent supply removal.
Ethereum’s supply is increasingly concentrated among institutional holders. New data shows that exchange traded funds and corporate treasury firms now control close to 11% of all ETH in circulation.
The figures come from SoSoValue, Blockworks, and Binance Research, based on data through July 1, 2026. They show how quickly institutional demand for Ethereum has grown over the past two years.
Corporate Treasuries Now Hold Nearly 7.8 Million ETH
CoinGecko currently tracks 32 companies that hold Ethereum on their balance sheets. Together, these firms control about 7,797,994 ETH, or roughly 6.46% of the total supply.
A small group of large holders accounts for most of this total. The Block’s ETH treasury tracker shows BitMine Immersion Technologies holding about 5.79 million ETH, the largest corporate position tracked.
SharpLink holds the next largest amount, with roughly 869,000 ETH on its books. The gap between the top holder and the rest shows how concentrated corporate accumulation has become.
BitMine said in July that its holdings had grown to about 5.77 million ETH. That figure represents close to 4.8% of Ethereum’s total supply.
BitMine Chairman Tom Lee has said the company’s goal is to reach 5% of ETH’s supply. If that target is met, BitMine’s holdings would rank among the largest single positions in the asset.
ETFs Provide a Second Channel for Institutional Demand
Spot Ethereum ETFs give traditional investors a way to gain exposure to ETH without holding the asset directly. Binance Academy notes that U.S. spot ETH ETFs began trading in July 2024.
Newer staking enabled ETF products have since expanded what fund managers can do with the ETH they hold. This adds another layer of activity beyond simple price exposure.
SoSoValue data shows that U.S. spot ETH ETFs had pulled in about $10.86 billion in cumulative net inflows by July 1, 2026. Daily inflows continued into early July.
Together, ETFs and treasury companies create two separate channels for institutional demand. ETFs package ETH exposure for fund investors, while treasury firms buy and hold the underlying asset directly.
Some treasury companies also stake their ETH holdings to generate extra returns. This adds a further layer of activity beyond simple holding.
Analysts caution that the near 11% figure should not be read as supply being locked away for good. ETF shares can be redeemed, and treasury companies can sell or transfer their holdings depending on strategy.
There is a difference between institutional ownership and supply actually leaving circulation. ETH held in an ETF or a corporate wallet still remains part of the broader market.
The key question going forward is how long these holders keep their positions. Their behavior, including whether they stake their ETH, will shape how available supply looks over time.
Ethereum’s role is also expanding beyond trading. The network is increasingly used for tokenized assets and other blockchain based financial applications.
Binance has said the Fusaka upgrade in May 2026 expanded Ethereum’s data capacity through a system called PeerDAS. The upgrade was built to support more activity on Ethereum’s Layer 2 networks.
As of early July 2026, both ETF inflows and corporate ETH accumulation were continuing.
