Treasury Firms Overtake ETFs as Largest Ethereum Holders

Digital asset treasury firms have surpassed spot exchange-traded funds (ETFs) as the largest collective holders of Ethereum, according to data shared by Unfolded.

The shift marks a notable change in the distribution of ETH supply, with corporate treasuries increasingly accumulating the cryptocurrency for long-term holding.

Bitmine alone holds nearly 5% of Ethereum's total supply, a significant concentration. Combined, spot ETFs and digital asset treasury firms account for approximately 11% of all ETH in circulation.