Treasury Firms Overtake Spot ETFs as Largest Holders of Ethereum

According to data from Unfolded, digital asset treasury firms have surpassed spot exchange-traded funds (ETFs) as the largest collective holders of Ethereum. This shift marks a significant change in the distribution of ETH supply, with corporate treasuries increasingly accumulating the cryptocurrency for long-term holding.

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

This consolidation among institutional and corporate holders could influence market liquidity and price dynamics, as these entities typically hold assets for extended periods rather than trading actively.