7 Largest Publicly Traded Ethereum Treasury Firms to Watch

Ethereum treasury adoption has moved from a niche balance-sheet experiment to a measurable public-market trend. As of March 21, 2026, the largest disclosed holders span pure-play treasury vehicles, crypto infrastructure operators, and exchange businesses. The ranking below prioritizes publicly traded companies with disclosed ETH holdings from company filings, investor materials, and company statements, with context from CoinGecko’s July 23, 2025 industry study and later company updates.

March 2026 rankings put BitMine and SharpLink far ahead

The biggest story in public Ethereum treasuries is concentration. BitMine Immersion Technologies disclosed in its 2025 annual report that it held 3,864,951 ETH as of December 7, 2025, priced by the company at $3,139 per ETH using Coinbase market data. SharpLink Gaming said in an SEC-filed exhibit that it held 864,597 ETH as of December 31, 2025 and described itself as the world’s second-largest publicly traded ETH holder as of March 6, 2026. Those two firms alone sit well above the rest of the field.

For the lower ranks, the freshest broadly comparable cross-company dataset remains CoinGecko’s July 23, 2025 review of public-company ETH holdings. That study listed Coinbase at 137,300 ETH, Bit Digital at 120,306 ETH, BTCS at 55,788 ETH, GameSquare at 10,170 ETH, and Intchains at 7,023 ETH. BTCS later updated its own total to 70,028 ETH on July 28, 2025, which moves it ahead of GameSquare and Intchains on a more recent basis.

Why 3.86 million ETH at BitMine changed the leaderboard

BitMine’s jump is the clearest example of how fast this category has changed. In CoinGecko’s July 23, 2025 snapshot, BitMine held 300,657 ETH. By December 7, 2025, the company reported 3,864,951 ETH, more than a twelvefold increase in less than five months based on disclosed figures. At BitMine’s stated reference price of $3,139, that ETH position alone implied a value of roughly $12.1 billion.

That scale matters for two reasons. First, it places BitMine not just ahead of public-company peers, but into a range where treasury management, custody, and liquidity become core corporate functions rather than side strategies. Second, it changes how investors may view the stock: less as a legacy operating business with crypto exposure and more as a listed vehicle tied directly to ETH price and treasury execution.

864,597 ETH at SharpLink shows the rise of pure-play treasury models

SharpLink’s strategy is structurally different from exchange or infrastructure operators because the company formally launched an ETH-centered treasury strategy on June 2, 2025 and made treasury management a dedicated operating segment. In its March 2026 SEC-filed exhibit, SharpLink said it held 864,597 ETH as of December 31, 2025 and had generated 14,516 ETH in staking rewards since June 2025.

That staking component is important. It means the treasury is not only directional exposure to ETH price; it is also a yield-generating balance sheet. Earlier, on June 13, 2025, SharpLink announced the purchase of 176,270.69 ETH for about $462.9 million at an average acquisition price of $2,626 per ETH, and said more than 95% of its ETH was actively staked. By comparison, CoinGecko’s July 2025 study put SharpLink at 360,807 ETH, so the company’s year-end figure implies an increase of more than 503,000 ETH in roughly five months.

Coinbase, Bit Digital and BTCS form the second tier by disclosed scale

Behind the top two, the next cluster is led by Coinbase, Bit Digital, and BTCS. Coinbase’s latest easily accessible filing in this review, its Q3 2025 shareholder letter, shows $2.597 billion of crypto assets held for investment as of September 30, 2025, but it does not break out ETH units in that document. CoinGecko’s July 23, 2025 study, based on reported financial results and filings, listed Coinbase at 137,300 ETH, which still places it third in the ranking unless a later unit disclosure says otherwise.

Bit Digital ranked fourth in CoinGecko’s study with 120,306 ETH as of July 23, 2025. The company has been notable because it paired treasury accumulation with Ethereum staking operations, making its ETH position part reserve asset and part operating infrastructure. BTCS, meanwhile, has been the fastest mover in the mid-cap group. It said on July 14, 2025 that holdings had reached 29,122 ETH, then on July 21 reported 55,788 ETH, and on July 28 reported 70,028 ETH with a fair market value of about $270 million based on ETH at $3,850.

What 10,170 ETH and 7,023 ETH say about the smaller public entrants

GameSquare and Intchains round out the top seven based on disclosed holdings available in public sources reviewed here. CoinGecko listed GameSquare at 10,170 ETH and Intchains at 7,023 ETH as of July 23, 2025. GameSquare later expanded its crypto treasury program authorization to $250 million on July 21, 2025 and said the framework would let it deploy capital into Ethereum-based assets and target stablecoin yields. That announcement confirmed strategic intent, though the company statement reviewed here did not provide a newer ETH unit count.

Intchains’ disclosed ETH position is smaller, but it still places the company inside a narrow group of listed firms with material Ethereum exposure on balance sheet. CoinGecko said only twelve publicly traded companies had officially disclosed ETH holdings as of July 23, 2025, with combined holdings of 1,002,666 ETH at that time. The later jumps by BitMine and SharpLink alone show how quickly that aggregate has likely grown since then.

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Conclusion

The public Ethereum treasury market is no longer a side note to Bitcoin treasury strategies. BitMine and SharpLink have created a new top tier measured in hundreds of thousands to millions of ETH, while Coinbase, Bit Digital, BTCS, GameSquare, and Intchains show how varied the model can be across exchanges, infrastructure firms, and operating companies. For investors tracking this segment, the key variables are no longer just ETH price, but also staking yield, dilution from capital raises, and the reliability of each company’s disclosure cadence.