Original author: KarenZ, Foresight News
Ethereum has performed strongly recently, with four consecutive positive weekly lines. The price has exceeded US$3,800 in one fell swoop, setting a new stage high.
The current market buying power is surging, and institutions, listed companies and whales continue to increase their holdings of ETH, even causing tight OTC liquidity. On July 17, Wintermute co-founder Evgeny Gaevoy revealed that "there is almost no ETH willing to sell on the Wintermute OTC counter", highlighting the tight supply and demand in the market.
This phenomenon shows that the market demand for ETH far exceeds the supply. If this trend continues, the price of ETH may rise further. So, if Ethereum really rises to $10,000, which groups will be the direct beneficiaries?
1. Large ETH holders and validators: The ETH reserves of whales, institutions, funds, listed companies and project parties will realize substantial appreciation.
2. Exchanges, custodians and OTCs: Trading activity has surged and commission income has skyrocketed.
3. Ethereum spot ETF issuers and holders.
4. DeFi ecosystem: core sectors such as (re)staking agreements, DEX, and lending agreements.
5. Layer 2: It will drive the adoption rate of Layer 2 solutions, and its token value and transaction revenue are expected to grow.
6. Infrastructure: Ecological cornerstones such as wallets and node service providers will achieve double value-added in business volume and revenue as the user scale expands.
7. NFT market: As market heat is transmitted, the NFT market may usher in a new round of speculation.
This article will summarize the listed companies, exchanges (owning ETH), and Web3 projects (holding more than 1,000 ETH) that regard Ethereum as a strategic reserve or hold Ethereum based on multiple data such as Strategic ETH Reserve, public data from companies and projects, and the Arkham platform.
Public Company
SharpLink Gaming
SharpLink Gaming, a Nasdaq-listed company, was originally an online performance marketing company focusing on the US sports betting and global iGaming industries. Through its PAS.net platform, it provides traffic guidance, player acquisition, retention and conversion services to global sports betting and iGaming operators.
On May 27, 2025, SharpLink Gaming announced a major strategic move to reach a $425 million financing agreement through a private equity investment (PIPE) to advance its Ethereum financial strategy. The lead investor in this transaction is Ethereum infrastructure development company Consensys Software Inc., and the participating lineup is also relatively strong, 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 serves as chairman of the board of directors of SharpLink Gaming.
SharpLink Gaming's strategic transformation is based on the combined results of its core business difficulties reflected in its 2024 financial data, changes in industry trends, and the company's active pursuit of growth breakthroughs.
After launching the Ethereum treasury strategy, SharpLink Gaming continued to purchase Ethereum through Galaxy Digital and Coinbase Prime, and even purchased 10,000 Ethereum directly 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 ETH corporate holder.
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 returns on ETH funds.
It is worth mentioning that SharpLink has recently launched a proprietary indicator called “ETH Concentration”. This indicator is designed to measure the company’s ETH exposure relative to its capital structure, calculated as: total ETH held ÷ 1,000 shares of assumed diluted outstanding shares.
Recommended reading: " The stock price once soared 700%. Is this gambling company going to reserve Ethereum? "
BitMine
BitMine was originally a company whose core business was Bitcoin mining and infrastructure. On June 30, 2025, it announced the completion of a $250 million private placement financing and planned to launch an Ethereum treasury strategy with the goal of becoming one of the world's largest publicly listed companies holding ETH.
The $250 million deal was led by MOZAYYX, with participation from investors including Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management and Thomas Lee. More notably, Thomas Lee, a well-known Wall Street strategist and co-founder of Fundstrat Global Advisors, will also join the BitMine board of directors as chairman.
It is worth emphasizing that in mid-July, according to documents submitted to the US SEC, PayPal co-founder and Silicon Valley venture capital godfather Peter Thiel has acquired 9.1% of BitMine Immersion Technologies' shares. BitMine disclosed that it held 300,657 ETH as of July 17.
In late July, several funds under Cathie Wood's Ark Invest also bought $182 million worth of BitMine common stock BMNR. BitMine expects to invest 100% of its net proceeds ($177 million) to purchase ETH.
Recommended reading: " A 30-fold increase in a week! Bitcoin company BitMine spends 250 million to buy Ethereum "
Coinbase
According to Ryan Sean Adams, co-founder of Bankless, Coinbase purchased 21,634 ETH as its reserve in the first quarter of 2025, with a total ETH holding of nearly 140,000. According to Strategic ETH Reserve data, Coinbase's Ethereum holdings are 137,334 million.
Bit Digital
The predecessor of Bit Digital can be traced back to Golden Bull Limited. Golden Bull was established in Shanghai in November 2015, with auto mortgage loans as its core business. It was listed on the Nasdaq in March 2018 with the stock code "DNJR", and was known as "China's No. 1 auto loan stock."
The good times did not last long. In 2019, with the collapse and cleansing of the domestic P2P industry, Dianniu Finance was investigated by the Shanghai Public Security Bureau in July 2019 for suspected illegal absorption of public deposits. After the collapse of the P2P business, Dianniu Finance gradually transformed into car rental and Bitcoin mining businesses. Starting at the end of 2022, Bit Digital began to reduce its reliance on single Bitcoin mining and started a diversified layout.
In early July 2025, Bit Digital announced the completion of its transition to an Ethereum treasury management strategy. It also raised approximately $172 million in total proceeds recently and used the net capital to purchase Ethereum. In addition, Bit Digital also sold approximately 280 Bitcoins and used the proceeds to increase its holdings of ETH. As of July 18, the total amount of Ethereum held by Bit Digital was approximately 120,306.
Recommended reading: From P2P explosion, Bitcoin mining companies to Ethereum strategy: Bit Digital's road to survival
BTCS Inc.
BTCS Inc. (NASDAQ: BTCS) is a blockchain infrastructure technology company headquartered in the United States. As of July 21, 2025, BTCS Inc.'s total ETH holdings reached 55,788. BTCS was also included in the Russell Microcap Index on July 16.
GameSquare
GameSquare Holdings, Inc. is a Nasdaq-listed media, entertainment and technology company. In July 2025, it launched an Ethereum fund management strategy and purchased its first batch of Ethereum (1,818.84 ETH) for $5 million at an average purchase price of $2,749. On July 17, GameSquare announced that it raised $70 million through a rights issue and would use most of the proceeds to increase its holdings of Ethereum. On July 22, GameSquare announced that it had recently purchased approximately 8,351 ETH at a weighted average price of approximately $3,592, bringing its total ETH holdings to 10,169.
Intchains Group
Intchains Group is a Nasdaq-listed company that focuses on altcoin mining products and ETH holdings. According to the Intchains Group official website, as of the end of the first quarter of 2025, Intchains Group held 7,023 ETH at an average cost of $2,846.
KR 1 plc
Founded in March 2016, KR 1 plc is a digital asset company focused on decentralized technology and is listed on the London Aquis Stock Exchange. KR 1 plc mainly focuses on staking activities on the PoS network. KR 1 plc's financial report as of May 31, 2025 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 (£6.8 million), etc.
According to Strategic ETH Reserve data, KR 1 plc holds 5,505 ETH.
Exodus
Exodus, a US-listed self-custodial wallet company, currently holds 2,550 ETH.
Thumzup
Nasdaq-listed Thumzup Media Corporation is a digital marketing and financial innovation company. On July 17, Thumzup announced that its board of directors has authorized the company to hold up to $250 million in cryptocurrencies, including: BTC, ETH, SOL, XRP, DOGE, LTC and stablecoin USDC.
The Ether Machine
On July 21, blank check company Dynamix announced that it was preparing to merge with another entity to form a new company called "The Ether Machine". The merged company plans to hold more than $1.5 billion in ETH.
Exchanges
Coinbase
As mentioned earlier, according to Ryan Sean Adams, co-founder of Bankless, Coinbase purchased 21,634 ETH as its reserve in the first quarter of 2025, with a total ETH holding of nearly 140,000. According to Strategic ETH Reserve data, Coinbase's Ethereum holdings are 137,334 million.
Gate
According to Gate's reserve certificate , as of July 11, the reserve rates of BTC, ETH, USDT, and USDC were 144.40%, 123.71%, and 116.23%, respectively. This means that Gate has 7,004.59 bitcoins and 76,748.50 ETH.
Bitget
According to Bitget's reserve certificate , the reserve rates of BTC, ETH, USDT and USDC are 429%, 148%, 108% and 270% respectively, which means that Bitget platform owns 21,692.73 bitcoins, 71,163.41 ETHs, 136,219,892 USDTs and 87,440,015 USDCs.
Bybit
According to Bybit's reserve certificate , as of June 19, its BTC and ETH reserve ratios (Bybit wallet assets/Bybit user assets) were 107% and 103% respectively, with 3,813 BTC and 21,566 ETH in its possession.
OKX
According to OKX's reserve certificate , as of June 14, 2025, its BTC, ETH, USDT, and USDC reserve rates are 105%, 101%, 102%, and 101%, respectively. The platform owns 6,307 bitcoins and 20,014 ETHs.
Deribit
According to Deribit's reserve proof , its ETH reserve rate is 106.44% and STETH reserve rate is 130.54%. Deribit owns 14,073.35 ETH and 3846 STETH.
KuCoin
According to KuCoin's reserve certificate , as of June 30, 2025, the reserve rates of its BTC, ETH, USDT, and USDC are 110%, 110%, 114%, and 112%, respectively. This means that KuCoin platform owns 920.6 bitcoins, 13,198 ETHs, 159,987,359 USDTs, and 9,955,366 USDCs.
BingX
According to BingX's reserve certificate , the reserve rates of BTC, ETH, USDT, and USDC are 135.16%, 137.27%, 141.36%, and 144.53%, respectively. There are 10,804.28 ETH in the BingX wallet address. Based on the reserve rate of 137.27%, the BingX platform has 2,934.74 ETH assets.
Phemex
Phemex reserve proof data shows that its BTC and ETH reserve rates are 113.71% and 134.26% respectively, with 242.72 BTC and 2,838.729 ETH in stock.
HTX
According to HTX's reserve certificate , its BTC and ETH reserve rates are 101% and 100% respectively. HTX has 1,160 ETH.
BitMEX
BitMEX reserve proof data shows that its BTC and ETH reserve rates are 379% and 142% respectively, with 36,788.19 BTC and 815 ETH in its possession.
Binance
The reserve certificate released by Binance in early July shows that the reserve ratio of BTC on Binance platform reached 102.51%, the reserve ratio of ETH was 100.00%, the reserve ratio of BNB was 111.79%, the reserve ratio of SOL was 100.03%, the reserve ratio of USDC was 152.65%, the reserve ratio of USDT was 101.11%, and the reserve ratio of FDUSD was 108.71%. This means that, excluding the assets held by customers, Binance platform has 14,388 bitcoins, 0 ETH, 4,673,128 BNB, and nearly 2.96 billion USDC.
other
In addition, the public wallet list published by Bitfinex on GitHub three years ago shows that iFinex Inc., the parent company of Bitfinex and Tether, holds 204,338 BTC, 2018.5 L-BTC (on Liquid), 1,000 BTC on the Lightning Network, and 1,225,600 ETH. As of now, it holds a total of 446,045.20 in its three Ethereum addresses.
Arkham data shows that Bitfinex entities hold a total of 963,000 ETH (including customer assets) and Robinhood holds a total of 1.492 million ETH (including customer assets). The reserve ratios of Bitfinex and Robinhood are currently unclear.
According to the reserve proof data on the Crypto.com official website as of December 7, 2022, the reserve rates of BTC and ETH are 102% and 101% respectively. The latest proof data has not been found yet.
The reserve proof data of Lithuanian cryptocurrency exchange BTCC Exchange shows that as of July 15, the platform's BTC and ETH reserve rates were 120% and 170%, respectively. However, BTCC Exchange did not disclose specific customer assets and holdings.
project
Ethereum Foundation
A report released by the Ethereum Foundation in November 2024 showed that as of October 31, 2024, the total treasury of the Ethereum Foundation was approximately US$970.2 million, including US$788.7 million in cryptocurrency assets and US$181.5 million in non-cryptocurrency investments and assets. 99.45% of the cryptocurrency assets held by the Ethereum Foundation are ETH, which accounts for 0.26% of the total supply of ETH as of October 31, 2024.
The Ethereum Foundation said at the time that “the reason why we chose ETH as the majority of the treasury assets is because we believe in the potential of Ethereum.”
According to the Ethereum Foundation's treasury policy disclosed on June 5, 2025, the Ethereum Foundation will regularly calculate the deviation between the fiat-denominated assets in the treasury and the operating expenditure buffer ("B") target, and determine whether to sell ETH and the amount to be sold in the next three months.
According to Strategic ETH Reserve data, the Ethereum Foundation currently holds 238,500 ETFs.
PulseChain
PulseChain is an Ethereum fork chain that will be launched in May 2023. Its founder Richard Heart is a controversial figure in the cryptocurrency field. He attracted attention with aggressive marketing techniques and high return promises. He 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 their raising of more than $1 billion through unregistered securities issuance and sales violated federal securities laws, and that Richard Heart misappropriated funds for personal luxury goods consumption. However, in March 2025, according to Reuters, a U.S. judge dismissed the SEC's fraud lawsuit against the founder of HEX.
In the first week of March 2024, the PulseChain Sacrifice wallet has fully converted more than $640 million worth of DAI into 170,683 ETH, with an average price of $3,768 per ETH. However, Strategic ETH Reserve data shows that PulseChain's Ethereum holdings are 166,300 ETH.
WLFI
On July 18, according to Lookonchain monitoring, the Trump family crypto project WLFI once again spent 3 million USDC to purchase 861 ETH. It has now purchased a total of 70,143 ETH at an average price of $3,249.
Golem Foundation
Golem Network is an open-source, decentralized computing platform that raised 820,000 ETH through an ICO in 2016 and currently holds 10,284 ETH in its Golem: Multisig address . However, Strategic ETH Reserve data shows that Golem Network holds 101,300 ETH.
Gnosis DAO
Founded in 2015, Gnosis is committed to building Ethereum ecosystem applications and key infrastructure, including Safe and Cow protocols. Gnosis proactively reported ETH holdings of 66,600 in Strategic ETH Reserve, equivalent to about $210 million. However, Gnosis official treasury data shows that the total treasury funds are $411 million, of which Ethereum accounts for nearly 30% (about $120 million).
Lido DAO
As the leading LST protocol in the Ethereum ecosystem, Lido DAO joined the Strategic ETH Reserve list on April 15, holding 32,248 ETH at the time. It currently has 35,700 ETH in reserve.
ENS
According to ENS's June 2025 financial report, it currently has $150 million in reserves, including $117.6 million in ETH and $32.1 million in USDC, with an operating runway of 111 months. The 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 writing, the ENS Endowment fund has $120 million in assets, including $24.34 million in stablecoins and 27,940 ETH ($95 million). The Strategic ETH Reserve holds 28,600 ETH.
The idea of the ENS Endowment was first proposed by Nick.eth in the governance forum in March 2022. The goal is to set aside a large amount of funds from the DAO treasury and registration fee income to create a sustainable source of funds to support the development of ENS indefinitely. This will enable the DAO to continue to operate and fund the continued development of ENS in the face of poor market conditions. The DAO voted in favor of an initial amount of 16,000 ETH as the first batch of funds for the foundation.
Frax Finance
Frax Finance said in December 2024 that Frax is creating a strategic cryptocurrency reserve and will invest its revenue in two major cryptocurrencies: BTC and ETH. Frax reported ETH reserves of 23,210 ETH to the Strategic ETH Reserve in July.
Arbitrum DAO
According to the Dune dashboard produced by @EntropyAdvisors, as of July 15, Arbitrum DAO held a total of 21,889 ETH, of which 8,782 ETH was held in the treasury.
Status
Status has built wallets, decentralized messaging, cross-chain exchanges, and L2 infrastructure. Strategic ETH Reserve data shows that Status currently holds 19,700 ETH.
Optimism
On July 17, 2025, the Optimism Foundation proactively reported to the Strategic ETH Reserve that it held 18,436 ETH.
Request Network
Request Network is a protocol for creating payment requests and coordinating payments. Request Network disclosed holding 13,319 ETH in Strategic ETH Reserve in July 2025.
Zentry
Zentry was formerly the blockchain game union GuildFi. Since 2021, Zentry has held ETH in every major cycle and rebalanced when needed. Zentry believes that Ethereum is a more productive and versatile reserve asset. In June 2025, it was disclosed that it held 12,128 ETH in the Strategic ETH Reserve.
Onchain Foundation
Onchain Foundation is a non-profit group dedicated to promoting the adoption and implementation of blockchain-based applications. Originally known as the "Lisk Foundation", the Onchain Foundation raised 14,000 BTC in 2016 to build a blockchain software development kit for JavaScript developers and build a platform consisting of "blockchain networks" (also known as sidechains). In 2023, the project completed its repositioning. In early 2024, Lisk became the first Layer 1 blockchain to successfully migrate to Ethereum Layer 2 rollup.
Onchain Foundation disclosed holding 10,220 ETH in Strategic ETH Reserve.
ETH Strategy
ETH Strategy is an Ethereum ecosystem autonomous financial protocol. By leveraging long-term convertible bonds, ETH Strategy enables participants to pledge assets to the protocol to obtain convertible notes in exchange for leveraged ETH exposure with downside protection. The core goals of ETH Strategy are: accumulating the largest ETH treasury, continuously growing EPS (ETH per STRAT), and establishing new on-chain volatility trading.
ETH Strategy announced on July 11 that it had raised 6,900 ETH through pre-sale. In the following days, Canadian listed company Moss Genomics invested 200 ETH and promised to invest an additional 800 ETH in the STRAT pre-sale. The total amount raised by ETH Strategy is 7,900 ETH.
Aave
Aave joined the Strategic ETH Reserve list in mid-April 2025 and currently holds 6,251 ETH.
Kleros
Kleros is a decentralized arbitration protocol for on-chain economic disputes. Kleros raised 5,794 ETH in its first token sale in July 2018 and 77.9 million ETH in its second token sale in January 2020. According to Strategic ETH Reserve data, Kleros currently holds 4,500 ETH.
API 3 DAO
Strategic ETH Reserve data shows that the oracle project API 3 DAO holds 3,758 ETH.
Nouns
Nouns DAO is an NFT project that generates and auctions one NFT every day. 100% of the auction proceeds (ETH) will be automatically deposited into the Nouns DAO Treasury, which is managed by the Noun owner. The Nouns DAO Treasury once held nearly 30,000 ETH, but then it was greatly reduced due to forks and expenditures. The Nouns official website shows that there are currently 3,461 ETH in its treasury.
BrainDAO
BrainDAO is a governance DAO that powers the IQ ecosystem. IQ tokens power the knowledge ecosystem, which includes cryptocurrency and blockchain encyclopedia IQ.wiki. Strategic ETH Reserve data shows that BrainDAO currently holds 3,300 ETH.
Gitcoin
Gitcoin is a decentralized collaboration platform based on the Ethereum network, designed to support the development of open source projects and the Web3 ecosystem. Gitcoin held 1,858 ETH when the Strategic ETH Reserve was listed on June 3, and currently holds about 3,000 ETH.
Axie Infinity
On June 26, Axie Infinity joined the Strategic ETH Reserve list, indicating that it holds 2,618 ETH. These funds are part of the Axie Infinity Treasury.
Fluid
Fluid joined the Strategic ETH Reserve list in April 2024, with 1,000 ETH in reserve at the time, and currently has about 2,500 ETH in reserve.
UNCX Network
UNCX Network (formerly UniCrypt) is a decentralized multi-chain service provider. Strategic ETH Reserve data shows that UNCX Network currently holds 1,700 ETH.
kpk
kpk helps institutions to keep, manage and develop their on-chain assets. According to kpk's June financial report , kpk holds about 1,700 ETH (mainly ETH pledged assets). However, Strategic ETH Reserve data shows that kpk holds about 1,000 ETH.
Country/Region
USA
According to Arkham data , the US government currently holds 59,951 ETH.
Michigan
A filing by Michigan with the U.S. Securities and Exchange Commission at the end of 2024 showed that the state held nearly $10.07 million in the Grayscale Ethereum Trust ETF, $1.12 million in the Grayscale Ethereum Mini Trust ETF, and $6.98 million in the ARK 21 SHARES BITCOIN ETF.
Strategic ETH Reserve data shows that Michigan holds 4,000 ETH.
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