Ethereum Treasury Market Remains Highly Concentrated

Five companies hold almost all traceable Ethereum in corporate reserves, showing how concentrated the market remains around a few major players.

Summary:

BitMine holds over 71% of traceable corporate ETH reserves.
Sharplink and The Ether Machine remain far behind the leader.
The three largest companies control almost the entire sector.
FG Nexus is the only company with a publicly disclosed purchase price.
The market remains heavily concentrated around a handful of companies.

One company dominates nearly the entire sector

According to data from Bitcoin Treasuries, the total amount of traceable Ethereum held by companies has reached approximately 6,033,785 ETH, worth around $13.14 billion.

But the most important detail is how much of this volume is held by a single company.

BitMine Immersion Technologies, which recently reported a $3.8 billion loss, owns approximately 4,325,738 ETH worth around $9.42 billion. This represents roughly 71.7% of all ETH reserves included in the shared data.

Put simply, more than two-thirds of all traceable Ethereum held by public companies sits on the balance sheet of just one company.

The gap between the top three companies and the rest is enormous

In second place is Sharplink with approximately 863,424 ETH worth around $1.88 billion.

The third position belongs to The Ether Machine, which holds approximately 495,362 ETH worth around $1.08 billion.

When the reserves of the three largest companies are combined, their total value reaches approximately $12.38 billion out of the sector’s total of $13.14 billion.

This means that the remaining five companies in the ranking collectively hold only around $760 million in ETH reserves.
This is where it becomes clear just how concentrated the market remains.

The gap between third and fourth place is also telling. The Ether Machine holds assets worth around $1.08 billion, while Bit Digital – the company in fourth place – holds approximately $338 million in Ethereum.

That is a difference of more than $740 million – greater than the entire ETH exposure of any company outside the top three positions.

In practice, the information divides the market into two clearly distinct groups:

Few extremely large holders.
Significantly smaller companies with limited reserves.

FG Nexus is the only company with a public purchase price

Another interesting detail comes from FG Nexus.

According to the data, it is the only company with a publicly known Ethereum acquisition price.

The company invested approximately $200 million, while the current value of its ETH reserves is around $81.89 million.

This means that FG Nexus is currently holding an unrealized loss of approximately $118 million.

An unrealized loss means the assets have lost value compared to the purchase price, but the position has not yet been sold, so the loss has not been permanently realized.

What this data shows about the market

The data itself tracks only publicly disclosed ETH reserves held by companies.

It does not include ETF funds, private investment structures, non-public positions, or institutions that do not directly disclose their holdings.

This means the real institutional exposure to Ethereum is larger than the reported $13.14 billion.

Even so, the structure of the market remains highly concentrated, and BitMine remains the largest corporate holder of Ethereum.

The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.

Author

Alexander Zdravkov

Reporter at CoinsPress

Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.