On its 10th Anniversary, Ethereum Becomes ‘Token Gold’ to Treasuries
Corporations and Wall Street entities are increasingly adopting Ether as the next generation of treasury assets, as the world’s second-largest cryptocurrency marks its milestone decade.
The Ethereum network went live on July 30, 2015, introducing revolutionary smart contract functionality and laying the groundwork for the burgeoning Decentralized Finance (DeFi) ecosystem. The network has maintained remarkable uptime for its entire lifespan.
Top Corporate Holders by Total ETH Supply
Public companies holding significant amounts of Ether are increasingly using the cryptocurrency as a strategic reserve asset. According to analysis by Cointelegraph celebrating the tenth anniversary, here are the top holders by quantity:
- 1. BitMine Immersion Technologies
- Total: 625,000 ETH (0.52% of circulating supply)
- The BTC mining firm previously indicated plans to acquire up to 5% of Ether’s supply. It recently announced a concurrent $1 billion stock repurchase program — a direct conventional treasury move alongside its crypto strategy.
- 2. Sharplink Technologies
- Total: 438,190 ETH
- The Nasdaq-listed company purchased $290 million worth of Ether between July 21 and July 27 at an average price of $3,756.
- 3. Bit Digital
- Total: 100,603 ETH
- The firm announced its formal shift to Ethereum treasury strategy on July 7, including a $172 million public equity raise replacing its Bitcoin-centric stance.
- 4. BTCS Inc.
- Total: 70,028 ETH
- This Ethereum node validator announced the closing of a $10 million convertible note issuance on Monday. This brings BTCS’s 2025 corporate funding to an estimated $207 million.
- 5. GameSquare Holdings Inc.
- Total: 12,913 ETH
- The media and tech conglomerate anticipates allocating another $250 million towards “broader crypto treasury management” in the coming year.
**Corporate Shift Explanation:** These holdings amount to significant asset allocation. BitMine’s 625,000 ETH represents its largest asset class similarly to a publicly traded company’s holding of ‘gold’ or ‘petrol’, signaling Ether’s ascension into the pantheon of strategic reserve assets comparable to Bitcoin and gold.
Wall Street Warms to ‘Token Gold’
The historical adoption curve by Treasuries suggests Ethereum’s journey mirror that of gold’s acceptance in the 20th century — initially niche, then institutional — before finally achieved ‘safe asset’ status. A Standard Chartered report corroborates this shift.
“Given the high likelihood that the world’s assets will be tokenized on the blockchain, Ethereum has a competitive advantage in capturing a large share of this market,” stated Gracy Chen, CEO of crypto exchange Bitget. “Drawing on this, institutional investors consider Ethereum the next emerging treasury asset after Bitcoin.”
— Chen, Cointelegraph Interview
“Wall Street firms and the broader TradFi world are just warming up to the idea of Ethereum as a treasury reserve asset,” conceded Chen, acknowledging the legacy financial world’s cautious initial reaction.
Other evidence confirms this trend. Since June 2025, crypto treasury firms have purchased over 1% of ETH’s total circulating supply, accelerating quicker than Bitcoin institutional accumulation during the same period, per a Standard Chartered analysis. The report anticipates:
- Long-term Treasury Holdings: Ethereum-focused firms may collectively hold up to 10% of the total ETH supply, leveraging regulatory arbitrage and enhanced yields via staking and DeFi.
- Institutional Acceleration: Combined with robust inflows into approved US spot Ether ETFs, and persistent accumulation, a key price point appears to be forming around the $4,000 threshold.
- Outlook: Standard Chartered’s year-end price target currently sits at $4,000, reflecting confidence in sustained corporate and institutional interest.
Analysis Suggests Institutional Inflows Could Boost ETH
Video source: Provided Web URL
Collectively, an expanding group of large-cap corporations, blockchain protocols backing Ethereum, and hedge funds have become the forefront of market adoption for the cryptocurrency challenging Bitcoin’s long-standing position as the “store of value” pillar of the so-called “Safemoon Triangle.” ‘
