Public companies dramatically increased their Ethereum holdings in the third quarter of 2025, adding 4.4 million ETH worth approximately $19 billion, according to reports from Bitwise. This surge represents a 1,937% quarter-over-quarter increase in corporate Ether holdings, with the total now standing at 4.63 million ETH. Notably, 95% of all ETH held by public companies was purchased in Q3 alone, highlighting an unprecedented pace of institutional accumulation.
Only 27 public firms currently hold Ethereum on their balance sheets, yet their collective impact is significant. BitMine Immersion Technologies leads the pack with over 3 million ETH, accounting for 51% of total corporate holdings. The company has been actively buying during price dips, including a recent purchase of 104,336 ETH worth $417 million, and aims to own 5% of Ethereum's entire supply.
Digital asset treasuries now hold 5.9 million ETH, equivalent to nearly 4.9% of Ethereum's total supply. Analyst Crypto Gucci described the market as entering a new phase with record institutional demand and the smallest liquid float in history. Supply is further tightened by exchange-traded funds (ETFs), which hold 6.84 million ETH (5.6% of supply), and staking contracts, where 35.7 million ETH remains illiquid due to long withdrawal queues. Together, these factors lock up about 40% of Ethereum's circulating supply, potentially fueling a supply squeeze.
Despite the accumulation, Ethereum's price has faced pressure, falling from $4,200 to below $4,000 in recent sell-offs and remaining 19% below its all-time high. At publication time, ETH traded near $4,049, with buying activity often rising during Asian trading sessions and selling pressure building when U.S. markets open. Analysts, including BitMine Chair Tom Lee and BitMEX co-founder Arthur Hayes, forecast that ETH could reach $10,000 to $12,000 by the end of 2025, driven by institutional inflows, ETF demand, and shrinking liquidity.
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