Major corporate treasury firms Bitmine and Sharplink are aggressively accumulating and staking Ethereum (ETH), driving institutional holdings to an all-time high of over 7.4 million ETH, representing approximately 6.6% of the circulating supply. This movement signals a strategic shift where large financial entities are treating ETH as a digital reserve asset rather than a purely speculative investment.
Bitmine, a leading public Ethereum treasury company, continues its weekly accumulation strategy. In a recent press release, the firm disclosed a purchase of 60,976 ETH last week, bringing its total holdings to 4.535 million ETH, valued at roughly $8.91 billion. This represents 3.76% of the total ETH supply. The company is over 75% of the way toward its goal of holding 5% of the supply, a target it has pursued for just eight months.
Bitmine has staked over 3 million of its ETH tokens to generate yield. Chairman Tom Lee stated the firm has staked more ETH than any other entity globally and projects annual staking rewards could reach $259 million once its entire holding is staked. Lee also highlighted progress on "The Made In America Validator Network (NAVAN)," a proprietary staking solution slated for deployment in the first part of this year. Despite holding an unrealized loss of nearly $8 billion with an average buy-in price of $3,768, Bitmine remains committed to its strategy, with Lee expressing belief that crypto prices are in the late stages of a "mini-crypto winter."
Sharplink, the second-largest Ethereum treasury company, outlined its 2026 strategy in its full-year 2025 report. The firm plans to compound ETH per share, generate yield above native staking rates, and expand partnership opportunities within the Ethereum ecosystem. Sharplink, which holds over 863,020 ETH at an average cost of $3,543, is sitting on an unrealized loss of $1.3 billion. Unlike Bitmine, Sharplink has paused new ETH purchases since October last year but has staked its existing holdings, generating 14,516 ETH in staking rewards through native and liquid staking programs.
The trend extends beyond these two firms. Leon Waidmann, Head of Research at Lisk, reported that total corporate treasury holdings of ETH have grown from zero to 7.4 million tokens within 12 months, a development he describes as "massively underappreciated." The Ethereum Foundation, the fourth-largest treasury holder, has also initiated plans to stake 70,000 ETH, beginning with crypto ETF issuer Bitwise.
Amid this institutional accumulation, ETH's price faces technical headwinds. At the time of reporting, ETH was trading around $2,000. Market analyst Merlin The Trader noted that Ethereum's Stochastic RSI has flipped from the overbought region, a setup that previously preceded a drop from $3,400 to $1,800. The analyst suggests holding above $2,000 is critical to avoid a potential decline toward $1,600.
