In a dramatic shift over the past twelve months, corporate treasury companies have gone from holding zero Ethereum to accumulating a record 6.6% of its total circulating supply. Data from StrategicEthReserve.xyz, shared by Rand Group on March 15, 2026, shows that cumulative ETH held by these firms now approaches 7 million tokens, valued at approximately $13.9 billion at current prices near $1,982.
The accumulation began in March 2025 and accelerated sharply between June and August 2025, a period that coincided with Ethereum's price nearing cycle highs of around $4,000. Holdings surged from roughly 1 million ETH in June to over 4 million by August. The steep growth curve continued through the remainder of 2025 and into 2026.
The dominant player in this trend is BitMine Immersion Technologies (BMNR), the largest ether-focused treasury firm. As of March 16, 2026, BitMine holds 4,595,562 ETH, worth over $10 billion, representing the majority of the corporate treasury ETH on the chart. The firm recently purchased 60,999 ETH in a single week, worth nearly $140 million, and has stated a target of owning 5% of Ethereum's total circulating supply.
Notably, this massive accumulation occurred even as ETH's price declined from its highs, with corporate treasuries building positions during the drawdown. This strategy mirrors the long-term treasury thesis employed by firms like MicroStrategy for Bitcoin, focusing on accumulation rather than short-term price optimization. As a result, the cohort is sitting on substantial unrealized losses, estimated at around $6.5 billion for BitMine alone, but continues to hold.
BitMine Chairman Thomas "Tom" Lee highlighted crypto's resilience, noting that "since the start of the Iran war, crypto prices have outperformed and Ethereum has outperformed the S&P 500 by 2,450 basis points." The firm also generates significant income, earning about $180 million in annualized revenue from staking 3.04 million of its ETH holdings.
This corporate accumulation is one of three simultaneous institutional forces reducing liquid ETH supply. It joins the Ethereum Foundation's own 70,000 ETH staking initiative and BlackRock's recently launched staked ETH ETF, marking a profound structural shift in how institutional capital approaches Ethereum.
