Original Author: KarenZ, Foresight News

Ethereum has recently shown strong performance, achieving four consecutive weekly gains, with the price breaking through $3,800, setting a new high for this phase.

Currently, the market's buying power is surging, with institutions, listed companies, and whales continuously increasing their ETH holdings, even leading to a situation of tight liquidity in the over-the-counter market. On July 17, Wintermute co-founder Evgeny Gaevoy revealed that "there is almost no ETH available for sale on the Wintermute OTC desk," highlighting the tight supply and demand in the market.

This phenomenon indicates that the demand for ETH far exceeds the supply. If this trend continues, the price of ETH may see further increases. So, if Ethereum really rises to $10,000, which groups will become the direct beneficiaries?

1. Large ETH holders and validators: Whales, institutions, funds, listed companies, and project parties holding ETH will see significant appreciation in their reserves.

2. Exchanges, custodians, and OTC: Trading activity will surge, leading to skyrocketing fee income.

3. Ethereum spot ETF issuers and holders.

4. DeFi ecosystem: Core sectors such as (re)staking protocols, DEX, and lending protocols.

5. Layer 2: This could drive an increase in the adoption rate of Layer 2 solutions, with potential growth in token value and trading income.

6. Infrastructure: Ecosystem cornerstones like wallets and node service providers will see dual appreciation in business volume and income as the user base expands.

7. NFT market: With the market's heat, the NFT market may welcome a new round of speculation.

This article will summarize those listed companies, exchanges (with their own ETH), and Web3 project parties (holding more than 1,000 ETH) that view Ethereum as a strategic reserve or hold Ethereum, based on data from Strategic ETH Reserve, publicly available data from companies and project parties, and the Arkham platform.

Listed Companies

SharpLink Gaming

NASDAQ-listed SharpLink Gaming is an online performance marketing company focused on the U.S. sports betting and global iGaming industry, providing traffic guidance, player acquisition, retention, and conversion services for global sports betting and iGaming operators through its PAS.net platform.

On May 27, 2025, SharpLink Gaming announced a major strategic initiative, securing a $425 million financing agreement through a private equity investment (PIPE) aimed at advancing its Ethereum financial strategy. The lead investor for this transaction is Consensys Software Inc., an Ethereum infrastructure development company, with a strong lineup of co-investors including ParaFi Capital, Electric Capital, Pantera Capital, Arrington Capital, Galaxy Digital, Ondo, White Star Capital, GSR, Hivemind Capital, Hypersphere, Primitive Ventures, and Republic Digital. Ethereum co-founder and Consensys CEO Joseph Lubin serves as the chairman of SharpLink Gaming's board.

SharpLink Gaming's strategic transformation is a comprehensive result of its core business challenges reflected in its 2024 financial data, changes in industry trends, and the company's proactive search for growth breakthroughs.

After launching its Ethereum treasury strategy, SharpLink Gaming has continued to purchase Ethereum through Galaxy Digital and Coinbase Prime, even directly acquiring 10,000 ETH from the Ethereum Foundation. As of July 20, 2025, SharpLink Gaming's ETH holdings reached 360,807 ETH, surpassing the Ethereum Foundation to become the world's largest corporate holder of ETH.

According to SharpLink Gaming, as of July 11, 2025, the company has allocated 99.7% of its ETH holdings to staking protocols, aiming to maximize ETH capital returns.

Notably, SharpLink recently launched a proprietary metric called "ETH Concentration." This metric aims to measure the company's ETH exposure relative to its capital structure, calculated as: total ETH held ÷ 1,000 shares of assumed diluted circulating stock.

Recommended Reading: "Stock price once surged 700%, this gambling company actually wants to reserve Ethereum?"

BitMine

BitMine was originally a company focused on Bitcoin mining and infrastructure. On June 30, 2025, it announced the completion of a $250 million private financing and plans to launch an Ethereum treasury strategy, aiming to become one of the largest publicly listed companies holding ETH.

The $250 million transaction was led by MOZAYYX, with participation from Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee. Notably, renowned Wall Street strategist and co-founder of Fundstrat Global Advisors, Thomas Lee, will also join BitMine's board as chairman.

It is worth emphasizing that in mid-July, according to filings with the SEC, PayPal co-founder and Silicon Valley venture capital pioneer Peter Thiel acquired a 9.1% stake in BitMine Immersion Technologies. BitMine disclosed that as of July 17, it holds 300,657 ETH.

In late July, multiple funds under Cathie Wood's Ark Invest purchased $182 million worth of BitMine common stock (BMNR). BitMine expects to invest 100% of its net proceeds ($177 million) to purchase ETH.

Recommended Reading: "Weekly increase of 30 times! Bitcoin company BitMine invests $250 million to buy Ethereum"

Coinbase

According to Ryan Sean Adams, co-founder of Bankless, Coinbase purchased 21,634 ETH as its reserve in the first quarter of 2025, bringing its total ETH holdings close to 140,000. According to Strategic ETH Reserve data, Coinbase's Ethereum holdings amount to 137,334 ETH.

Bit Digital

Bit Digital traces its origins back to Golden Bull Limited. Golden Bull was established in Shanghai in November 2015, focusing on auto mortgage loans. It went public on NASDAQ in March 2018 under the ticker "DNJR," claiming to be "the first stock in China's car loan sector."

However, the good times did not last long. In 2019, with the domestic P2P industry facing a crisis and regulatory cleanup, Golden Bull was investigated by the Shanghai Public Security Bureau for suspected illegal public deposit collection in July 2019. After the collapse of its P2P business, Golden Bull gradually transitioned to auto leasing and Bitcoin mining. At the end of 2022, Bit Digital began to reduce its reliance on single Bitcoin mining and initiated a diversified layout.

In early July 2025, Bit Digital announced the completion of its transition to an Ethereum treasury management strategy, recently raising approximately $172 million in total revenue and using net capital to purchase Ethereum. Additionally, Bit Digital sold about 280 Bitcoins and used the proceeds to increase its ETH holdings. As of July 18, Bit Digital holds approximately 120,306 ETH.

Recommended Reading: "From P2P crisis, Bitcoin mining companies to Ethereum strategy: Bit Digital's desperate survival journey"

BTCS Inc.

BTCS Inc. (NASDAQ: BTCS) is a blockchain infrastructure technology company based in the United States. As of July 21, 2025, BTCS Inc.'s total ETH holdings reached 55,788 ETH. BTCS was also included in the Russell Microcap Index on July 16.

GameSquare

GameSquare Holdings, Inc. is a NASDAQ-listed media, entertainment, and technology company that launched its Ethereum fund management strategy in July 2025, purchasing its first Ethereum for $5 million (1,818.84 ETH) at an average price of $2,749. On July 17, GameSquare announced it raised $70 million through a share placement, with plans to use most of the proceeds to increase its Ethereum holdings. On July 22, GameSquare announced it recently purchased approximately 8,351 ETH at a weighted average price of about $3,592, bringing its total ETH holdings to 10,169 ETH.

Intchains Group

Intchains Group is a NASDAQ-listed company focused on altcoin mining products and ETH holdings. According to Intchains Group's official website, as of the end of the first quarter of 2025, Intchains Group holds 7,023 ETH at an average cost of $2,846.

KR1 plc

KR1 plc was established in March 2016 and is a digital asset company focused on decentralized technology, listed on the London Aquis Stock Exchange. KR1 plc primarily focuses on staking activities on PoS networks. According to its financial report for the period ending May 31, 2025, KR1 plc holds DOT (£16.54 million), TIA (£12.28 million), stETH (£10.39 million), LDO (£7.26 million), ATOM (£6.88 million), RED (£6.80 million), among others.

According to Strategic ETH Reserve data, KR1 plc holds 5,505 ETH.

Exodus

The U.S.-listed self-custody wallet company Exodus currently holds 2,550 ETH.

Thumzup

NASDAQ-listed Thumzup Media Corporation is a digital marketing and financial innovation company. On July 17, Thumzup announced that its board has authorized the company to hold up to $250 million in cryptocurrencies, including BTC, ETH, SOL, XRP, DOGE, LTC, and stablecoin USDC.

The Ether Machine

On July 21, blank check company Dynamix announced it is preparing to merge with another entity to form a new company called "The Ether Machine." The merged company plans to hold over $1.5 billion in ETH.

Exchanges

Coinbase

As previously mentioned, according to Ryan Sean Adams, co-founder of Bankless, Coinbase purchased 21,634 ETH as its reserve in the first quarter of 2025, bringing its total ETH holdings close to 140,000. According to Strategic ETH Reserve data, Coinbase's Ethereum holdings amount to 137,334 ETH.

Gate

According to Gate's proof of reserves, as of July 11, its reserve ratios for BTC, ETH, USDT, and USDC are 144.40%, 123.71%, and 116.23%, respectively. This means that Gate platform holds 7,004.59 BTC and 76,748.50 ETH.

Bitget

According to Bitget's proof of reserves, its reserve ratios for BTC, ETH, USDT, and USDC are 429%, 148%, 108%, and 270%, respectively, meaning that Bitget platform holds 21,692.73 BTC, 71,163.41 ETH, 136,219,892 USDT, and 87,440,015 USDC.

Bybit

According to Bybit's proof of reserves, as of June 19, its reserve ratios for BTC and ETH (Bybit wallet assets / Bybit user assets) are 107% and 103%, respectively, with 3,813 BTC and 21,566 ETH held.

OKX

According to OKX's proof of reserves, as of June 14, 2025, its reserve ratios for BTC, ETH, USDT, and USDC are 105%, 101%, 102%, and 101%, respectively, with the platform holding 6,307 BTC and 20,014 ETH.

Deribit

According to Deribit's proof of reserves, its ETH reserve ratio is 106.44%, and STETH's reserve ratio is 130.54%. Deribit holds 14,073.35 ETH and 3,846 STETH.

KuCoin

According to KuCoin's proof of reserves, as of June 30, 2025, its reserve ratios for BTC, ETH, USDT, and USDC are 110%, 110%, 114%, and 112%, respectively, meaning that KuCoin platform holds 920.6 BTC, 13,198 ETH, 159,987,359 USDT, and 9,955,366 USDC.

BingX

According to BingX's proof of reserves, its reserve ratios for BTC, ETH, USDT, and USDC are 135.16%, 137.27%, 141.36%, and 144.53%, respectively. The BingX wallet address contains 10,804.28 ETH, and with a reserve ratio of 137.27%, BingX platform's own ETH assets amount to 2,934.74 ETH.

Phemex

Phemex's proof of reserves data shows that its reserve ratios for BTC and ETH are 113.71% and 134.26%, respectively, with 242.72 BTC and 2,838.729 ETH held.

HTX

According to HTX's proof of reserves, its reserve ratios for BTC and ETH are 101% and 100%, respectively. HTX holds 1,160 ETH.

BitMEX

BitMEX's proof of reserves data shows that its reserve ratios for BTC and ETH are 379% and 142%, respectively, with 36,788.19 BTC and 815 ETH held.

Binance

Binance's proof of reserves released in early July shows that the platform's BTC reserve ratio is 102.51%, ETH reserve ratio is 100.00%, BNB reserve ratio is 111.79%, SOL reserve ratio is 100.03%, USDC reserve ratio is 152.65%, USDT reserve ratio is 101.11%, and FDUSD reserve ratio is 108.71%. This means that excluding customer-held assets, Binance holds 14,388 BTC, virtually 0 ETH, 4,673,128 BNB, and nearly 2.96 billion USDC.

Others

In addition, Bitfinex's public wallet list released on GitHub three years ago shows that Bitfinex and its parent company Tether, iFinex Inc., hold 204,338 BTC, 2,018.5 L-BTC (on Liquid), 1,000 BTC on the Lightning Network, and 1,225,600 ETH. Currently, their three Ethereum addresses hold a total of 446,045.20 ETH.

Arkham data shows that Bitfinex entities hold a total of 963,000 ETH (including customer assets), while Robinhood holds 1,492,000 ETH (including customer assets). The reserve ratios for Bitfinex and Robinhood are currently unclear.

Crypto.com's official proof of reserves data as of December 7, 2022, shows reserve ratios of 102% for BTC and 101% for ETH. No updated proof data has been found yet.

The Lithuanian cryptocurrency exchange BTCC Exchange's proof of reserves shows that as of July 15, the platform's BTC and ETH reserve ratios are 120% and 170%, respectively. However, BTCC Exchange has not disclosed specific customer asset and holding data.

Projects

Ethereum Foundation

A report released by the Ethereum Foundation in November 2024 shows that as of October 31, 2024, the total amount in the Ethereum Foundation's treasury is approximately $970.2 million, which includes $788.7 million in cryptocurrency assets and $181.5 million in non-cryptocurrency investments and assets. Of the cryptocurrency assets held by the Ethereum Foundation, 99.45% is ETH, which accounts for 0.26% of the total ETH supply as of October 31, 2024.

The Ethereum Foundation stated at that time, "The reason for choosing the majority of treasury assets to be ETH is due to our belief in Ethereum's potential."

According to the Ethereum Foundation's treasury policy disclosed on June 5, 2025, the foundation will regularly calculate the deviation of fiat-denominated assets in the treasury from the operational expenditure buffer ("B") target and determine whether to sell ETH and the amount to be sold in the next three months.

According to Strategic ETH Reserve data, the Ethereum Foundation currently holds 238,500 ETF.

PulseChain

PulseChain is an Ethereum fork that launched in May 2023. The founder, Richard Heart, is a controversial figure in the cryptocurrency space, attracting attention with aggressive marketing tactics and high return promises. He previously built the HEX project in 2019.

In July 2023, the U.S. Securities and Exchange Commission (SEC) sued PulseChain, PulseX, and HEX founder Richard Heart for allegedly selling unregistered securities, claiming that he raised over $1 billion through the issuance and sale of unregistered securities, violating federal securities laws, and accused Richard Heart of misappropriating funds for personal luxury expenses. However, in March 2025, Reuters reported that a U.S. judge dismissed the SEC's fraud lawsuit against the HEX founder.

In the first week of March 2024, the PulseChain Sacrifice wallet had fully converted over $640 million worth of DAI into 170,683 ETH, with an average price of $3,768 per ETH. However, Strategic ETH Reserve data shows that PulseChain's Ethereum holdings amount to 166,300 ETH.

WLFI

On July 18, according to Lookonchain monitoring, the Trump family's crypto project WLFI spent another 3 million USDC to purchase 861 ETH. It has now accumulated a total of 70,143 ETH, with an average price of $3,249.

Golem Foundation

Golem Network is an open-source, decentralized computing platform that raised 820,000 ETH through an ICO in 2016. Currently, it holds 10,284 ETH in its Golem: Multisig address. However, Strategic ETH Reserve data shows that Golem Network holds 101,300 ETH.

Gnosis DAO

Founded in 2015, Gnosis is dedicated to building Ethereum ecosystem applications and key infrastructure, including Safe and Cow protocols. Gnosis reported an ETH holding of 66,600 in the Strategic ETH Reserve, approximately $21 million. However, Gnosis official treasury data shows that the total treasury funds amount to $411 million, with nearly 30% (about $120 million) in Ethereum.

Lido DAO

As a leading LST protocol in the Ethereum ecosystem, Lido DAO joined the Strategic ETH Reserve list on April 15, holding 32,248 ETH at that time. Currently, its Ethereum reserves amount to 35,700 ETH.

ENS

According to ENS's financial report for June 2025, it currently has $150 million in reserves, including $117.6 million in ETH and $32.1 million in USDC, with an operational runway of 111 months. The report shows that the ENS Endowment fund also had $94.6 million in assets at that time, including $24.3 million in stablecoins and $70.3 million in ETH.

As of the time of writing, the ENS Endowment fund address holds $120 million in assets, including $24.34 million in stablecoins and 27,940 ETH ($95 million). The ETH holdings reported in the Strategic ETH Reserve amount to 28,600 ETH.

The concept of the ENS Endowment was first proposed by Nick.eth in the governance forum in March 2022, aiming to reserve a significant portion of the funds and registration fee income in the DAO treasury to create a sustainable funding source to indefinitely support the development of ENS. This would allow the DAO to continue operating and funding the ongoing development of ENS even under unfavorable market conditions. The DAO voted in favor of an initial fund of 16,000 ETH for the foundation.

Frax Finance

In December 2024, Frax Finance announced that it is creating a cryptocurrency strategic reserve, investing its income in two major cryptocurrencies: BTC and ETH. Frax reported an ETH reserve of 23,210 ETH to the Strategic ETH Reserve in July.

Arbitrum DAO

According to the Dune dashboard created by @EntropyAdvisors, as of July 15, Arbitrum DAO holds a total of 21,889 ETH, with 8,782 ETH held in the treasury.

Status

Status has built a wallet, decentralized messaging, cross-chain exchange, and L2 infrastructure. Strategic ETH Reserve data shows that Status currently holds 19,700 ETH.

Optimism

The Optimism Foundation proactively reported holding 18,436 ETH to the Strategic ETH Reserve on July 17, 2025.

Request Network

Request Network is a protocol for creating payment requests and coordinating payments. In July 2025, Request Network disclosed holding 13,319 ETH in the Strategic ETH Reserve.

Zentry

Zentry is the original chain game guild GuildFi. Since 2021, Zentry has held ETH in each major cycle and rebalanced as needed. Zentry believes that Ethereum is a more productive and versatile reserve asset. In June 2025, it disclosed holding 12,128 ETH in the Strategic ETH Reserve.

Onchain Foundation

Onchain Foundation is a non-profit organization dedicated to promoting the adoption and implementation of blockchain-based applications. Originally named the "Lisk Foundation," the project raised 14,000 BTC in 2016 to build a blockchain software development kit for JavaScript developers and create a platform composed of "blockchain networks" (also known as sidechains). In 2023, the project completed its rebranding. In early 2024, Lisk became the first Layer 1 blockchain to successfully migrate to Ethereum Layer 2 rollup.

Onchain Foundation disclosed holding 10,220 ETH in the Strategic ETH Reserve.

ETH Strategy

ETH Strategy is a self-financing protocol in the Ethereum ecosystem. By utilizing long-term convertible bonds, ETH Strategy enables participants to collateralize assets to the protocol in exchange for convertible notes, providing leveraged ETH exposure with downside protection. The core goals of ETH Strategy are to accumulate the largest ETH treasury, continuously grow EPS (each STRAT ETH), and establish new on-chain volatility trading.

On July 11, ETH Strategy announced it raised 6,900 ETH through a presale, followed by Canadian listed company Moss Genomics investing 200 ETH and committing to invest an additional 800 ETH in the STRAT presale. The total fundraising for ETH Strategy amounted to 7,900 ETH.

Aave

Aave joined the Strategic ETH Reserve list in mid-April 2025 and currently holds 6,251 ETH.

Kleros

Kleros is a decentralized arbitration protocol for on-chain economic disputes. Kleros raised 5,794 ETH in its first token sale in July 2018 and 77,900 ETH in its second token sale in January 2020. Strategic ETH Reserve data shows that Kleros currently holds 4,500 ETH.

API3 DAO

Strategic ETH Reserve data shows that the oracle project API3 DAO holds 3,758 ETH.

Nouns

Nouns DAO is an NFT project that generates and auctions one NFT daily. 100% of the auction proceeds (ETH) are automatically deposited into the Nouns DAO treasury, managed by Noun owners. The Nouns DAO treasury once held nearly 30,000 ETH, but this amount significantly decreased due to forks and expenditures. The Nouns official website shows that its treasury currently holds 3,461 ETH.

BrainDAO

BrainDAO is a governance DAO that powers the IQ ecosystem. The IQ token supports the knowledge ecosystem, which includes the cryptocurrency and blockchain encyclopedia IQ.wiki. Strategic ETH Reserve data shows that BrainDAO currently holds 3,300 ETH.

Gitcoin

Gitcoin is a decentralized collaboration platform based on the Ethereum network, aimed at supporting the development of open-source projects and the Web3 ecosystem. When Gitcoin was listed in the Strategic ETH Reserve on June 3, it held 1,858 ETH and currently holds approximately 3,000 ETH.

Axie Infinity

On June 26, Axie Infinity joined the Strategic ETH Reserve list, reporting that it holds 2,618 ETH, which is part of the Axie Infinity Treasury.

Fluid

Fluid joined the Strategic ETH Reserve list in April 2024, at which time it had a reserve of 1,000 ETH, and it currently holds approximately 2,500 ETH.

UNCX Network

UNCX Network (formerly UniCrypt) is a decentralized multi-chain service provider. Strategic ETH Reserve data shows that UNCX Network currently holds 1,700 ETH.

kpk

kpk helps various institutions safeguard, manage, and develop their on-chain assets. According to the kpk June financial report, kpk holds approximately 1,700 ETH (mainly ETH staked assets). However, Strategic ETH Reserve data shows that kpk holds about 1,000 ETH.

Country / Region

United States

According to Arkham data, the U.S. government currently holds 59,951 ETH.

Michigan

A document submitted by Michigan to the U.S. Securities and Exchange Commission at the end of 2024 shows that the state holds nearly $10.07 million in Grayscale Ethereum Trust ETF, $1.12 million in Grayscale Ethereum Mini Trust ETF, and $6.98 million in ARK 21SHARES BITCOIN ETF.

Strategic ETH Reserve data shows that Michigan holds 4,000 ETH.

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