Ether treasuries surge past $13B as ETH breaks $4,300

Ether treasuries surge to unprecedented 3.04 million ETH, worth $13 billion—as Ethereum’s price broke above $4,300 this week. The gains mark a 20.4% jump in value over the past seven days, according to CoinGecko data, driven largely by aggressive accumulation from major corporate holders.

At the forefront of this surge, BitMine Immersion Technologies, SharpLink Gaming, and The Ether Machine collectively hold more than half of all ETH in the top 10 corporate treasuries. These entities have been steadily increasing their exposure to Ether, amplifying bullish sentiment among crypto investors.

“Large-scale accumulation from corporate treasuries suggests confidence in Ethereum’s ecosystem and its upcoming network upgrades,” — Michael Foster, senior analyst at Strategic ETH Reserve (SER).

Big players dominate Ether treasury growth

BitMine leads the charge with 833,100 ETH, marking a staggering 410.68% increase in its holdings over the past 30 days. This expansion followed a purchase of 208,137 ETH last Monday, bringing the company’s Ether value to $3.58 billion at current prices—making it the first corporate entity to surpass $3 billion in ETH holdings.

SharpLink Gaming ranks second, holding 521,900 ETH after acquiring an additional 83,562 ETH last week. The company’s treasury has grown 141.69% in a month, with holdings now valued at $2.23 billion and more than $671 million in unrealized gains, according to SER data.

The Ether Machine remains in the third spot, with 345,362 ETH worth nearly $1.5 billion. Its latest purchases coincided with Ethereum’s 10th anniversary, reflecting a symbolic show of confidence in the asset’s future.

Wider corporate adoption boosts market confidence

Ether treasuries surge not just among top firms but also in smaller-scale acquisitions. Last Friday, Hong Kong-listed IVD Medical purchased HK$149 million (around $19 million) worth of ETH via the HashKey exchange, underscoring growing corporate interest from outside the traditional crypto sector.

In total, 64 corporate treasuries now hold 3.04 million ETH, equivalent to 2.63% of Ethereum’s total supply. SER data shows the top 10 firms alone control 2.63 million ETH—valued at over $11.3 billion—making them a substantial force in market dynamics.

“The concentration of ETH among corporate treasuries could influence liquidity and price volatility,” — Clara Nguyen, blockchain economist at Hong Kong Digital Assets Institute.

Implications for crypto investors

The Ether treasuries surge offers both bullish and cautionary signals. On one hand, institutional accumulation reflects a maturing asset class that is increasingly integrated into corporate balance sheets. On the other, the concentration of holdings in a few entities raises potential market centralization risks.

For crypto investors, these moves reinforce Ethereum’s position as a cornerstone of the digital asset market, particularly amid developments in decentralized finance (DeFi) and layer-2 scaling solutions.

“Ethereum’s blend of smart contract functionality and growing institutional adoption creates a compelling investment narrative,” — Sarah James, head of digital asset strategy at BlockBridge Capital.

With ETH holding steady near $4,290 at the time of writing, market watchers will be looking closely at whether the momentum from the Ether treasuries surge can sustain prices above the psychological $4,300 threshold in the coming weeks.