Top 10 Biggest Holders of Ethereum and the Billions They Are Worth

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Key Takeaways

• Ethereum adoption is surging, with massive inflows from institutions, ETF products, and Web3-native companies.

• The 10 largest ETH holders collectively control around 83.9 million ETH, valued at over $285 billion.

• Publicly listed companies are rapidly accumulating ETH, echoing the Bitcoin treasury trend—but with a distinctly Ethereum twist tied to staking and DeFi.

Ethereum (ETH), once the domain of open-source idealists and decentralized app builders, is rapidly maturing into something much bigger: a global financial infrastructure asset.

As the network transitions into its post-Merge identity and institutional staking gains traction, ETH has evolved beyond being “gas” for smart contracts.

It has now become a cornerstone of on-chain finance and a strategic treasury asset for companies, funds, and governments.

But where exactly is all that ETH sitting?

Just as Bitcoin has its whales, Ethereum’s landscape is shaped by massive smart contracts, exchange wallets, staking vaults, and a few known individuals who got in early.

From the Beacon Chain to Coinbase, Grayscale, and new corporate players, here’s who’s holding the most ETH in 2025—and how much they’re worth.

Ethereum by the Numbers

2025 Performance

Ethereum’s journey through 2025 has been anything but flat.

After starting the year at around $3,248, ETH slumped to $1,796 in April, during a broad market correction that also affected Bitcoin.

However, momentum shifted in Q2, with institutional inflows from spot Ethereum ETFs and a resurgence in DeFi breathing new life into the market.

That momentum carried into the summer. In late July, Ethereum was trading near $3,715, brushing up against its yearly high of $3,765.

Just weeks later, in August, ETH shattered its previous 2021 record of $4,878, climbing to a new all-time high of $4,965.

Since climbing to its all-time high, Ethereum has fallen 45% in Q4 2025. The asset has been struggling to find a footing since the Oct. 10 crash that liquidated billions out of the market.

Ethereum’s market cap now stands at roughly $326 billion, and technical indicators remain uncertain.

CCN analysis indicates that after crashing below the $4,000 horizontal area and an ascending support trendline, ETH has reached the midpoint of its long-term range.

Unless a significant bounce occurs soon, Ethereum could gradually slip toward $1,500.

Circulating Supply, Market Cap, & Trading Volume

• Circulating ETH Supply: 120.7 million ETH are in circulation; however, the maximum supply is not limited. 

• Total Market Capitalization: $326 billion. 

• Daily Trading Volume: Ethereum’s trading volume is rising with growing institutional demand, reaching a few hundred billion in daily trading volume. 

Ethereum Wallet Distribution and Largest Holders

The top 10 Ethereum holders control approximately 83.9 million ETH, accounting for roughly 70% of the current circulating supply, which is worth over $300 billion at today’s prices.

If you widen the lens to include staking contracts and large custodial pools, that number climbs even higher.

According to some estimates, these expanded holdings account for up to 52% of Ethereum’s total supply, equivalent to approximately $120 billion in value.

The 200 largest Ethereum wallets now hold over 62.7 million ETH, underscoring the continued top-heaviness of ETH ownership.

However, unlike Bitcoin—where dormant whale wallets like Satoshi Nakamoto’s cast a long shadow—Ethereum’s most oversized holders are anything but idle.

Most actively participate in the ecosystem: staking contracts secure the network, exchange wallets support millions of users, or institutional custodians facilitate everything from ETFs to validator services.

While the top ETH wallets may appear concentrated, they often represent pooled assets, rather than individual mega-whales.

It’s less about hoarding and more about infrastructure, reflecting Ethereum’s unique role in powering DeFi, staking, and the broader Web3 economy.

The Biggest Ethereum Holders in the World (2025)

Beacon Deposit Contract – Ethereum’s Heartbeat

A person or company does not populate the ETH holder leaderboard; instead, a smart contract, specifically the Ethereum Beacon Deposit Contract, does so.

This is where users lock up ETH to become validators and secure the proof-of-stake network.

It holds an astounding over 36 million ETH, 36% of the total supply, worth roughly $299.5 billion.

Far from idle, these coins are actively staked, powering the Ethereum consensus engine.

This makes Ethereum the biggest holder of the Beacon contract and arguably the most critical one for security and decentralization.

Coinbase – The Custodial Giant

As the largest publicly traded crypto exchange in the U.S., Coinbase is a household name in the digital asset space.

It holds roughly 6.9 million ETH, valued at $23.5 billion, across multiple wallets.

These holdings represent a mix of customer funds, institutional custody accounts, and Coinbase’s cbETH staking derivative program.

With strong ties to Wall Street and growing government interest, Coinbase has positioned itself as Ethereum’s gateway for mainstream finance.

Binance – Ethereum’s Largest Exchange Counterparty

Globally, no crypto exchange handles more volume than Binance.

With operations spread across continents, Binance holds at least 4.2–7.2 million ETH, worth over $15.3 billion, distributed across wallets for trading, staking, and cross-chain bridging.

Its holdings are central to the Ethereum-BNB ecosystem connection, and the exchange remains one of the most significant contributors to Ethereum’s day-to-day liquidity and infrastructure.

Wrapped ETH (WETH) Contract – DeFi’s Native Collateral

A pillar of DeFi, the WETH smart contract contains over 3.2 million ETH, or around $10.9 billion.

This contract wraps native ETH into an ERC-20 format, enabling it to be used seamlessly across DEXs, lending protocols, and Layer 2s.

Far from being a passive holding, the WETH contract acts more like Ethereum’s central bank for DeFi, with locked ETH as collateral for billions in on-chain loans and swaps.

Grayscale Ethereum Trust (ETHE) – Wall Street’s ETH Proxy

Founded by Digital Currency Group, the Grayscale Ethereum Trust offers accredited investors indirect exposure to ETH through traditional brokerage accounts.

Despite competition from ETFs, it remains one of the largest institutional ETH holders, with ~2.99 million ETH worth over $10.2 billion.

ETHE has been key in introducing Ethereum to conservative capital, even as fee models and regulatory clarity evolve.

Arbitrum Bridge – Scaling With Massive ETH Collateral

Arbitrum, one of Ethereum’s leading Layer-2 rollups, secures user deposits through its bridge contract.

This Layer-2 bridge now holds ~1.8 million ETH, valued at $6.1 billion.

These assets ensure seamless movement between Ethereum’s mainnet and Arbitrum’s faster, cheaper ecosystem, where applications like GMX and Radiant are booming.

Kraken – Legacy Exchange With Deep Staking Ties

Founded in 2011, Kraken has long been a trusted exchange for retail and institutional crypto traders. It holds ~1.6 million ETH, worth about $5.45 billion, across trading accounts and staking services.

Though U.S. regulators recently forced Kraken to wind down its staking-as-a-service program, it remains a significant ETH holder and liquidity provider globally.

Robinhood – A Retail Powerhouse Steps In

Initially known for its commission-free stock trading, Robinhood has aggressively expanded into crypto.

Its ETH holdings now exceed 1.49 million ETH, valued at $5.07 billion, mostly in custodial form for retail users.

While users can’t yet withdraw ETH to self-custody, Robinhood’s massive inflows reflect growing mainstream adoption among first-time crypto investors.

Gemini – Institutional-Grade Custody Meets ETH Stash

Founded by the Winklevoss twins, Gemini operates a highly regulated crypto exchange and custodian.

One of its top ETH wallets holds ~369,000 ETH, valued at $1.26 billion.

Gemini’s strong emphasis on security and compliance has made it a favorite among institutions, with its ETH holdings reflecting a deep demand from clients.

ETHDEV (Ethereum Foundation) – Building the Future

The Ethereum Foundation’s development arm, ETHDEV, holds ~309,000 ETH (or about $1.05 billion) to fund upgrades, R&D, and grants.

It’s a war chest that supports Ethereum’s technical roadmap and signals long-term commitment to decentralized innovation.

Ethereum Billionaires: The Few Known Individuals

Vitalik Buterin

Ethereum’s co-founder remains one of the most well-known figures in crypto—and one of its wealthiest.

Buterin has previously stated that he’s never held more than 0.9% of Ethereum’s total supply.

His main wallet, VB3, currently holds around 244,000 ETH, with additional funds spread across other addresses.

His holdings are estimated at ~280,908 ETH, worth nearly $960 million.

While significant, he ranks outside the top 20 due to the dominance of institutional and smart contract holdings.

Rain Lohmus

Estonian banker and early Ethereum investor Rain Lohmus famously lost access to his ETH wallet—one of the most significant early holdings—shortly after the project launched. Blockchain data confirms that the wallet still holds approximately 250,000 ETH, worth roughly $850 million as of today.

Unless he regains his private keys, that stash will be frozen in time—an unintentional monument to Ethereum’s early days.

Cameron & Tyler Winklevoss

While Gemini’s exchange wallet holds ~369,000 ETH, the Winklevoss twins are estimated to personally control between 150,000 and 200,000 ETH, worth $510–$680 million.

Exact figures are hard to verify, but their early investment and ongoing involvement in Ethereum infrastructure make them major players.

Joseph Lubin

Another Ethereum co-founder, Joseph Lubin, went on to found ConsenSys, a key player in Ethereum development and tooling.

While Lubin has never disclosed the full extent of his holdings, estimates based on his early involvement suggest he may hold between 100,000 and 150,000 ETH, which would put his net worth somewhere between $340 million and $510 million.

Anthony Di Iorio

Canadian entrepreneur Anthony Di Iorio helped fund Ethereum’s 2014 crowdsale and was one of the original co-founders of the project.

While he has stepped away from the spotlight recently, reports suggest he may still hold between 50,000 and 100,000 ETH, valued at between $170 million and $340 million.

Di Iorio has kept a low profile regarding his holdings, similar to Lubin.

Top Publicly Traded Companies With the Largest Ethereum Holdings

A new class of Ethereum bulls is rising—and they wear suits.

Public companies now hold 2,428,001 ETH (over $10 billion) on their balance sheets, a figure that’s surged by more than 545,000 ETH in the past month alone.”

BitMine Immersion Technologies

Initially a Bitcoin mining company, BitMine transitioned to Ethereum infrastructure, betting on ETH’s long-term role in staking and Layer 2 growth.

The company currently holds ~3,559,879 ETH, valued at around $9.72 billion, making it the top corporate holder of ETH. The firm has announced plans to build validator nodes and scaling infrastructure.

SharpLink Gaming

SharpLink, a sports betting and gaming technology company, has undergone a dramatic transformation.

It pivoted into Web3 infrastructure in 2025, amassing ~859,853 ETH—now worth over $2.3 billion—and is currently the second largest ETH-holding public company.

Its stock soared over 1,000% on the back of this pivot, earning it the title of “Ethereum treasury king.

Bit Digital

New York-based Bit Digital made headlines when it sold off its entire Bitcoin stash to pivot into Ethereum.

The firm now holds over 120,306 ETH, worth approximately $504 million, making it one of the most aggressive ETH holders in the public market.

BTCS

A long-standing blockchain technology firm, BTCS, has consistently accumulated ETH since 2022.

While its current holdings aren’t precisely known, past disclosures put it at ~ 70,028 ETH—about $249 million today.

BTCS continues to focus on Ethereum staking, DeFi analytics, and treasury growth.

Top Ethereum ETFs

Ethereum’s story in 2025 wouldn’t be complete without ETFs.

In just the past 30 days, over 1.2 million ETH—roughly $4.1 billion—have flowed into spot ETH ETFs.

ETH ETF inflows surpassed those of Bitcoin on four separate trading days in July.

The third week of the month saw a record-breaking surge of 588,000 ETH into funds from BlackRock, Fidelity, Bitwise, and others.

With average daily inflows topping $136 million, Ethereum is becoming an increasingly popular institutional darling in the crypto space.

BlackRock’s iShares Ethereum Trust (ETHA): $10.75 Billion in Net Assets

BlackRock’s iShares Ethereum Trust (ETHA) has quickly cemented itself as the dominant player among Ethereum ETFs.

ETHA has already amassed $10.75 billion in net assets, securing the top spot as the largest Ethereum ETF by a wide margin.

Grayscale Ethereum Trust (ETHE): $2.84 Billion in Net Assets

Grayscale’s Ethereum Trust (ETHE), once the dominant Ethereum investment vehicle before the introduction of ETFs, remains a significant holder despite shifting market trends.

As of Nov. 25, it holds $2.84 billion in net assets, although it has experienced sustained outflows.

Cumulatively, ETHE has recorded $4.92 billion in net outflows, underscoring investor migration toward lower-fee alternatives.

Fidelity Ethereum Fund (FETH): $2.11 Billion in Net Assets

Fidelity’s FETH is emerging as a strong contender in the Ethereum ETF race.

As of Nov. 21, it holds $2.11 billion in net assets and has posted the most significant daily inflow among ETH funds.

Grayscale Ethereum Mini Trust (ETH): $2.10 Billion in Net Assets

Grayscale’s second Ethereum offering, labeled ETH, is a newer, lower-cost alternative to ETHE.

With a fee of just 0.15%, it appeals to cost-conscious investors seeking Ethereum exposure in a trust-like structure. As of Nov. 25, its net assets totaled $2.10 billion.

It’s gaining traction fast; if current inflow trends continue, it may soon rival Fidelity’s FETH.

Bitwise Ethereum ETF (ETHW): $346 Million in Net Assets

Bitwise’s ETHW rounds out the top five Ethereum ETFs with $346 million in net assets.

The fund’s performance, combined with an accessible structure and growing daily volume, makes ETHW a notable player in the space as the Ethereum ETF market continues to expand.

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