Exchanges, Funds, and Key Investors

Ethereum’s performance this season has been nothing short of spectacular. It has outpaced even Bitcoin, attracting huge interest from investors, exchanges, and institutions alike.

From major ETFs and corporate treasuries to early adopters, a mix of players now control the largest shares of ETH.

But who owns the most Ethereum? Let’s break it down.

A Look at Ethereum’s Supply

According to data from Coinbase, Ethereum’s total circulating supply stands at 121 million ETH. Unlike Bitcoin, Ethereum doesn’t have a fixed supply cap. However, upgrades like EIP-1559 burn a portion of transaction fees, slowly reducing the amount of ETH in circulation over time.

One of the biggest holders of ETH isn’t a person or a company. According to Etherscan, the Beacon Deposit Contract alone holds about 68.2 million ETH, which makes up over 56 percent of the total supply.

This ETH is staked to secure the proof-of-stake network, making this contract a cornerstone of Ethereum’s infrastructure.

Exchanges & Custodians Dominate ETH Holdings

Centralized exchanges and custodians are among the largest holders of Ethereum:

• Coinbase: over 5.3 million ETH
• Binance: over 4.2 million ETH
• BlackRock: around 3.2 million ETH
• Wrapped Ether (WETH): holds 2.27 million ETH

Other notable entities include Base Network’s bridge, Robinhood, Upbit, Bitmine, Kraken, OKX, Bitfinex, and Arbitrum.

According to Arkham, the U.S government also holds around 60,000 ETH seized from various cases, including hackers and fraudsters. 

Ethereum’s popularity extends well beyond Wall Street. High-profile figures such as Donald Trump, Mark Cuban, and Justin Bieber have wallets containing significant amounts of ETH, highlighting its growing mainstream appeal.

Ethereum ETFs Attract Institutional Interest

Ethereum ETFs also hold millions of ETH across various funds.

According to data from Strategic ETH Reserve, the largest is the iShares Ethereum Trust (ETHA) with 3.8 million ETH, followed by Grayscale Ethereum Trust (ETHE) with 1.2 million ETH and Fidelity’s Ethereum Fund (FETH) with 817,500 ETH.  

ETFs like Bitwise, VanEck, Franklin, 21Shares, and Invesco hold tens to hundreds of thousands of ETH each. They collectively hold 6.74 million ETH, worth about $29.6 billion, making up roughly 5.6% of the total supply.

Ethereum in Corporate Treasuries

Several companies hold significant amounts of ETH as part of their treasury or operations. Bitmine Immersion leads with 1.8M ETH worth $7.86 billion, followed by SharpLink Gaming with 798K ETH worth $3.5 billion, The Ether Machine with 345K ETH worth $1.51 billion and others.

Together, 15 entities hold around 3.3 million ETH, representing 2.75% of the total supply.

Several individuals also control large amounts of ETH.

Vitalik Buterin holds around 250K–280K ETH while the Winklevoss twins own 150K–200K ETH. Co-founders Joseph Lubin  and Anthony Di Iorio also reportedly hold roughly 500K ETH and 50K–100K ETH. Rain Lohmus, an early Ethereum pre-sale investor, also holds approximately 250,000 ETH.

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