Ethereum Treasuries Top $17 Billion as Institutions Bet on DeFi and Web3

Ethereum is rapidly emerging as the go-to asset for institutions, with a growing number of organizations adding it to their treasuries for its role in DeFi, staking, and Web3.

Could this be the start of Ethereum challenging Bitcoin’s dominance? 

69 Entities Hold Over 4M ETH

Data from strategicethreserve shows that 69 entities now control over 4 million ETH, valued at a massive $17.6 billion. That is approximately 3.4% of all Ethereum in existence.

BitMine Immersion Technologies tops the list with about 1.5 million ETH worth $6.6 billion. Sharplink Gaming follows next with around 740,800 ETH worth $3.2 billion. The Ether Machine holds roughly 345,400 ETH, while the Ethereum Foundation manages about 231,600 ETH.

In addition, the ETH ETFs reserve currently holds 6.36 million ETH worth about $27.4 billion, representing 5.26% of the total supply. 

ETH Outpaces BTC in Treasury Trading

Analyst Miles Deutscher highlighted a “crazy chart” and notes that ETH is overtaking BTC in Treasury Company trading volume. While ETH is gaining ground, he believes it still has plenty of room to catch up with Bitcoin.

The analyst also recently shared that ETH looks like the better buy than BTC right now, pointing out the following:

• Ethereum’s treasury bid still has over $20B in cash waiting to flow in
• Its rally is far less exhausted compared to Bitcoin’s and
• ETH’s relative strength on dips has been much more impressive compared to last months

He believes ETH will rebound stronger than BTC and even outperform many altcoins, offering a better risk-adjusted return.

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Expert Views on ETH Treasury Momentum

Adding to the bullish outlook, Ethereum co-founder Joseph Lubin also told in an interview with CNBC that ETH could overtake BTC in market cap within “the next year or so,” with treasury companies playing a key role in that shift.

But not everyone is convinced by the ETH treasury boom.

Ethereum co-founder Vitalik Buterin noted that although treasury companies can strengthen ETH as an asset, he also warned that heavy leverage could trigger cascading liquidations.

Bitcoin bull Samson Mow has argued that ETH’s recent momentum is largely driven by insiders rotating BTC into ETH, only to eventually dump it back into Bitcoin.

With strong momentum in place, ETH could be on a path to outperform Bitcoin in the near term.

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