Corporate treasuries and spot ETFs are rapidly consolidating their hold on Ethereum (CRYPTO: ETH), with combined on-chain and off-chain holdings now surpassing $32 billion.
Data compiled by SER shows that 64 entities, spanning publicly listed firms, exchanges, DeFi protocols, nonprofits and governments, collectively hold 2.73 million ETH in their treasuries, valued at over $10.5 billion.
This marks a notable shift in asset allocation strategies, particularly as companies like Bitmine Immersion Tech (AMEX:BMNR), SharpLink Gaming (NASDAQ:SBET), and Ether Machine now individually surpass the Ethereum Foundation in ETH holdings.
Bitmine alone controls 625,000 ETH, followed by SharpLink with 438,200 ETH and Ether Machine with 334,800 ETH.
U.S. spot Ethereum ETFs have seen explosive growth, with net inflows totaling $5.38 billion over a …