Corporate Ethereum Treasuries

BitMine Immersion carries 74.7% of reported company Ethereum. Across the shares with prices, 8 of 11 beat Ethereum over the same 21 sessions. That split matters because buying a treasury company is not the same trade as buying the coin.

This page starts with reported Ethereum holdings, then asks the harder question: what did shareholders actually receive? It compares each company with Ethereum, counts debt and cash, checks analyst expectations and removes the largest holder before accepting the headline.

ETH
COMPANYreported coins
SHARESwhole company
coin value and company value are not the same
Company records34Public companies reporting Ethereum
Ethereum reported7.94mn ETHAcross the company list
Reported coin value$19.6bnAt the current Ethereum price
Share of Ethereum supply6.51%Reported company holdings
Largest holderBitMine Immersion74.7% of reported holdings
Top three share91.8%Concentration of company holdings
Without largest holder2.01mn ETHLeader removed
Ethereum · 21 sessions+7.8%Coin-price move
Company shares rising9 of 11Among shares with market history
Shares beating Ethereum8 of 11Same 21 sessions
Typical treasury share+23.6%Middle 21-session result
Company prices available11 of 12Top reported holders
Typical coin exposure93.2%ETH value divided by company market value
After debt and cash95.3%Typical ETH share of the whole business value
Shares with more debt5 of 12Debt is larger than cash
Typical daily link to ETH+0.44Latest 90 sessions
ETH value above company value5Reported coin value exceeds share-market value
Largest home-country share99.3%US
Middle analyst price gap+42.2%Published targets versus current shares
Middle company research score5.0 of 10Across companies with coverage

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Is this an Ethereum trade or a company trade?

The same coin holding can produce very different shares once company size, debt, cash and financing enter the picture.

CompanyShareReported ETHShare · 21 sessionsVersus ETHETH / share-market valueDebt or cashDaily link to ETH
BitMine ImmersionBMNR5,929,198+28.4%+20.7%93.2%More cash+0.66
SharpLinkSBET868,699+32.1%+24.3%105.4%More cash+0.74
The Ether MachineETHM496,712Not availableNot availableNot availableMore cashNot available
Bit DigitalBTBT158,462+23.6%+15.8%62.6%More debt+0.31
Coinbase GlobalCOIN150,193+21.3%+13.5%0.7%More cash+0.68
BTCSBTCS70,787+27.0%+19.2%207.8%More debt+0.62
Forum Markets (formerly ETHZilla)FRMM69,802-20.5%-28.2%279.7%More debt+0.14
Galaxy Digital Holdings LtdGLXY61,137+12.7%+5.0%1.0%More debt+0.38
FG NexusFGNX40,093+1.8%-6.0%260.3%More cash+0.17
Yueda Digital HoldingYDKG19,929-18.6%-26.4%1067.9%More cash-0.02
BullishBLSH14,200+42.4%+34.7%0.6%More debt+0.59
Eightco HoldingsORBS11,068+39.8%+32.0%6.1%More cash+0.44

BitMine Immersion carries 74.7% of reported company Ethereum. Across the shares with prices, 8 of 11 beat Ethereum over the same 21 sessions. That split matters because buying a treasury company is not the same trade as buying the coin.

Does the treasury story survive its largest company?

The largest holder is removed, then the shares are checked against Ethereum rather than against one another.

All reported companies7.94mn ETH
Without BitMine Immersion2.01mn ETH
BitMine Immersion5.93mn ETH

8 of 11 priced shares beat Ethereum over 21 sessions. The others delivered less than the coin despite holding it.

Research by for Charlie Quant Lab · Updated